Financial Assistance

Financial Assistance Regulations

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.

FINANCIAL AID PACKAGE NOTIFICATION: Simpson's Financial Assistance Award is your official notification of the award of financial aid monies through Simpson's Office of Financial Assistance.  The award, while not a commitment of funds, is an initial indication of funds from federal, state and Simpson College.  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. 

Simpson College supports the National Candidate Reply Date, which allows admitted prospective students until May 1, without penalty, 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 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.

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 statement 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.

NEED-BASED GRANTS:  Need-based grants are awarded based upon 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 because you have received other gift assistance from Simpson College that is being used to fill your grant portion of your award.

Endowed Schoarhips:  Student achievements are recognized through the Endowed Scholarhsip program. These scholarship funds are made possible 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 the 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 $3,650 for each year of full-time undergraduate study (12 or more semester hours). The Iowa Tuition Grant is pro-rated for students who are attending less than full time.

Iowa Grant Program:  The Iowa Grant Program is a state wide need-based program to assist 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 Grants:  The Federal Pell Grant program is designed to provide financial assistance to eligible undergraduates.  Application is made by filing a Free Application for Federal Student Aid (FAFSA).  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 as an undergraduate or until you receive your first baccalaureate degree. The award amount may vary according to the cost of the institution and the number of hours for which you are enrolled. You must be enrolled for 12 credit hours per term to receive a full award. In the 2009-2010 academic year, Federal Pell Grants will range from $976 to $5,350. These grants are generally available to families with modest incomes.

Federal Supplemental Education Opportunity Grants (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 these grants is $4,000 per student per year. Typical annual Federal SEOG awards at Simpson are $500 - $1,000 per year.

Federal Academic Competitiveness Grant (ACG):  The Federal Academic Competitiveness Grant (ACG) provides additional funding for full-time (12 credits or above) first and second year students who are U.S. Citizens and receive a Federal Pell Grant in the same term. ACG recipients must have graduated from high school (GED students are not eligible) having completed a rigorous high school curriculum. For 2008-2009, first year awards (up to $375 per term) can be made to students who graduated after January 1, 2006; second year awards (up to $650 per term) require high school graduation after January 1, 2005. In addition, a year two ACG requires a minimum 3.00 college cumulative grade point average. Other specific enrollment period and credits earned criteria must also be achieved.

Federal National Science and Mathematics Access to Retain Talent (SMART) Grant:  The Federal SMART Grant provides additional funding for full-time (12 credits or above) third and fourth year students who are U.S. Citizens and receive a Federal Pell Grant in the same term. The maximum grant award is $2,000 per term. For 2008-2009, SMART Grant recipients must have a minimum 3.00 college cumulative grade point average and must have declared a major that falls in the SMART Grant shortage areas.  Other specific enrollment period and credits earned criteria must also be achieved.

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 Stafford Loan with interest accruing back to the date of initial disbursement if the student fails to meet the forgiveness requirements.

Work Study Program:  Simpson's work program provides part-time employment on and off campus. Awards are based upon calculated financial need as determined by information provided on the FAFSA. Need-based employment is funded by the Federal Work Study program.  Many students are offered employment as part of their financial aid packages. Employment awards generally range between $500 and $1,000 per year, with the average student working 8-10 hours per week. Wage rate is generally $7.25 per hour.

The work study award is not a guarantee of employment.  First-year students are assigned work study positions on campus. When you are offered a work award, you will be asked to complete a job application. It is extremely important that you complete and return the application promptly, as we will not assign first-year students to a job unless the completed application has been received.  Simpson is committed to using a portion of its federal work study funding to encourage student participation in community service activities. Simpson, in partnership with area community service employers, offers a number of positions for students eligible for work study. Openings are posted to student email accounts.  Students contact the Office of Financial Assistance to apply for positions of interest. 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. You will need to complete a direct deposit form. The amount of the work award cannot be directly applied to your tuition and 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 LOANS:

Federal Perkins Loan:  The Federal Perkins Loan is available to eligible undergraduates and graduate students. Application is made to Simpson College 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.  Repayment and interest (5%) begin nine months after you cease at least half-time study. Deferments are available if you enter the military; volunteer service in a private nonprofit, Vista, or  Peace Corps type organization; serve as an officer in the U.S. Public Health Service Commissioned Corps; serve in an internship preceding a professional practice; or change schools and continue to be enrolled on at least a half-time basis.  When you enter repayment status on your Federal Perkins Loan, certain cancellation provisions are available. The standard repayment period is 10 years. Institutions may extend the repayment period for the Federal Perkins Loan up to 10 additional years for low-income individuals. Further details regarding repayment obligations can be found on the Perkins Loan Master Promissory Note.

