Financial Assistance

Financial Assistance Policies
 Conditions and Descriptions of Your Financial Assistance Award

  By combining financial aid with your family’s resources, a Simpson education can be an affordable and vastly rewarding experience.

  Simpson College is dedicated to providing financial assistance to students in a way that, based upon available college resources, ensures equal access to Simpson College for all individuals seeking admission. The office of financial assistance believes it is of primary importance that you know the various types of aid Simpson offers. “Financial aid” means assistance provided to students from a variety of federal, state, private and institutional sources. With the exception of federal and state funds, your financial aid is applicable only at Simpson College; you cannot take it with you if you decide to transfer to another college. If your financial need or full cost of attendance is met, you may not be eligible for additional aid, including work, without reducing other previously awarded aid.

  GENERAL REQUIREMENTS: Simpson College awards various types of financial assistance including grants, scholarships, loans and student employment. Many of these funds are based on the student’s financial need. Other funds are awarded in recognition of a student’s accomplishments and potential for future growth and development. The policies and procedures contained in this brochure apply to all students receiving any type of financial assistance at Simpson. These policies and procedures should be read very carefully. A student being unaware of a policy or procedure will not lessen its enforcement in any situation.

  FINANCIAL AID PACKAGE NOTIFICATION: Simpson’s Financial Assistance Award is your official notification of the financial aid you may receive through Simpson’s office of financial assistance. The award, while not a commitment of funds, is an initial indication of funds from the federal, state and Simpson College student aid programs. Your award is extremely important. If you are a new student, your aid will not be applied to your student account until you have accepted or declined each type of award and signed the letter as instructed in your financial assistance packet.

New students, both freshmen and transfer, are mailed their financial assistance award via U.S. postal service beginning mid March. Simpson College supports the National Candidate Reply Date, which   allows admitted prospective students until May 1st, without penalty, (the only exception to this is tuition exchange applicants who must respond by March 15), to make a decision among offers of admission and financial aid. By accepting your financial aid, you are agreeing to comply with the requirements and responsibilities under which your aid was awarded.

Accepting financial aid reserves funding in your name, but it is NOT an obligation to attend Simpson College.

You may accept or decline any of the financial aid offers, including federal student loans, without affecting any other part of the awarded financial aid package; however, awards that are declined will not be replaced with other aid sources.

Your award is designed to give you a complete summary of your financial assistance. Scholarships and grants listed on your award letter may be contingent on the maintenance of a specific grade point or other academic or performance benchmarks, without which your awards may be revised.

Returning student award notification is handled via your Storm Front account under the financial assistance tab.

  APPLYING FOR FEDERAL AND STATE FINANCIAL AID: Application for federal and state financial aid must be completed in the spring prior to each academic year as soon as possible, but not prior to January 1st. Application may be made by filing a Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov . In order to expedite the web-based filing of the FAFSA, students and parents may obtain personal identification numbers (PIN) at www.pin.ed.gov . The PIN may be used to provide an electronic   signature on the FAFSA. Filing the FAFSA with a PIN as the signature will ensure prompt processing, typically between 48-72 hours. The FAFSA can also be completed on paper and submitted via U.S. mail. The results of a paper FAFSA filing may take anywhere from 3-7 weeks. Failure to file the FAFSA by July 1st may result in the loss or reduction of state funded financial assistance. Students will receive a Student Aid Report (SAR) from the U.S. Department of Education that summarizes the results of the FAFSA filing. The SAR should be reviewed for accuracy. Any necessary corrections can be made through the office of financial assistance or via FAFSA on the web.

 

Federal and State Eligibility Requirements:

1. Free Application for Federal Student Aid (FAFSA): A student must file a FAFSA to establish eligibility for federal, state and institutional funded grant and loan programs. The State of Iowa has a filing deadline of July 1st in order to be considered for state funded financial assistance.

2. Regular student in an eligible program: A regular student is someone who is enrolled for the purpose of obtaining a degree or certificate.

3. Elementary or secondary enrollment: A student who is concurrently enrolled in high school and at Simpson is not considered a “regular student,” nor is he/she eligible for financial aid.

4. Academic qualifications: Students must be accepted for admission and matriculated by the office of admission at Simpson College in order to receive financial assistance.

5. Satisfactory Academic Progress: A student must attend classes on a regular basis and meet Simpson’s satisfactory academic progress standards as defined in this handbook.

6. Citizenship: A student must be a U.S. citizen or an eligible non-citizen 1. For any student who fails the social security match for citizenship or the  Department of Homeland Security match for permanent residency on their FAFSA application, the financial aid office requires confirmation or documentation of status as specified by federal regulations.

7. Social Security Administration: If a student’s application fails the social security match on their FAFSA application, the financial aid office is required to resolve the discrepancy. Typically such discrepancies can be resolved by submitting a copy of the student’s social security card to the office of financial assistance.

8. Selective Service Administration: General registration requirements apply to males who are at least 18 years old and were born after December 31, 1959. Any student required to register but fails to do so is ineligible for federal student aid.

9. Defaulted student loans and overpayments of federal student aid: A student must certify that he/she is not in default on a federal student loan and does not owe an overpayment on a federal grant or loan.

10. Conviction for possession or sale of drugs: A federal or state drug conviction can disqualify a student for financial aid funds. A student self-certifies on the FAFSA application that he/she has never been convicted of possessing or selling drugs for an offense that occurred while he/she was receiving federal student aid. A student who is unsure if the nature and date of a conviction is disqualifying him/her from receiving financial aid, should contact the Department of Education at 1-800-433-3243 for clarification.      

