Student Financial Planning

Financial Aid Policy

Return of Title IV Funds

This policy applies to students with federal aid who withdraw or are dismissed prior to completing 60% of the semester. Federal financial aid refunds may not align with the above refund policy. Institutional aid is refunded at the schedule shown above. Federal regulations require a specific refund calculation for all students receiving Federal Title IV Financial Aid Funds. This calculation, called the Return of Title IV Funds, determines how much federal funding the student “earned” up to the time of withdrawal. Title IV financial aid is earned in a prorated manner until 60% of the semester is completed. Title IV aid is considered 100% earned after the 60% point of the semester. If the student withdraws on or before the 60% point of the semester a portion of the Federal Title IV funds awarded to a student (Federal Pell Grant, Federal SEOG, Federal TEACH Grant, Federal Direct Subsidized/Unsubsidized Loans, or Federal Direct PLUS Loans) will be returned, if required, in accordance with federal regulations and within 45 days of the date of determination of the student’s withdrawal. The return of these funds may result in the student owing a balance to Loras College and/or the federal government.

Loras College is required by these regulations to recalculate federal financial aid eligibility for students who withdraw or are dismissed prior to completing 60% of a semester. When a student receives failing, incomplete or missing grades for a semester, he/she may be considered to have unofficially withdrawn without proper notification. If a 0.00 GPA is earned for the semester, the student’s last date of attendance in a class will be used to determine the official withdrawal date and that date will be used for any federal aid return.

The required order for the return of Federal Title IV funds to the federal government is as follows:

• Unsubsidized Direct Loans
• Subsidized Direct Loans
• Direct PLUS Loans
• Federal Pell Grants
• Iraq and Afghanistan Service Grants
• Federal Supplemental Education Opportunity Grants (FSEOG)
• TEACH Grant

If the student earned less aid than was disbursed, the College would be required to return a portion of the funds. Loras College’s responsibilities regarding Return of Title IV Funds include: providing Return of Title IV Funds information to students, identifying students affected by this requirement, completing the Return of Title IV Funds calculation for those students and returning any Title IV funds that are due to the Title IV programs. Students are encouraged to meet with the Office of Financial Planning and/or the Director of Student Accounts prior to withdrawing from the College to learn of their impending financial responsibility. (policy updated on 07/01/2021 to start thereafter)

The financial planning staff is responsible for the calculation of the amount of Title IV funds a student has earned at the point of withdrawal. Worksheets provided by the Department of Education are used and are available upon request.

Return of Loras College and State Aid

Loras College and state aid will also need to be reduced as the number of credits a student is enrolled in and their enrollment status changes after a semester starts. If a student remains enrolled in 12 credits after the 4th week of class, institutional aid will not be adjusted. For state aid, the financial aid office will monitor enrollment changes and adjust as needed. As a general best practice, please consult the aid office when thinking of reducing credits or withdrawing from a course or from Loras entirely once the semester begins so that you are aware of how your changes will impact your financial aid.

Housing and meals will be adjusted at the rate of 95% for students who move in but leave on or before the first day of class. After that, housing and meals will be adjusted on the same percentage basis as tuition.

Student Financial Assistance

Parents and students are expected to be the primary source of financial assistance to meet college expenses. To determine the extent of the expected family contribution, all students should complete a Free Application for Federal Student Aid (FAFSA) each year. FAFSAs may be completed online at www.fafsa.ed.gov. Renewal FAFSA reminders will be emailed to students.

The priority deadline to submit a completed FAFSA is March 1st.

Funding is limited, so awards made after March 1st are subject to availability.

All assistance must be applied for annually, and is limited to four years of full-time study during fall and spring semesters.

Loras Scholarships / Awards / Grants

Loras offers a wide variety of scholarships and awards based on academic achievement, musical talent and other criteria. These awards may be available to full time undergraduate students. Generally, merit awards are renewable by maintaining the minimum grade point average requirement. In any given academic year, the total amount a student may receive from institutional scholarships and awards is limited to the cost of tuition.