Federal Stafford Loan:  The Federal Stafford Loan program allows students to borrow loans from participating banks, savings and loans, and credit unions. If a Federal Stafford Loan is part of your financial aid package, a Loan Information Form will be included with your financial assistance award.  The Federal Stafford Loan program is administered by federal and state governments. You may be eligible to borrow up to $5,500 as a first-year student (less than 29.01 credits), $6,500 as a sophomore (29.01 to 61.0 credits), and $7,500 as a junior or senior (61.01 credits or more). Graduate and professional school students may borrow up to $20,500 per year. Independent undergraduate and graduate students may have expanded borrowing capabilities based on cost of attendance and other financial aid received. For information regarding the lifetime aggregate borrowing limits for these loans, contact your lender or Simpson's Office of Financial Assistance.  The Federal 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 on your award letter.  During the time you are enrolled on at least a half-time basis and six months thereafter, the federal government will pay the interest on your Subsidized Federal Stafford Loan(s). Principal and interest payments begin after the six month grace period. Unsubsidized Federal Stafford Loan interest will accrue during the in-school periods. You have the option of paying the interest while you are a student or adding the interest to the principal of your loan.  To qualify for a Federal Stafford Loan, a student must file a FAFSA, be admitted to a degree program, be enrolled as at least a half-time student (six credit hours per term in a degree program), receive an award letter listing the loan and submit a Master Promissory Note (MPN), and a Loan Information Form to the Office of Financial Assistance. If you are a first-time borrower, you will receive notification from the loan servicer with instructions regarding completing your Federal MPN. Requested forms should be submitted at least two weeks before the funds are needed. Federal Stafford loans could have a maximum origination and guarantee fee of 1.5%.

If you are borrowing a Federal Stafford Loan for the first time at Simpson College, you must attend an entrance interview prior to the release of funds. You may complete your entrance interview counseling on the web at www.mappingyourfuture.org. An exit interview is required before you leave the College. When you graduate or cease half-time enrollment, contact the Office of Financial Assistance to obtain the exit interview materials. Contact your lender as well to coordinate your deferment or repayment options.

Federal Graduate PLUS Loan (for graduate students only):  The Federal Grad PLUS loan is available to graduate students. Students may borrow the difference between the student's costs of education less financial assistance within their allowable cost of attendance.  For loans disbursed after July 1, 2007, the interest is a fixed rate of 8.5%.  Repayment may begin within six months. Contact your lender for deferment options and borrowing limitations. In order to apply for the Federal Grad PLUS loan you must complete the Federal Grad PLUS Master Promissory Note (MPN) and return it with the Federal Grad Plus Loan Request Form to the Office of Financial Assistance.  Federal Grad PLUS loans can be consolidated with all other Federal Student Loans. 

Federal Parent Loan for Undergraduate Students (PLUS):  The Federal PLUS loan is available to parents of dependent undergraduate students. Parents may borrow the difference between the student's costs of education less financial assistance. For loans disbursed after July 1, 2007, the interest is a fixed rate of 8.5% with origination and guarantee fees of up to 4% subtracted from the loan proceeds. Repayment may begin within 30 to 60 days of disbursement, or certain deferments may be available. Contact your lender for deferment options and borrowing limitations. In order to apply for the Federal 

PLUS Loan, you must complete the Federal PLUS Master Promissory Note (MPN), and return it with the Federal PLUS Loan Information Form to the Office of Financial Assistance.

OTHER LOANS:  Included with your financial assistance package is a loan memorandum with information on alternative loan financing, the United Methodist Loan and also the Federal PLUS loan, which you can read more on below. 

2009-2010 COST OF ATTENDANCE:

The following expense estimates are based on 2009-2010 budgets:

Full-time Tuition and Fees

$25,733

Standard Room

$  3,485

Full Board

$  3,776

Total Billable Charge

$32,994

                                                                                                                                               

Books/Supplies:  Full-time undergraduate students should plan to spend about $450 per semester for books and supplies. 

Personal/Transportation:  Personal costs vary from $1,300 to $3,000 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 credit hours in a given semester 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 hours per semester. Part-time students (those taking less than 12 credit hours 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 Simpson's Office of Financial Assistance and accepted by you will be credited directly to your student account.  Federal Stafford Loan(s) certified by July 1, 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 by 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 Stafford Student Loan, the lending agency will be notified of the date of the student's withdrawal.