11. Verification of FAFSA application data: A student selected for  verification must comply with the guidelines as outlined below. Students may be selected for verification by the U.S. Department of Education or Simpson College. The verification process is mandated by the U.S. Department of Education. Some students are selected for a specific reason and others are randomly chosen. The process is designed to ensure that the data on the FAFSA correlates with the information reported on the federal income tax return.
                If the student is notified by the office of financial assistance to complete the verification process, the following must 
               be   noted:
                A. The student and parent/spouse are responsible for providing supporting data including:
                                1. Completed verification worksheet
                                2. Copies of signed federal tax returns for both student and parent/spouse
                B. This data is urgent and must be provided immediately.
                C. Failure to provide this data could result in the loss of federal funds to the student and the student’s ability     to continue enrollment at Simpson College.
                D. Financial assistance will not be credited to the student’s account until this process is completed.

Campus based federal funds will not be reserved if a student fails to complete the verification process in a timely manner. Simpson College will not guarantee availability of campus based funds if a student fails to complete the verification process by the time classes begin.

 

SATISFACTORY ACADEMIC PROGRESS STANDARDS (SAP)  FOR FINANCIAL ASSISTANCE

Students receiving financial assistance are required to maintain satisfactory academic progress during their enrollment at Simpson College in order to receive financial assistance. Satisfactory academic progress (SAP) measures both a qualitative and quantitative component. SAP is achieved when a student maintains both the required grade point averages and the required completion rate.

Required Grades (Qualitative Measure)

At the end of each academic term (fall, spring, summer), the student’s cumulative grade point average will be monitored. If the student has a grade point average lower than that required to be considered making satisfactory academic progress for financial assistance, he/she will be placed on financial aid warning for the following semester. During the warning period, the student may be able to receive financial assistance, but if the student fails to achieve the required cumulative GPA at the end of the next semester, the student’s financial assistance will be suspended.

When academic process is measured:

Students must achieve:

For credits 0.1 - 29

A 1.80 cumulative grade point average

For credits 29.01 – 61

A 1.90 cumulative grade point average

For credits 61.01 and above

A 2.00 cumulative grade point average

 

Required Completion Rate (Quantitative Measure)

In addition to maintaining the grades specified above, the student must be progressing toward completion of a degree program within a specified time frame. In order to meet these minimum requirements, Simpson students must complete two-thirds or 66.67% of all cumulative attempted credits. If a student falls short of the 66.67% completion rule, the student’s financial assistance will be placed on warning for the following semester. During the warning period a student will be able to receive financial assistance. If the student fails to successfully complete 66.67% of the cumulative attempted credits after the next semester of enrollment (the semester of the warning period) financial assistance will be suspended beginning with the next term. Suspension of aid is the loss of financial assistance eligibility and will result in no aid package until deficiencies have been met. Suspension of aid is not the same as academic suspension which is handled by the Academic Dean’s office. Successful completion of credits means that a student completes and successfully passes said credits.

 

Students cannot receive financial assistance for any coursework beyond 150% of the credits that are required for their specific program. Students enrolled in the Bachelor of Arts program at Simpson College may receive financial assistance for a maximum of 192 attempted credits at either a part time or full time pace to be considered making progress under the 150% rule (128 undergraduate credits required for graduation X 150% = 192 credits). Simply stated, a Bachelor of Arts student cannot receive financial assistance for any credits that are in excess of 192. The 150% rule also applies to the Bachelor of Music and graduate programs. Please see the chart below for the maximum credits/time frame for which each program may receive financial assistance dollars.

 

 

Program

 

Undergrad

Credits

 

Credits for Specific Program

 

Total Credits

 

150% maximum credits for SAP

Bachelor of Arts

128

0

128

192

Bachelor of Music

132

0

132

198

Masters of Teaching

128

42

170

255

Transition to Teaching

128

38

166

249

Masters of CJ

128

44

172

258

 

Incomplete Grades  An incomplete or “I” grade will be treated as a failing grade in the cumulative GPA. If a grade is later given for the course, it is the student’s responsibility to notify the Office of Financial Assistance so that academic progress may be reassessed.

 

  Withdrawals Credits from which the student has withdrawn or received a grade of “W” will be counted as attempted credits for purposes of determining academic progress.

 

Repeated Coursework  When a student repeats a course, the most recent grade received will be used in the calculation of the cumulative grade point average. Each time the course is taken, the credits for the course will count as attempted credits.

 

  Transfer Students  Transfer credits that are accepted at Simpson College will be counted toward the total attempted credits in determining whether the student is maintaining satisfactory academic progress and thus count towards the maximum 192 credits and will be used in the 67% rule calculation.

 

  Only credits earned from a course in which the student was actually enrolled are counted in calculating SAP. Advanced Placement credits, CLEP credits, credits earned from challenge exams, proficiency exams, or life experience are not used in calculating Satisfactory Academic Progress.

 

  Changes in Major or Degree or Certificate Program  A student who changes majors will still be required to stay within the maximum 192 attempted credits to receive assistance.

 

  Re-establishing Eligibility  A student, who has lost financial assistance eligibility, can regain eligibility by making up deficiencies while not receiving aid. It is the student’s responsibility to notify the office of financial assistance to request aid reinstatement when this has been accomplished.