Transfer Student Merit Awards: Transfer scholarships and awards may be awarded to students based on cumulative college GPA. Transfer students must have at least 12 transferable credits to be considered for scholarships and grants.

Priesthood Scholarships: Available to students who are registered with the St. Pius X Seminary. Completion of the FAFSA is required.

Loras Grant: Available to full-time undergraduate students based on financial need and the total of all other Loras College scholarships and grants awarded. These grants can be renewed each year, but renewal is based upon annual FAFSA results and a consistent level of demonstrated need. Students must maintain satisfactory academic progress to receive this grant. Amount varies.

Federal Grant Programs

Federal Pell Grants

Eligibility for Federal Pell Grants is determined by the FAFSA. The maximum award amount is $6,345; the award amount is subject to federal funding for this program.

Federal Supplemental Educational Opportunity Grants (SEOG)

Awarded to students demonstrating exceptional financial need, with preference given to Pell Grant recipients. The award level is dependent upon individual need and the level of federal funding. Eligible students at Loras may receive up to $1,000.

Federal Teach Grants

Provides up to $4,000 per year in grants for graduate and undergraduate students who intend to teach full-time in high-need subject areas for at least four years at schools that serve students from low-income families.

State Scholarship/Grant Programs

Iowa Tuition Grants

Grants of up to $6,000 are available to help Iowa students attend an Iowa private college. These grants are need-based and completion of the FAFSA by July 1 is required. Grants are available on a prorated basis to students who enroll less than full-time. An Iowa Tuition Grant can be received for a maximum of eight semesters of full-time study.

Employment Opportunities

Each year Loras College offers work opportunities to students who need financial assistance. Employment opportunities are posted on the Inside Loras portal.

The Office of Financial Planning awards work study from the Federal Work Study Program. To work under this program, a student must be enrolled at least half-time, be in good academic standing and complete the FAFSA. All hiring on campus is done through individual campus departments in conjunction with Human Resources and Center for Experiential Learning. Federal Work Study Community Service positions allow students to utilize their work study award through employment at community organizations.

Before beginning a work study position, students are required to submit a completed Work Authorization form along with W-4 and I-9 forms to Human Resources. These forms must be on file before a student may receive a paycheck. The amount of hours worked depends on the student’s work study award and class schedule, with the maximum hours allowed being 15 hours per week for all positions worked.

Loan Program

William D. Ford Federal Direct Loan Program

The Direct Stafford Loan Program allows students to borrow low-interest loans from the federal government.

The Direct Stafford Loan is administered by the federal government. You may be eligible to borrow up to $5,500 per year as a first-year student; $6,500 as a sophomore; and $7,500 as a junior or senior. Graduate students may borrow $20,500 per year. These loans have an aggregate limit.

The Direct Stafford Loan Program includes both subsidized (need-based) and unsubsidized (not based on financial need) loans. You may have either loan type or a combination of both in your award letter.

The Direct Parent Loan for Undergraduate Students (PLUS) is available to parents (without an adverse credit history) of dependent undergraduate students. Parents may borrow the difference between the student’s cost of education and awarded financial assistance.

Additionally, many companies provide student and parent loan programs to help families as well. Information about these loans can be found on the Loras Website under the financial aid/loan section of our website.

Renewal of Assistance

Financial assistance may be renewed for three successive years, provided the student continues to demonstrate financial need, satisfactory progress and personal responsibility. Annual completion of the FAFSA by March 1st is required.

Satisfactory Academic Progress (SAP) Policy

The Higher Education Act of 1965, as amended, requires that each student maintain satisfactory progress in the course of study the student is pursuing in order to receive Federal Title IV financial aid (Pell, SEOG,TEACH, Direct Loan, Perkins Loan, PLUS loan and FWS). SAP measures both a qualitative and quantitative component. These standards are established to encourage students to complete the courses for which aid is received and to progress satisfactorily toward graduation.