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 the 14th day following the day your student account shows a credit.

If a Federal PLUS Loan creates the credit, the excess funds will be returned to the parent borrower, unless the parent borrower indicated 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: https://secure.tuitionpayenroll.com/enroll/index.jsp

 

Here is an example of costs and payments:

 

Estimated Costs:

 

Tuition and fees for full-time student

$25,733

Room and Board Charges

$  7,261

Total

$32,994

 

 

Financial Aid Award:

 

Scholarship/Grant

$10,000

Iowa Tuition Grant

$  4,000

Subsidized Federal Stafford Loan

$  3,500

Unsubsidized Federal Stafford Loan

$  2,000

Total

$19,500

 

In this example, this student would owe $13,494 for the academic year and could use any of the payment methods mentioned above 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 Stafford and Federal PLUS loans, estimated processing fees may be calculated by multiplying the requested loan amount by 3%. In other words, approximately 97% of the amount you borrowed will actually be credited to your student account.
  • 4. Federal Stafford 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. Federal PLUS Loan proceeds will appear on your bill as an estimated credit and will help in calculating your payments. Actual credit will not be made until the loan funds arrive at Simpson College.
  • 6. Simpson College will not receive your financial assistance funding until after the official start of the term for which you are receiving financial assistance.

REFUND & REPAYMENT POLICY (Adjustments Due To Enrollment Changes):

Tuition Refunds:  Dropping Classes/Change in Enrollment Status:

According to Simpson's add/drop policy, a student has the add/drop period of each semester to add and drop classes.  The Business Office and the Office of Financial Assistance will establish a student's tuition charges and financial assistance based on the student's enrollment status at the end of the add/drop period.  After the add/drop period has expired, tuition will be refunded on a pro-rata basis as a student's enrollment status changes.  After 60% of the enrollment period has expired, there will be no adjustments to tuition charges.

COMPLETE WITHDRAWAL:  A student interested in withdrawing from Simpson College should file a withdrawal form in the Office of the Dean of Students 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 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 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.

VERIFICATION:  Students may be selected for verification by the Central Processor 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 make sure that the data on the Free Application for Federal Student Aid or Renewal Application correlates with the information reported on the federal income tax return.

If the student is notified by Simpson's Office of Financial Assistance to complete the verification process, the following must be noted:

1. It is the student's and parent's responsibility to provide the supporting data including:

a) Completed verification worksheet
b) Copies of signed federal tax returns for both student and parent/spouse

2. This data is urgent and must be provided immediately.

3. Failure to provide this data could result in the loss of federal funds to the student and the student's ability to continue his or her enrollment at Simpson College.

4. 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.

5. Simpson College will not guarantee availability of campus-based funds if a student fails to complete the verification process by the time classes begin.

RENEWAL OF AWARDS:  A student must submit an application annually for the renewal of all federal or state awards by filing the Free Application for Federal Student Aid (FAFSA) or the Renewal Application.  A student may file on the web at:  www.fafsa.ed.gov  

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 and Presidential Scholarship: cumulative GPA of 2.25 up to 61.00 completed hours; at 61.01 completed hours 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 hours; at 61.01 completed hours 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 Simpson GPA of 2.25.

Renewal of an art, music or theatre scholarship necessitates that the student meet those academic and participation requirements established by the Department Chairperson.

Simpson College reserves the right to modify awards if the student receives additional aid, if there is a substantial change in the parent or student income or assets, if there is incorrect information on the Free Application for Federal Student Aid or if there is a change in student status involving either enrollment or housing.  In the case of housing: should a student receive a financial assistance award based on being a resident on campus and then the student decides to move off campus, Simpson funded aid will be reduced by 50 percent of the amount of standard college room and board charges. 

Award amounts offered from federal and state programs are contingent upon Congressional and Legislative allocation of funds.

 

SATISFACTORY ACADEMIC PROGRESS STANDARDS FOR FINANCIAL ASSISTANCE:  Students receiving Title IV federal financial assistance, state funded financial assistance and/or Simpson College financial assistance are expected to maintain satisfactory academic progress during their enrollment at Simpson College.  In order to be making satisfactory academic progress toward a degree, a student must both maintain a specified grade point average and proceed through his or her degree at a specific minimum pace. 