 

  Appeals  A student may appeal a determination that he or she is not making satisfactory academic progress as follows:

If a student does not meet the minimum 67% credit completion rule and/or GPA requirements to be considered as maintaining satisfactory academic progress, he/she may appeal in writing to the Director of Financial Assistance for extenuating circumstances, such as the death of a family member or an illness or injury to the student. All appeals must be made in writing and MUST include information regarding why the student failed to make SAP, and what has changed in the student’s situation that will allow the student to demonstrate SAP after the next term of enrollment.

The appeal MUST also include an academic plan that details how the student will complete his/her degree. The plan MUST demonstrate how the student will progress both GPA and cumulative credits to get back on track in seeking his/her degree. This academic plan must detail out each term/semester from the time of the appeal until the student will graduate with their intended degree program. The student must be able to demonstrate that it is reasonably possible to get back on track towards successful program completion while staying within the 150% rule mentioned above.

 

  An appeal committee will review the student’s request and notify the student of their decision in writing within one calendar week of receipt of appeal. If a student is granted an appeal, they will remain on SAP warning and the office of financial assistance will monitor the student’s academic plan. If the student strays from the plan, he/she will again have all financial assistance suspended immediately.

 

  NEED-BASED GRANTS: Need-based grants are awarded based upon financial need. To be considered for all need-based grants, a student must file the Free Application for Federal Student Aid (FAFSA) annually. To be considered for state aid, the FAFSA must be completed by the July 1st   application deadline.

  Simpson College Grant: This grant is based on calculated financial need and is awarded to students upon enrollment in the first year. Although you may be eligible for a Simpson College Grant, it may not be a part of your financial assistance award if you have received other gift assistance from Simpson College that is being used to fill the grant portion of your award.

  Endowed Scholarships: A student’s achievements are recognized through the endowed scholarship program. These scholarship funds are provided through the generous financial support of alumni, trustees and friends of Simpson College and are often based on financial need. When these funds are awarded to a student an adjustment will be made to other Simpson   College aid previously awarded to the student. Endowed scholarships are not intended to increase the total award package amount. As a result, many of these scholarships are designated for students with specific academic interests or backgrounds. There is no separate application for the endowed scholarships. A student has automatically applied for these awards when he/she completes the process of applying for financial assistance. Several of these awards are designated at the upperclassman level.

  Iowa Tuition Grant: The Iowa Tuition Grant is based on financial need with priority given to the neediest applicants. The maximum grant is $4,000 for each year of full-time undergraduate study (12 or more credits) but is based on appropriations each year. The Iowa Tuition Grant is pro-rated for students attending less than full time.

  Iowa Grant Program: The Iowa Grant Program is a state need-based program which assists high need Iowa residents attending any accredited Iowa college or university. Iowa Grant recipients will be selected by   Simpson College based on financial need.

  Federal Pell Grant: The Federal Pell Grant program is designed to provide financial assistance to eligible undergraduates. The Federal Pell Grant program provides grants to full and part-time students and may be used at any eligible college or university you attend until you receive your first baccalaureate degree. The award amount may vary according to the cost of the institution and the number of credits for which you are enrolled. You must be enrolled for 12 credits per semester to receive a full award. In the 2010-2011 academic year, Federal Pell Grants ranged from $1,176 to $5,550. These grants are generally available to families with modest incomes.

  Federal Supplemental Education Opportunity Grant (SEOG): SEOG grants are given to undergraduate students with exceptional financial need to enable them to attend college. The grants are made by the federal government to Simpson College, which selects needy students who have applied for financial aid. The maximum eligibility for this grant is $4,000 per student per year. Typical annual Federal SEOG awards at Simpson are $500 - $1,000 per year.

  Federal TEACH Grant Program: The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program provides grants of up to $4,000 per year (award prorated for part-time students) to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families in designated shortage teaching areas. The Grant becomes an Unsubsidized Direct Stafford Loan with interest accruing back to the date of initial disbursement if the student fails to meet the forgiveness requirements. To be eligible, students must maintain a minimum 3.25 college cumulative grade point average.

  ACADEMIC AND TALENT SCHOLARSHIPS:
R ENEWAL OF AWARDS: A student must submit an application annually for the renewal of all federal or state awards by filing the FAFSA. The renewal of an academic scholarship is based on the cumulative grade point average of the student. Renewal requirements are indicated below:

1. Cowles Fellowship, George Washington Carver Fellowship, Trustee Scholarship, Culver Scholarship and Presidential Scholarship:   cumulative GPA of 2.25 up to 61.00 completed credits; at 61.01 completed credits a cumulative GPA of 2.50 must be maintained.

2. Honor Scholarship or Matthew Simpson Scholarship: cumulative GPA of 2.25 up to 61.00 completed credits; at 61.01 completed credits a cumulative GPA of 2.50 must be maintained.

3. Transfer Student Honor Scholarship: cumulative Simpson GPA of 2.50.

4. Phi Theta Kappa Scholarship: cumulative Simpson GPA of 2.50.

5. George Washington Carver Scholarship: cumulative GPA of 2.25.

OUTSIDE NON-NEED BASED GIFT AID:

Veterans’ Benefits: The Veterans Administration administers programs for veterans and service people seeking assistance for education and training. If you are a veteran or dependent of a veteran and plan to receive education benefits, as determined by the Department of Veteran Affairs, contact the office of the registrar well in advance of enrollment to request certification.