In order to be eligible for financial assistance, students must meet at least the minimum standards for satisfactory pace toward a degree (see Table A) as well as the minimum requirements needed to maintain financial aid based on cumulative grade point average (see Table B). At the end of each academic year, the student’s cumulative grade point average will be monitored. If the student has a grade point average below what is required to be considered making SAP, the student will lose eligibility for financial assistance.

In addition to maintaining the grades specified in Table B, the student must be progressing in pace towards degree completion (Table A). In order to meet the minimum standards, students must complete two-thirds of all cumulative attempted credits. If a student falls below the minimum standard, the student will lose eligibility for financial assistance. (See Appeals, Probation, and Academic Plans below). Loss of financial assistance includes Loras College assistance, and no aid package will be offered. Suspension of aid is not the same as academic suspension which is handled by the Academic Dean’s office.

TABLE A: Minimum Standards for Satisfactory Pace of Progression Towards a Degree

TABLE B: Minimum Requirements Needed to Maintain Financial Aid

The maximum timeframe in which students are expected to complete their degree is 150% of the program requirement. Students enrolled in the BA or BS program at Loras College may receive financial assistance for a maximum of 180 attempted credits.

The following will not be considered as credits successfully completed: grades of F (Failure) or I (Incomplete), unless work is completed within specified time.

Transfer credits that are accepted at Loras College will be counted toward the total attempted credits in determining whether the student is maintaining SAP and also count towards the maximum 180 credits.

Appeals, Financial Aid Probation, and Academic Plans

When a student loses eligibility for financial assistance because of failure to make SAP, the student may appeal in writing to the Director of Financial Planning on the basis of: an injury or illness, the death of a relative, or other special circumstances. An appeal must be in writing and explain why one failed to make SAP and what has changed that will allow the student to make SAP at the next evaluation. If the appeal is granted, eligibility for aid will be reinstated for one payment period under financial aid probation. If it is determined that the student needs more than one semester or payment period to make progress, the student will be asked to consult with his/her advisor to develop an academic plan. Upon successful review of the academic plan, a student may be granted probation for longer duration.

Re-establishing Aid Eligibility

A student who loses financial aid eligibility can reestablish eligibility by successfully completing sufficient credit hours and/or attaining the cumulative GPA required while not receiving aid.

Tuition and Fees

Payment of Fees

Tuition and fees for the current academic year are available at: http://www.loras.edu/financial-aid/.

All fees are billed by the term and become an obligation at the time of registration for that term. Statements will be published online for all registered students in early July for the fall term, early December for the Spring and May terms, and in early May for the summer term. By registering for classes, the student is automatically enrolled in a monthly installment payment plan for the fall and spring terms. Continued enrollment at Loras College is conditioned on the acceptance and understanding of the Terms and Conditions of the payment plan. It is important that the student understand the Terms and conditions which apply to the payment plan and agree to be bound by the terms. To view the terms and conditions statement for the payment plan, visit the online student account system, select Installment Payment Plan Details, View Agreement. Payment of all charges not covered by financial aid or loans is due by August 15 for the fall semester, December 15 for the spring semester (includes May term fees), and June 15 for the summer term. Loras College also offers an option of paying in four installments per semester during the fall and spring semesters. Details about the payment plan option are sent to registered students in July and November each year. A $50 nonrefundable service charge is assessed each month to those who do not fulfill their monthly payment requirement.

Section 103 Compliance Policy

Loras College abides by Section 103 of the Veterans Benefits and Transition Act of 2018. In the case where a student is a Chapter 31 or Chapter 33 student and his/her tuition funds are paid by the U.S. Department of Veterans Affairs, the College will abide by the following guidelines:

Loras College will not impose any penalty including: 1) the assessment of late fees; 2) the denial of access to classes; 3) libraries or other institutional facilities and /or 4) the requirements that a Chapter 31 or Chapter 33 recipient borrow additional funds to cover the individual’s inability to meet his or her financial obligations to institution due to the delayed disbursement of a payment by the U.S. Department of Veterans Affairs.