 

Required Grades:  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 lower than that required to be making satisfactory academic progress, he/she will be placed on financial aid probation for the next semester.  During the probationary period, the student may be able to receive financial assistance, but if the student fails to achieve the required average at the end of the next semester, the student's financial assistance will be terminated.

 

The following cumulative grade point averages are required:

 

            Freshman (1.0-29.00)                        1.80

            Sophomore (29.01-61.00)                  1.90

            Junior (61.01-95.00)                          2.00

            Senior (95.01-Graduation)               2.00

 

Required Completion Rate:  In addition to maintaining the grades specified above, the student must be progressing toward completion of the program within a specified time frame.  In order to meet these minimums, a student must complete at least 24 credit hours per academic year (including May Term) at full-time status.  Part-time students must successfully complete one-half of the credit hours they attempt in one year.

These credit hours must be earned during the academic year (fall, spring, and May term).  However, if a student is short of these required hours, they may be earned during the following summer session(s).  If the required hours are not completed by the end of the summer session(s), the student's financial aid will be suspended beginning with the upcoming fall term.  Suspension of aid is the loss of financial aid eligibility and will result in no aid package for the upcoming year while under suspension.  Suspension of aid is not the same as academic suspension, which is handled by the Office of the Academic Dean.

Students enrolled at Simpson College may also have a maximum of 192 attempted hours at either a part-time or full-time pace to be considered making progress.

 

Course Repetition, Incompletes and Withdrawals:  When a student repeats a course, the most recent grade received will be used in the calculation of the cumulative grade point average.  Each course will be included as an attempted course.  Incompletes or "I" may be given to any student who does not completely fulfill the requirements of a course.  A petition for this status must be approved by the Dean of Academic Affairs.  A grade may be substituted for the "I" if the student successfully completes the unfinished work prior to 30 days following the close of the semester.  Failure to complete the work required for a course in the period required above will result in the letter grade of F.

Students may withdraw from a course by the date published in the College catalog as the last date to withdraw.  However, the course will be calculated as a course attempted for purposes of determining satisfactory progress.

Audits and non-credit work will not be counted toward minimal credit requirements.

 

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.

 

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

 

Re-Establishing Eligibility:  A student who has lost financial 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 must meet the minimum credit hours and GPA requirements to be maintaining satisfactory academic progress.  Extenuating circumstances that result in the student not meeting one or more requirements will be evaluated by the Office of Financial Assistance.  Appeals must be submitted in writing to the Director of Financial Assistance.

 

 

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.

 

DIRECT SCHOLARSHIPS:  A 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 Stafford Student Loan.  If the financial assistance award does not contain a Federal 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.  This is done in order to meet federal and state regulations that the college does not exceed the student's demonstrated financial need.  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, providing 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 at Simpson College of all the details pertaining to the scholarship.  At that time, the appropriate adjustments will be made in the student's award.

No student may receive financial assistance in excess of the budgeted cost of attendance at Simpson College.

 

FEDERAL STAFFORD STUDENT LOANS:  If a Federal Stafford Student Loan has been included in your award and you are a first-time Simpson student or a first-time Federal Stafford Student Loan borrower, the following must be completed: 

 

  • 1. A Federal Stafford Student Loan information form
  • 2. A Master Promissory Note
  • 3. A Federal Stafford Student Loan entrance interview

 

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 and with the lender you most recently used.  If you wish to change the amount or the lender, you must notify the Office of Financial Assistance within 14 days of receipt of your award.

 

Simpson College will process your Federal Stafford Loan with any lender you choose.  We do, however, have a list of preferred lenders that we feel have established themselves as very strong in the student loan industry.  If you are interested in learning how Simpson College selects our preferred lender list, we have published our criteria and process for doing so on our web page at:  http://www.simpson.edu/admissions/financial/federal.html

 

FEDERAL PERKINS STUDENT LOANS:  If a Federal Perkins Student Loan has been included in the student's financial assistance award, the following must be completed and turned in to the Office of Financial Assistance before the student's account can be credited: 

 

  • 1. A Federal Perkins entrance interview (if you are a first-time borrower)
  • 2. A Federal Perkins master promissory note (if you are a first-time borrower)

 

"ON-CAMPUS" STUDENT EMPLOYMENT:  Simpson College provides a student with the opportunity to work on the campus of Simpson College.  Simpson believes that student employment is a vital part of the total educational process.  A student who fails to turn in the student employment application by July 1 will lose their student employment.  Student employment will then be offered to a student on the student employment wait list. 