  Yellow Ribbon Program: The Yellow Ribbon GI Education Enhancement Program is a provision of the Post 9/11 Veterans Educational Assistance Act of 2008. The program is designed to supplement the Post 9/11 tuition benefit, which is limited to the highest public in-state undergraduate tuition. Under the Yellow Ribbon program, Simpson College entered into an agreement with the Department of Veterans Affairs to jointly pay the portion of an eligible veteran’s tuition and fees that exceed the maximum amount otherwise provided by the Post 9/11 GI Bill. Veterans are encouraged to visit the VA’s webpage at www.va.gov to determine their eligibility.

  Vocational Rehabilitation Benefits: The Division of Vocational Rehabilitation of the Iowa Department of Public Instruction, or a similar division in other states, make assistance available to physically and mentally challenged students who are residents of the state. More information is available from the Division of Vocational Rehabilitation, 510 East 12th Street, Des Moines, Iowa 50319, or the student’s home state office.

  Wesley Scholarships: Wesley Service Scholarships are provided to support students who are involved in volunteer service. Wesley scholarship funds will be credited to your student account at the end of each term. The funds will be removed from your student account if you do not fulfill your service requirements listed below. Students are awarded a $500 stipend through the financial aid award in exchange for:

  • 80 hours of verified service
  • Selected common readings regarding service
  • Participation in a peer group to reflect on your experiences
  • A simple journal in which you write about your service

  Outside/Direct Scholarships: An outside or direct scholarship is one awarded by an independent grant source such as a civic organization or foundation. This scholarship is considered a part of the student’s financial assistance award and must be reported to the office of financial assistance. Scholarships and grants administered and regulated by the State of Iowa and the Federal Government are not considered direct scholarships.

If the student’s financial aid is based on financial need and contains federal and/or state funds, the college cannot exceed the student’s demonstrated financial need. If the student’s financial need has not been met in full, direct scholarship funds will be added to the student’s financial aid award. If the student’s need has been met in full, reductions will be made first in the Federal Perkins Student Loan and then to the Federal Direct Stafford Student Loan. If the financial assistance award does not contain a Federal Direct Stafford or Federal Perkins Student Loan, but does contain federal or state funds and the student’s need has been met in full, the outside scholarship will cause a reduction in the other federal, state, or institutional funds. A student receiving Simpson funded aid not based on financial need will receive the direct scholarship in addition to any financial assistance offered by the college, provided the total financial assistance award does not exceed the cost of attendance at Simpson College for the academic year during which the award is made.

It is the responsibility of the student receiving the direct scholarship to notify the office of financial assistance of all the details   pertaining to the scholarship. At that time, the appropriate adjustments will be made to the student’s award. No student may receive financial assistance in excess of the budgeted cost of attendance at Simpson College.

  SELF-HELP AID: Self-help aid may be need or non-need based. Once awarded, the office of financial assistance will provide any additional   paperwork that is necessary. Self-help aid requires work for compensation or repayment of student loans. Eligibility for these programs is determined annually and requires a completed FAFSA each year.

  Work Study Program: Simpson College provides students with the   opportunity to work part-time on or off campus through the Work Study Program. Awards are based upon financial need as determined by information provided on the FAFSA. Need-based employment is funded by the Federal Work Study program. Employment awards generally range between $500 and $1,000 per year, with the average student working 5-7 hours per week. The current wage rate is $7.25 per hour. The work study award is not a guarantee of employment. First-year students are assigned work study positions on campus and must complete a job application. First year students will not be assigned a job until the completed application has been received. A student who fails to return the employment application by July 1st may lose their work award. Student employment will then be offered to students on the employment wait list. Simpson, in partnership with area community service employers, is committed to using a portion of its Federal Work Study funding to encourage participation in community service activities.

                Student employment earnings are paid each month for hours worked during the previous month. Direct deposit to your checking or savings account for monthly checks is recommended and requires you to complete a direct deposit form. The amount of the work award cannot be directly applied to your tuition, room and board bill; therefore, it is not possible for you to use your work award money toward your first payment in the fall.

Federal Perkins Loan: The Federal Perkins Loan is available to eligible   undergraduate and graduate students. Application is made by filing a FAFSA. The amount of your Federal Perkins Loan will depend upon your financial need and available funds. You may not borrow more than a total of $5,500 per year for a maximum of $27,500 as an undergraduate, or $8,000 per year with a maximum of $60,000 as a graduate student. The interest rate is 5% and repayment and interest accrual begin nine months after you cease at least part-time enrollment. Deferments and cancelation may be available for certain circumstances which are explained during entrance and exit counseling.

If a Federal Perkins Loan has been included in the student’s financial assistance award, the following must be completed:

  •  Federal Perkins entrance counseling (if you are a first-time borrower), and
  •  Federal Perkins Master Promissory Note (if you are a first-time borrower).

  William D. Ford Federal Direct Stafford Loan: The Federal Direct Stafford Loan program is available to undergraduate and graduate students. If a Federal Direct Stafford Loan is part of your financial aid package a Loan Information Form will be included with your financial assistance award. Undergraduate students may be eligible to borrow up to:

  •  $5,500 as a first-year student (less than 29.01 credits),
  •  $6,500 as a second-year student (29.01 to 61.0 credits), and
  • $7,500 as a third through fifth year student (61.01 credits or more). 