Student Account Refund Policy: https://loras.edu/refund-policy/

Once registered at Loras College, a student assumes the responsibility for the payment of all tuition and fees. If plans change and the student needs to withdraw from the College, the proper paperwork must be completed with the Academic Success Coordinator. The process for officially withdrawing from Loras College is outlined in the current Undergraduate Bulletin and Graduate Bulletin. Students should refer to the bulletin that is appropriate for their status.

An undergraduate or graduate student who withdraws from Loras College may receive a full or partial refund (credit) for tuition, fees, housing, and meal plan.

Students who drop a semester-long course during the first week of the fall and spring terms will receive a 100% refund of tuition and course fees. Students who withdraw from a semester-long course after week one are subject to the following refund schedule:

Week 2- 75%
Week 3- 50%
Week 4- 25%
Week 5- No Refund

Students who withdraw from a 7-week course are refunded on the following refund schedule:

Week 1- 100%
Week 2- 50%
Week 3- No Refund

Students who withdraw during the summer term are refunded on the following refund schedule:

Class Day 1- 100%
Class Day 2- 75%
Class Day 3- 50%
Class Day 4- 25%
Class Day 5- No Refund

Students who withdraw during the May term are subject to the May Term policy.

All students should take particular note that tuition charges create a personal debt to the College. Loras College proudly partners with GradGuard to offer tuition insurance. The Tuition Protection Plan can reimburse up to 100% of your non-refundable tuition and housing costs if you need to leave school for a covered illness, psychological condition, or injury. Students receiving financial aid should be aware that, although the tuition charges are incurred upon enrollment, a student who withdraws at any point during the year is subject to a reduction in financial aid in accordance with the governing policies of the individual aid program. For students beginning their education at Loras College in the Fall of 2022, or after, institutional and state scholarships and grants are not earned until after the 4th week of class. Thus, a student withdrawing before the 4th week will lose 100% of institutional and state scholarships and grants. For more information about the return of funds, please see the Return of Federal Title IV Funds information below. A student who withdraws from the College before the financial aid is fully earned may incur personal liability for unpaid tuition and other related charges. In addition, full-time students should be aware that a change to part-time status during the semester after the add/drop period will not result in a reduction of the semester’s tuition and fees. Before adding or dropping a course or registering for fewer than 12 credits, full-time students should consult with the Office of Financial Planning to determine the effect on their financial aid awards, and with the Student Accounts Director to determine the effect on their student account balance. Students who received financial assistance for their enrollment period will have their financial aid revised according to federal, institutional, organizational and/or state regulations and/or policies associated with the funding type received. The withdrawal date recorded on the student’s official Loras College record will be determined by the Registrar’s Office using the date the student provided official notification, in writing, of their intent to withdraw from Loras College. An unofficial withdrawal occurs when a student leaves the College without notice. For unofficial withdrawals, the student’s last date of attendance in a class will be used to determine the official withdrawal date.

Housing and Meals Adjustments

Students who move in but withdraw from school on or before the first day of class, will be charged 5% of the cost of housing and meals. Students who are still enrolled but are allowed to move off-campus or drop a meal plan will have charges adjusted on the same percentage basis as is used for students withdrawing from school. If a student terminates a housing contract after taking residence, the student is responsible for buying out the remainder of the contract at 50% of the remaining costs. This does not apply to first-year students. Students leasing houses or apartments will be bound by the terms of their lease, so the refund schedule is not applicable.

Noncredit-Bearing Programs Refund Policy

Students who withdraw from the Certified Financial Planning Certification Education program will receive a full refund up to five days after the first day of the start of the session. Students who drop out on day six of the session or anytime thereafter will receive no refund and will be financially responsible for the full cost of the program.

