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The Financial Aid Office at
Each year students must complete
and sign a need analysis application. This may be by either a paper or an
electronic Free Application for Federal Student Aid (FAFSA). Returning students
may complete and sign a paper or an electronic Renewal Application. The FAFSA
may be completed on line at www.fafsa.ed.gov.
The web
site is free, fast, secure, and easy to use. When completing the application,
students must indicate Return to
top You
can use your federal pin to access personal information in various U.S.
Department of Education (USDOE) systems, including applying for federal student
aid using FAFSA on the Web. You can request for a PIN, replace a PIN, or update
a PIN
mailing address at the U.S. Department of Education’s website www.pin.ed.gov/. Pin may be used to: ·
To
gain access to FAFSA/Renewal FAFSA on the Web; ·
As
an electronic signature to sign the FAFSA or obtain a copy of FAFSA ·
To
make online corrections to FAFSA; and/or ·
Review
online grant and loan history on the National Student Loan Data System NOTE: Since the PIN
serves as an electronic signature, it must not be given to anyone. WHEN TO APPLYThe
FAFSA or Renewal Application must be completed each year. To insure full access
to all available financial aid programs, you should submit the need analysis
application as soon as the family income tax returns have been completed. (If a
tax return will not be filed, you may apply any time after January 1.)
Returning students must renew their applications by May 15 of each year. WHO MAY APPLY Students applying for
federal aid (Title IV) must meet the following criteria:
HOW FINANCIAL AID IS DETERMINEDBy completing the need analysis application (FAFSA), you will automatically be considered for the federal, state, and campus-based financial aid programs. You will receive a Student Aid Report (SAR) in approximately four weeks, and the school whose code is listed will receive an Institutional Student Information Record (ISIR). The SAR/ISIR contains an Expected Family Contribution (EFC) number, which is needed to determine eligibility. The Financial Aid Office uses the cost of education (tuition, fees, room, board, books and other related expenses) less the EFC number and other resources to determine your financial need.You may contact the federal processor at 1-800-433-3243, if you do not receive your Students Aid Report (SAR) within 3-4 weeks of mailing your FAFSA.
Estimated Cost of AttendanceWhile actual costs vary from student to student, TBC uses average cost figures when determining your eligibility for financial aid. The instructional and general fee component is based on 12 credit hours of enrollment for each quarter. In addition to tuition and fees, books and supplies, housing, meals, transportation and an allowance for personal and miscellaneous expenses are included in determining a cost of attendance figure.
Expected Family Contribution (EFC)Your EFC is based on the data you provided on your FAFSA.
A federally mandated formula considers taxable and non-taxable income, assets and
the number in the household and college. If you are considered a dependent
student, parental data is also included. The
formula may be viewed at this website: http://studentaid.ed.gov/students/attachments/siteresources/EFCFormulaGuide0506.pdf Receipt of Other Financial Assistance or Change in CircumstancesThe aid awarded to you was based
on your financial circumstances, enrollment plans, and Satisfactory Academic
Progress status as originally reported. Federal regulations require you to
disclose, and the FAO to include, outside awards in your financial aid package.
If you receive any form of nonfederal assistance after your award has been determined,
an adjustment in your award package may be necessary. In some cases, the
adjustment may include repayment of federal funds. Federal Pell Grant funds are
not reduced if you receive a scholarship or other education-based award. Other
assistance may include but are not limited to scholarships, grants,
fellowships, Ohio National Guard and BVR. You must also report to
the FAO the following changes: 1.
Change
in name or social security number (documentation required) 2.
Change
in address 3.
If
you are in default or owe a refund on a federal grant or loan at any
institution Financial NeedYour financial need is the amount that remains after
your EFC and other student resources are subtracted from the estimated cost of
attendance. If the resulting calculation is a positive figure, then you are
considered to have financial need. The FAO attempts to meet your financial need
by
providing access to federal and state funds. If your combined EFC and other
resources are higher than the estimated cost figure, you are not eligible for
need-based aid, but may qualify for low interest educational loans. Change in Financial Circumstances The FAO recognizes that a sudden change in your
family
income or an unavoidable expense can have a direct impact on your ability to
continue your education. The FAO can consider those changes and re-evaluate
your eligibility for financial aid. In order for your application to be
reviewed for special circumstances, you will need to see the Director of
Financial Aid to complete a “Special Circumstance” form and provide
documentation to support your request. You should also contact the FAO if any
of the following circumstances apply to you to see if it might affect your
financial aid application. ·
Divorce of parents or yourself from your spouse ·
Death of a major wage earner ·
Loss of employment of a major earner ·
Loss of other income or benefits (Social Security or
child support), yourself, your parents, or your spouse Financial
aid is intended to help students finance their education when family and
personal resources are not adequate to meet the total educational costs.
Financial aid consists of scholarships and grants (non-repayable gift
assistance) and loans (which must be repaid). Federal Pell Grant Federal Part-time Awards
are made on a non-discriminatory basis and can only be withheld if a student
does not meet stated policies. The
Department of Education or · A signed copy of the student, spouse and/or the parents’ 2007 federal tax forms. If you do not have a copy of your federal tax return, you may request a tax return transcript from the IRS. Use these forms to request duplicate tax documents from the Internal Revenue Service. ·
All
W2’s & 1099’s for the 2007 tax year ·
A
Dependent 2008-2009 Verification Worksheet ·
A
Independent 2008-2009 Verification Worksheet You will be notified of your financial aid by an award notice. PAYMENT/DISBURSEMENT OF FINANCIAL AID Financial
aid funds must be used first to pay tuition and fees and then to pay other
educational expenses. Before the start of each term you will be sent a Student
Account Statement, which will show instructional and general fees and other
appropriate charges. Financial aid awards for which all eligibility
requirements have been met will appear as credits. All fees, including
penalties, must be paid according to the deadlines indicated on your Student
Account Statement. Admissions
requirements must be met prior to receiving financial aid. All grants, loans,
and scholarships are subject to change, depending on enrollment status, other
resources, participation criteria, and availability of funds. If attending the
academic year, grants, scholarships and loans will be disbursed in three
allotments during the period of time for which you are enrolled. Your account
will be credited and proceeds will be disbursed by the Business Office. NOTE:
All first-time first year undergraduate loan borrowers have a 30-day delayed
disbursement. Once your tuition and fees
are paid with financial aid, any credit balance will be issued directly to you.
Credit balance is issued to you through a Institutional check by the Business
Office. To
apply for a student loan, students must complete a loan entrance interview form
available from the Financial Aid Office. Remember, planning for tomorrow is
important, so please borrow conservatively. Keep track of how much you borrow
and how much your loan payment will be after graduation. Before
your loan proceeds can be applied to your account you must sign a Federal
Stafford Loan Master Promissory Note (MPN). By completing and signing the MPN,
you are agreeing to repay the amounts borrowed against the note. You can
complete the Master Promissory Note (MPN) online by clicking on the following
link and following the instructions: Start
Your MPN Borrowing
from the Federal Stafford Loan Program requires you to receive entrance and
exit interview. The interview sessions are required by Federal Regulations and
offer information relating to the terms and conditions of the loan programs and
your obligations as a borrower. An Entrance Interview is required each year
when you want to borrow a Federal Stafford Loan from Entrance/Exit
Loan counseling can be completed on-line at: http://www.mapping-your-future.org.
Once there, choose Entrance Interview or Exit Interview and follow the steps
outlined. Once completed, an e-mail message will be sent to the FAO indicating
that you have completed the entrance or exit interview.
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