1. Federal Direct Stafford Loan information form    
2. Master Promissory Note online at: www.studentloans.gov
3. Federal Direct Stafford Loan entrance counseling online at www.studentloans.gov

  If you are a returning Simpson student and have borrowed previously under this program, we will process a loan on your behalf for the amount indicated on your award. If you are a part-time or graduate student you will need to complete and return a Loan Confirmation form each year. The average Stafford Loan borrower at Simpson College borrows $16,631.

  William D. Ford Federal Direct Graduate PLUS Loan (for graduate students only): The Federal Direct Grad PLUS loan is available to   graduate students. Students may borrow the difference between the cost of education less financial assistance within your allowable cost of attendance. The interest is a fixed rate of 7.9%. Repayment may begin within six months or certain deferments may be available. In order to apply for the Federal Direct Grad PLUS loan, you must file the FAFSA, complete the Federal Direct Grad PLUS Master Promissory Note (MPN), and entrance counseling online at www. studentloans.gov and return the Federal Direct Grad Plus Loan Request Form to the office of financial assistance. If a Federal Direct Grad PLUS Loan is part of your financial aid package, a Loan Request Form will be included with your financial assistance award.

  William D. Ford Federal Direct Parent Loan for Undergraduate Students (PLUS): The student must file a FAFSA to determine eligibility. The Federal Direct PLUS loan is available to parents of dependent undergraduate students. Parents may borrow the difference between the student’s cost of education less other financial assistance. The interest is fixed at 7.9% with origination fees after rebates of 2.5% subtracted from the loan proceeds. Repayment may begin within 30 to 60 days of disbursement, or certain deferments may be available. In order to apply for the Federal Direct PLUS Loan, you must complete the Federal Direct PLUS Master Promissory Note online using the parent’s Federal PIN at www. studentloans.gov . Additionally, the parent must complete and return the Federal PLUS Loan Information Form to the office of financial assistance.

  ALTERNATIVE LOAN PROGRAMS: Simpson understands that in exceptional cases families may need to pursue alternative loans to help bridge the gap between the actual cost of your education and your financial aid package. Alternative loans are available through private lenders and require a separate loan application.

                Private loans tend to cost more than the loans offered by the federal government. Interest rates and origination fees can vary by lender. Approval of an alternative loan is contingent upon credit approval by the individual lender. Most traditional age students will be required to secure a   co-signer. Additional information and disclosures can be found on our website at www.simpson.edu/financial/alternative.html .

 

2011-2012 COST OF ATTENDANCE:

The following expense estimates are based on 2011-2012 academic year budgets:

 

Full-time Tuition and Fees

$28,123

Standard Room

$ 3,860

Full Board

$ 4,103

Total Billable Charge

$36,086

 

Books/Supplies: These expenses vary each semester and largely depend on individual needs and program of study. On average, full-time undergraduate students should plan to spend about $900 per year for books and supplies.

Students who have sufficient credit in their financial aid to pay for books and supplies may request a book voucher from the office of financial assistance to charge books and supplies to their student account. Book vouchers may be obtained in the office of financial assistance two weeks prior to classes starting.

  Personal/Transportation: Personal costs vary from $1,300 to $2,000 depending upon dependency status, degree program and place of residence while attending Simpson College. Depending upon whether the student lives on or off campus, or with parent, transportation costs allowable for financial aid purposes vary from $700 to $2,000.

  Off-Campus Room/Board: Costs for off-campus room and board vary depending upon dependency status and type of living arrangement (i.e., with parent, in an apartment, etc.). Simpson uses the cost of standard room and board as an average for all off-campus students regardless of where they live for the nine month academic year.

  Part-Time Students: Students who take at least 12 credits in a given semester (with 6 or more credits being day time classes) are charged at the full-time tuition rate listed on this page. To qualify for financial aid as a full-time student, enrollment must be 12 or more credits per semester (with 6 or more credits being day time). Part-time students (those taking less than 12 credits per semester) are charged on a per credit basis. Day and evening credits are charged at different rates. If you have questions regarding “per credit” costs, please contact the business office at 1-800-362-2454, x1655.

  COSTS AND PAYMENTS: How will I receive my financial aid? All scholarships, grants and loans awarded by the office of financial assistance and accepted by you will be credited directly to your student account.   Federal Direct Stafford Loans will appear as an estimated credit on your bill, but actual credit will not be made until these funds are disbursed after the start of the term. Work study is not credited to your student account; rather it is paid via student payroll on the 15th of each month following the month the hours were worked.

One half of your academic year award is credited to your account at the beginning of each semester. Outside scholarships/loans are not   credited until the funds are received from the donor/lender. Unless a donor specifies otherwise, outside scholarships/loans are to be applied one half in the fall semester and one half in the spring semester. Financial assistance is awarded for the academic year or a portion thereof during which a student anticipates being enrolled. Should a student discontinue a portion of that enrollment period, appropriate adjustments will be made to the student’s award in accordance with the refund and return policies of Simpson College and the U.S. Department of Education.

In the case of a student with a Federal Direct Stafford Student Loan, Simpson will notify the Federal government and loan servicer when the student drops below part-time status or ceases enrollment.

  What happens if I am entitled to a refund to help cover some of my living expenses? If your student account is credited with more funds than you owe Simpson, you will receive a check for the amount of your credit balance. Refunds are released on the 14th day following the day your   student account shows a credit.