Students who withdraw from the Cybersecurity Bootcamp will receive a full refund up to two weeks (fourteen days) after the first day of the Bootcamp. Students who drop out on day fifteen of the program or anytime thereafter will receive no refund and will be financially responsible for the full cost of the Bootcamp.

Military Withdrawal and Refund Policy

Students or their spouse, when either has a dependent child, called to active duty during a current academic term will be withdrawn from all or a portion of the student’s registration and will receive a full refund of tuition and mandatory fees the school has assessed for courses from which the student withdrew. The student must make arrangements with the Registrar’s Office for grades or for incomplete grades that will be completed at a later date. For those courses unable to be continued at a later date, students will have no negative academic or financial consequences as a result of this withdrawal. While military students are enrolled at Loras College they are not assessed monthly service charges for delayed VA payments. The Office of Financial Planning will do all it can within the defined limits of Federal Regulations to benefit the student’s financial aid status.

Return of Funds Policy

Financial aid is a pre-payment to a student’s educational costs at the start of a semester. All financial aid is earned by the successful completion of credits and not simply by being enrolled in course credits. Students who plan to withdraw from a term prior to completing course credits should contact the financial aid office to understand the financial impact and responsibilities of withdrawing once a semester has started. The details below explain how aid from different sources is impacted when a student does not successfully complete course credit in which they are enrolled, but a student should still contact the financial aid office for details specific to their situation. Students may purchase tuition insurance to minimize this impact.

Return of State and Institutional Funds Policy

State and institutional financial assistance supports students earning a degree at Loras College. These funds come from Loras College or the State of Iowa. This aid includes merit scholarships, grants, and loans paid to Loras College by a state or institutional loan fund. To earn the state and institutional financial assistance from these sources for an award period, students must remain enrolled at Loras College until the start of the 5th week of class. Students withdrawing prior to the start of the 5th week of class will forfeit all assistance from these sources. In the instance of a medial withdrawal, the college reserves the right to exercise professional judgement as it relates to state and institutional financial assistance.

Notifications about Return of Title IV Funds

Notifications about the return of state and institutional funds will be sent to a student’s official Loras College email address and to a student’s personal email address, should they have one on file at the time the notification is sent.

Return of Federal Title IV Funds Policy

Title IV aid is the federal financial assistance program designed to support individuals in meeting the costs associated with earning a degree at an institution of higher education. These funds are regulated by the Department of Education, and a student earns Title IV financial aid in a prorated manner until 60% of the semester is completed. The 60% period begins at the first date of attendance for each payment period. Loras College uses a semester payment period policy.

This Return of Title IV funds policy applies to students with federal aid who withdraw or are dismissed prior to completing 60% of the semester. It also applies to students who earn all failing grades at the end of a term (Payment period). Loras College is required by federal regulation to use a specific refund calculation for each student who received Federal Title IV financial aid funds and is dismissed or withdrew before the end of a payment period (term), as well as for students who earn all failing (F) grades in a payment period (term).

For example, if a student completes 10% of a payment period, then the student earns (or keeps) 10% of the Title IV aid, and Loras College would return the remaining 90% to the Department of Education. If the student withdraws on or before the 60% point of a semester, then a portion of the Federal Title IV funds awarded to a student (Federal Pell Grant, Federal SEOG, Federal TEACH Grant, Iraq and Afghanistan Service Grants, Federal Direct Subsidized/Unsubsidized Loans, or Federal Direct PLUS Loans) would be returned, if required. Returned funds are determined by federal regulations and within 45 days of the official student withdrawal date. Title IV aid is fully applied at the start of the semester and the return of these funds may result in the student owing a balance to Loras College and/or the federal government. Students should consult with the financial aid office before choosing to withdraw from the college prior to the end of a semester. Moreover, student enrollment is determined by active engagement in courses (attending class, taking quizzes, submitting assignments) not simply by being enrolled.