The student will receive a paycheck each month based on the hours worked the previous month or may choose to have payroll direct deposited into a personal bank account.  Earnings from student employment are not applied to the student's account but are to be used for the living expenses of the student.

Simpson also believes that students should be adequately and properly trained for the job to which they have been assigned.

Student employment is administered by the Office of Financial Assistance.  A student interested in an on-campus work opportunity should come to the Office of Financial Assistance to make inquiry.

 

TUITION EXCHANGE/REMISSION:  Tuition exchange/remission is available 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 any 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.  Students applying for the tuition exchange/remission benefit are required to file a FAFSA.

 

MOVING OFF CAMPUS:  If a student receives a financial assistance award based on the student being a resident on campus and then he or she 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 dollars. 

 

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 Affairs at Simpson College.

 

SUMMARY STATEMENT:  All financial assistance awards are conditioned 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; delay or corrections in providing explanations could alter the award. If the student or parents/spouse are asked to provide additional information, please respond immediately.
  • 3. Availability of funds.
  • 4. The student notifying the Office of Financial Assistance of any direct scholarships received in addition to the financial assistance award.

 

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 semester hours or more) or dropping credits after registration will likely result in the withdrawal or reduction of financial assistance. 

 

YOUR RIGHTS AND RESPONSIBILITIES:

You Have The Right To:

  • Be informed. Simpson College strives to provide parents and students 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 will remain 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: 

  • (Along with your parents if you are a dependent student) for meeting your educational costs.
  • For supplying accurate information on all forms submitted. Funds obtained on the basis of false information must be repaid and could result in criminal prosecution.
  • For reporting any assistance received from any sources outside our office. This includes all outside education loans, scholarships and grants.
  • For completing all necessary paperwork.
  • For 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.
  • For reporting any change in your circumstances which might affect your eligibility for financial aid. These changes include residency, enrollment status (withdrawing from a class or school), class standing, increase or decrease of financial resources and marital status.
  • For using financial aid funds for expenses related to your attendance at Simpson College.
  • For 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.
  • Comply with all federal requirements of the 1983 Amendments to the military Selective Service Act.
  • If you owe money from a prior over-award of federal funds at any institution, you need to make satisfactory arrangements for repayment of the over-award. You are not eligible for additional financial aid if you owe a refund of federal funds.
  • You must be making satisfactory academic progress as outlined in this handbook
  • You must report any additional financial assistance (scholarships, grants, loans or work: that you receive that are not listed on your current notice of financial assistance from Simpson College.
  • For being aware and complying with all other conditions that relate to the receipt of your financial aid as outlined in this handbook. 
  • You must comply with all verification deadlines if you have been selected for verification by submitting the forms described in this handbook 
  • You must repay all 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 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, ACG, SMART Grant, Federal Stafford Loan, TEACH Grant, and Federal PLUS) 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 1-800-688-6888 for information regarding exemptions.

 

Where Can I Seek Counseling About Financial Assistance?  Simpson's 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, extension 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 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 2009-2010 are fall 2009, spring 2010, May 2010, and Summer 2010).

 

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 financial aid 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 status for the purposes of filing for financial assistance is defined by federal regulations as specified in the FAFSA.

 

Information for Part-Time Students:  Simpson awards all federal and state awards for which a part-time student is eligible to receive according to pro-rated schedules as related to course loan (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 Simpson 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 will sign a promissory note with the Business Office.  The Business Office may be contacted at 1-800-362-2454, extension 1655.

 

Information for Students Studying Away:  If you are studying away, both domestically and 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 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 Academic Competitiveness Grant, Federal National SMART Grant, Federal TEACH Grant, Federal Work Study, Federal Perkins Loan, Federal Stafford Loan programs, and Federal PLUS Loan program.

 

  1. To receive funds, you must be maintaining satisfactory academic progress according to the standards and practices of Simpson College as published in this handbook.
  2. To receive federal financial aid, you must not be in default on a Federal Perkins and/or Federal Stafford or Federal PLUS Loan at any institution.
  3. To receive funds under any of these federal programs, you must not owe a refund of a federal grant received at any institution.
  4. 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.
  5. To receive funds under any of these federal Title IV programs, you must be registered for the draft (if you are required to register).  Proof of registration may be required.
  6. Other rights and responsibilities you have are listed in the section "Your Rights and Responsibilities" in this handbook.

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 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 4/2009

Last Updated: 10/12/09