If a Federal Direct PLUS Loan creates the credit, the excess funds will be returned to the parent borrower, unless the parent indicates otherwise. If the student or parent chooses to leave this credit on the account, authorization must be given in writing to the business office.

  Payment Options: The amount you owe Simpson may be paid in full each semester or in monthly installments through the Sallie Mae Tuition Pay Plan. With the semester payment option, payments are due each semester, on August 15 and December 15, for the total costs of the semester,   including tuition, fees, room and board, after financial assistance has been applied to your account.

The Tuition Pay Plan offered by Sallie Mae allows students to split their Simpson bills into smaller monthly installment payments without accruing any interest charges. Sallie Mae monitors your payments on   behalf of Simpson and then forwards payments to the College. The fee for using a payment plan arrangement is $55 per year. To arrange for a monthly payment plan, visit the website at:  http://www.tuitionpayenroll .com/ .

Here is an example of costs and payments:

 

Estimated Costs:

 

Tuition and fees for full-time student

$28,123

Room and Board Charges

$ 7,963

Total

$36,086

 

 

Financial Aid Award:

 

Scholarship/Grant

$14,000

Iowa Tuition Grant

$ 4,000

Subsidized Federal Direct Stafford Loan

$ 3,500

Unsubsidized Federal Direct Stafford Loan

$ 2,000

Total

$23,500

 

In this example, the student would owe approximately $12,586 for the academic year and could use any of the payment methods mentioned   previously to make payments.

Important Billing Notes to Remember:

1. Student employment earnings are paid each month DIRECTLY to the student for hours worked the month prior and WILL NOT show as a credit on the student’s bill.

2. Outside scholarships (i.e., Dollars for Scholars, Rotary, Elks, etc.) are credited to the student account ONLY after the money is received by Simpson College.

3. For Federal Direct Stafford and Federal Direct PLUS loans, estimated processing fees may be calculated by multiplying the requested loan amount by 0.5% for Stafford and 2.5% for PLUS. In other words, approximately 99.5% of the amount you borrowed will actually be credited to your student     account for Stafford and 97.5% for PLUS.

4. Federal Direct Stafford Loans and PLUS Loans are estimated at the time of billing. Your actual loan disbursement will not be posted to your student account until the loan disbursement arrives at Simpson College.  

5. Simpson College will not receive your financial assistance funding until after the official start of the term for which you are receiving financial assistance.

 

TUITION REFUND & REPAYMENT POLICY

Adjustments Due To Enrollment Changes Tuition Refunds for Traditional Semester Day or Night Classes:

A reduction of credit hour enrollment within the add/drop period of the traditional semester may occur without tuition penalty. Tuition charges and financial aid packages will therefore reflect the student’s enrollment at the end of the add/drop period. After the add/drop period has expired, a change from full-time to part-time status or a reduction in credit hour enrollment, other than a complete withdrawal, will not change tuition charges or financial aid. For example, a student enrolled full-time will receive no tuition adjustment if he or she drops below full-time enrollment after the add/drop period of the traditional semester. Tuition adjustments for increased enrollment continue throughout the term.

Non-Traditional Module or Shorter Term Classes and Semester

Saturday Classes (applies to EWG students only): Changes in enrollment, other than a complete withdrawal, during non-traditional, shorter terms (terms 1, 2, 3, 4 and summer) and Saturday classes will not change tuition charges or financial aid after 25.1% of the class meetings have   occurred. These charges will be refunded on a pro rata basis as stated in chart below:

Attendance at 1st class only

100% refund

Attendance up to and including *25%

of class meetings

75% refund

Attendance after *25% of class

meetings

no refund

  *In determining pro rata charged percentages for such classes, the numerator shall be the number of class sessions that have occurred when the student drops the class and the denominator shall be the total number of class sessions for which the course will meet.

Please note: students enrolled primarily in the full-time traditional day classes who take one or two classes from the shorter module terms or Saturday classes will always follow the add/drop period and tuition refund policy for the traditional semester long courses, meaning they will have the traditional add/drop period to adjust their schedules without tuition penalty and no changes in financial aid or charges will occur after the add/drop period has expired.

Adjustments Due to Complete Withdrawal from the College: A student interested in withdrawing from Simpson College should file a withdrawal form in the office of the student development and make an appointment with the office of financial assistance.
                Simpson College engages faculty and staff members in advance for a full academic year. Many other expenses for maintaining the college are likewise commitments of one or more years into the future. Therefore, a student who withdraws does not reduce materially the costs of operating the college.                                                                                                                    A student who withdraws before the 60% point in time in the semester or summer session will receive a refund of applicable tuition, room, board and fees. The amount of the refund is based on the percentage of the semester that has not been completed. Financial aid will be refunded to federal, state and Simpson programs based on the same percentage. Stated simply, a student who withdraws after completing 20% of the semester will be charged 20% of the applicable tuition, room, board and fees and would retain 20% of his/her financial aid. If funds have been released to the student because of a credit balance on the student’s account, then the student may be required to repay some of the federal grant and loan funds released to the student. Examples of the application of the refund policy are available upon request in the office of financial assistance and the business office.
                After the 60% point in the semester, no refund will be granted nor will financial aid be reduced. The portion of the semester completed is based on calendar days from the first day of the semester through the last scheduled day of finals, including weekends and breaks that are fewer than five days in length.
                Students who do not go through the “official” withdrawal process (i.e. leave campus without filing withdrawal papers) will be deemed to have      attended through the mid-point in the semester unless the last date of           attendance can be documented. They will have their charges and financial aid adjusted accordingly.
                This policy is subject to federal regulations. Contact the office of financial assistance for details and to learn of any changes to this policy.