When a student receives failing, incomplete or missing grades for a semester, he/she may be considered to have unofficially withdrawn without proper notification. If a 0.00 GPA is earned at the end of a payment period or semester, the student’s last date of attendance/engagement in a class will be used to determine the official withdrawal date, and that date will be used for any federal aid return. At the end of each payment period, or semester, the registrar notifies the financial aid office of any student who earned all Fs and the student’s last recorded date of attendance. This information is used to determine a student’s unofficial withdrawal date and in turn to calculate the return of Title IV funds.

The required order for the return of Federal Title IV funds to the federal government is as follows:

• Unsubsidized Direct Loans
• Subsidized Direct Loans
• Direct PLUS Loans
• Federal Pell Grants
• Iraq and Afghanistan Service Grants
• Federal Supplemental Education Opportunity Grants (FSEOG)
• TEACH Grant

With regard to the return of Title IV funds, Loras College is responsible for providing Return of Title IV Funds information to students which identifies the students affected by this requirement. It is also responsible for the completion of the return of Title IV Funds calculation for those students and the subsequent return of eligible Title IV funds back to the federal government.

Credits Created from Grants
If a student withdraws, and the date of withdrawal is at a point in the payment period where the student has earned more financial aid from a grant than there are charges to the student account, then this credit will be disbursed within 45 days.

Credits Created from Loans
If a student withdraws, and they qualify for loans, there will be a notification sent to the student’s personal email within 30 days, and the student has 14 days to accept these loans. Loras College will not, by default, apply any loans to a withdrawn student’s account. If a return of Title IV calculation results in a credit balance from any loan funds on the student’s account, Loras College will disburse these funds within 14 days of the return of Title IV funds calculation.

Notifications about Return of Title IV Funds
Notifications about the return of Title IV funds will be sent to a student’s Official Loras College email address and to a student’s personal email address, should they have one on file at the time the notification is sent.

Questions? Contact Us!

Enrollment
Registrar’s Office
(563) 588-7106

Financial Aid
Office of Financial Planning
(563) 588-7136

Student Accounts
Business Office: Student Accounts
(563) 588-7232

Registration Holds

In some cases, a student may have a Business Office Registration Hold based on the following:

• Fall Registration Hold - This hold will take effect when registering in the spring for the coming fall semester. All students must have a balance of $500.00 or less in order to register from one year to the next. If the student’s balance is not below the $500 minimum, ALL registrations will be CANCELLED, including classes, housing, meal plan and any/all other college registrations.
• Spring Registration Hold - For the fall to spring registration, the College does not generally require a fully paid bill; however, if no payments have been made to that date, the student is not current on their payment plan, or a significant outstanding balance exists, the College reserves the right to hold the student’s registration for the upcoming term.

Students who have a delinquent account or are not current on their payment plan (for registered students) may not obtain a diploma until the account is paid in full.

For further information about the tuition, fees and refund policy please contact the Director of Student Accounts in the Business Office.

Insurance

Loras College does not carry insurance on personal property of faculty members, students or workers, and is not responsible for the loss or damage of such property. All students participating in study abroad trips sponsored by Loras College are required to have accident and health insurance coverage, which is normally purchased by the College on behalf of participants.

Protect your school payments

Helping you get the most out of your Loras College experience is always our top priority. That’s why we’ve partnered with GradGuard™ to offer Tuition Insurance.

The Tuition Protection plan is like an extension of our refund policy. It can reimburse up to 100% of your nonrefundable school costs after a midsemester withdrawal for a covered illness, injury, psychological condition, and more protecting your investment in higher education.

Tuition insurance is completely optional. The agreement you enter into is with GradGuard, not with Loras College.

Preview the video below to learn more about GradGuard tuition insurance. https://www.youtube.com/watch?v=F1Dk6LE9QZs

For additional questions or to get a quote on the Tuition Protection Plan, call 1.866.724.4384 or visit GradGuard.com/tuition/loras