INTERCOLLEGIATE ATHLETICS: Simpson College is a member of the National Collegiate Athletic Association - NCAA, Division III. Simpson   supports and adheres to the philosophy of NCAA Division III membership. Simpson College offers no financial assistance based on a student’s athletic ability.

A report of the Equity in Athletics Disclosure Act, containing information on Simpson College’s commitment to providing equal opportunities for men’s and women’s collegiate athletics, is available upon request in the Simpson College athletic office and the office of financial     assistance.

  TUITION EXCHANGE/REMISSION: Tuition exchange/remission may be granted to the dependent student whose parent is employed by a participating college or university. Students must file the FAFSA and tuition exchange/remission papers must be filed and approved in order to receive this benefit. Students accepted for the tuition exchange/remission program will not be eligible for other Simpson funded gift assistance.

The tuition exchange/remission benefit will be reduced by an amount equal to other federal and state gift dollars so that the maximum benefit will never exceed the cost of tuition.

 

MOVING OFF CAMPUS: If a student receives a financial assistance award based on being a resident on campus and then decides to move off campus; Simpson funded aid will be reduced by 50% of the amount of the annual standard college room and standard board charges. The student may apply for loan funds to replace lost Simpson aid.

 

FACILITIES AND PROGRAMS FOR SPECIAL NEEDS: Simpson College works with various government agencies and individuals in order to assist students with special needs. Most building entrances are designed for students with special needs. Classrooms and other living facilities are adjusted to meet student needs. Selected housing facilities are designed to facilitate the student with special needs.

Services of the Hawley Academic Resource Center, including tutoring, are available on an individual basis for specialized needs. For further information in this area, students should contact the office of student development at Simpson College.

 

FULL-TIME ENROLLMENT: Unless otherwise indicated on the award notice, awards are based on full-time enrollment. Failure to register for a full-time course load (12 credits or more per semester) or dropping credits after registration but prior to the end of the add/drop period will likely   result in the withdrawal or reduction of financial assistance. Fall semester, term 1 and term 2 enrollment are combined to determine a student’s enrollment status. Spring semester, term 3, term 4, and May term are combined in determining enrollment status. All summer mini-sessions combine in determining enrollment status.

 

YOUR RIGHTS AND RESPONSIBILITIES:

You Have The Right To:

Be informed. Simpson College strives to provide parents and students with factual information about costs, aid, opportunities, programs, etc. through its publications and correspondence.

  • Be informed. Simpson College strives to provide parents and students with factual information about costs, aid, opportunities, programs, etc. through its publications and correspondence. 
  • Expect confidentiality. All financial aid information submitted to the office of financial assistance is confidential and will not be released without your written consent.· 
  • Receive an answer. A professional staff member in the office of financial assistance will answer any question concerning the determination of your award.· 
  • Accept all or part of the assistance offered. An award of one type of aid is not contingent upon acceptance of another.
  • Have your financial need reviewed if there has been a significant change in your family financial situation. However, this does not   always result in an increase in your award.
  • Examine your financial aid records. You may request a review with a financial aid administrator at any time. 
  • Expect fair treatment. Simpson College does not discriminate on the basis of race, color, sex, religion, national or ethnic origin, physical or mental handicap or age.· 

You Are Responsible For:

  • · Meeting your educational costs (along with your parents if you are a dependent student).
  • Supplying accurate information on all forms submitted. Funds obtained on the basis of false information must be repaid and could result in criminal prosecution.
  • Reporting any assistance received from any sources outside our office. This includes all outside education loans, scholarships and grants.
  • Completing all necessary paperwork.
  • Responding to the office of financial assistance on a timely basis. If you are applying for aid with a deadline, you must meet that deadline.
  • Repaying all types of loan assistance and to inform lenders of any change in name, address, or enrollment while you are attending school and after you leave or graduate.
  • Complying with all federal requirements of the 1983 Amendments to the military Selective Service Act
  • Repayment of money owed from a prior over-award of federal funds at any institution. You are not eligible for additional financial aid if you owe a refund of federal funds.
  • Making satisfactory academic progress as outlined in this handbook.
  • Being aware and complying with all other conditions that relate to the receipt of your financial aid as outlined in this handbook.
  • Complying with all verification deadlines if you have been selected for verification by submitting the forms described in this handbook.
  • Repaying loans according to your established repayment schedule. You are not eligible for financial aid if you are in default on a Federal Perkins Loan, Health Professions Loan, Federal Stafford Loan or Federal PLUS Loan received at any institution.

Selective Service Requirement For Financial Aid Recipients: The Department of Defense Authorization Act, 1983, which amends the Military Selective Service Act, denies federal financial aid under the Title IV programs (Pell Grant, Federal SEOG, Federal Perkins Loan, Federal Work Study, Federal Stafford Loan, TEACH Grant, and Federal PLUS Loan) of the Higher Education Act to any student who is required to register for the Selective Service but fails to do so.

General registration requirements apply to males who are at least 18 years old and were born after December 31, 1959. If you believe you are not required to register, call the Selective Service Office at    1-888-655-1825 for information regarding exemptions.

  Where Can I Seek Counseling About Financial Assistance? The office of financial assistance has staff members who can assist you in understanding your financial aid, budgeting your resources and loan management. You are encouraged to contact our office when you need help at 1-800-362-2454, ext. 1630 to schedule an appointment. Other services provided by the office of financial assistance include assessing eligibility for financial aid, awarding aid, administering short-term and emergency loans, and recommending and processing Federal Direct Stafford Loans.

  WHAT DOES THE TERM “ACADEMIC YEAR” MEAN FOR FINANCIAL AID PURPOSES?

Sequence of Terms: Simpson’s academic year begins with the fall and ends with the following summer (for example, the terms in order for 2011-2012 are fall 2011, spring 2012, and Summer 2012).

  Academic Year: For the purpose of administering federal, state, private and institutional financial aid programs, the Federal Title IV academic year as defined in section 481(a) of the Higher Education Amendments will be used. Section 481(a) defines academic year as a minimum of 24 semester credit hours earned AND a minimum of 30 weeks of instruction.

  Grade Level and Loan Grade Level Progression: The College has   defined grade level progressions as follows and the office of financial   assistance will use this progression for determining the maximum borrowing levels for student loans:

Undergraduate Credits Earned

Class Standing

0 - 29

Freshman

29.01 – 61

Sophomore

61.01 – 95

Junior

95.01 – graduation

Senior

  Information for Independent Student Status: A student’s status regarding dependency for the purposes of filing for financial assistance is defined by federal regulations as specified in the FAFSA.

  nformation for Part-Time Students: Simpson awards all federal and state aid for which a part-time student is eligible according to pro-rated schedules as related to course load (i.e. enrollment based upon less than half-time, half-time, or three-quarter time). Simpson’s institutional gift assistance is reserved for full-time students who are billed at the full-time   tuition rate defined earlier in this handbook.

If your employer reimburses you for all or part of your tuition costs at the end of the term, you must report that information to the office of financial assistance. You may also be eligible to participate in deferred payment if you sign a promissory note with the business office. The business office may be contacted at 1-800-362-2454, ext. 1655.

  Information for Students Studying Abroad/Away: If you are studying away, either domestically or internationally, it is recommended that you visit with a staff member in the office of financial assistance. This should be done very early in your planning to determine what aid can be applied to your study away program and to complete appropriate documents.

Portions of some Simpson funded aid and many state and federal grants and loans in your package may apply to your study away program. Whether your financial aid will transfer depends upon the type of aid you have been awarded and the study away program you decide to attend.

  LEGISLATION THAT AFFECTS YOU: Simpson is required by the federal government, through the Higher Education Act of 1965, as amended, to provide the following information: The title of the person designated under Section 668.367, Subpart C, Title 34 of the Code of Federal Regulations is the Assistant Vice President for Enrollment and Financial Assistance. This     individual may be contacted at the office of financial assistance, College Hall, Simpson College, 701 North C Street, Indianola, IA 50125, 1-800-362-2454, ext. 1596, Monday through Friday, 8 a.m. to 4:30 p.m.

Simpson must provide you with a statement of the rights and responsibilities of students receiving financial aid under the Federal Pell Grant, Federal SEOG, Federal TEACH Grant, Federal Work Study, Federal Perkins Loan, Federal Direct Stafford Loan programs, and Federal PLUS Loan   program.

 

1.  To receive funds under any of these federal programs, you must not owe a refund of a federal grant received at any institution.

2. To receive funds under any of these federal programs, you must sign a statement that all funds received through these programs will be used solely for educational or education-related purposes.

3. To receive funds under any of these federal Title IV programs, you must be registered for the selective service (if you are required to register). Proof of registration may be required.

Other rights and responsibilities you have are listed in the section “Your Rights and Responsibilities” in this handbook.

SUMMARY STATEMENT: All financial assistance awards are conditional and contingent upon:

1. Maintaining satisfactory academic progress toward graduation.

2. The accuracy and completeness of the financial information provided by the student and parents/spouse.

3. Delay or corrections in providing explanations could alter the award. If the student or parent/spouse is asked to provide additional information, please respond immediately.

4. Availability of funds.

5. The student notifying the office of financial assistance of any direct scholarships received in addition to the financial assistance award.

  NOTICE OF NONDISCRIMINATION: Applicants for admission and employment,   students, parents of students, employees, sources of referral for admission and employment, and all unions or professional organizations holding collective bargaining or professional agreements with Simpson College are hereby notified that this institution does not discriminate on the basis of race, color, national origin, sex, age, creed, religion, disability, genetic information, veteran or veteran disability status,   sexual orientation, gender identity, or any other legally protected characteristic in   admission, access to, treatment or employment in, its programs and activities. Any persons having inquiries concerning Simpson College's compliance with the r regulations implementing Title VI, Title VII, Title IX or Section 504 or Americans with Disabilities Act are directed to contact Mary Ellen Bartley, Director of Human          Resources, Simpson College, 701 North C Street, Indianola, Iowa 50125-1299,     (515) 961-1511. Persons may also contact the Assistant Secretary for Civil Rights, U.S. Department of Education, regarding the institution's compliance with the regulations implementing Title VI, Title VII, Title IX Section 504, or Americans with Disabilities Act.

 

                                                                                Updated 2/2011

 

 

Last Updated: 1/10/12