119|Page Financial Aid Financial Aid Services is located in Stratton Administration Center 209. The telephone number is 610-683-4077. Financial aid is available to afford the student access and choice when considering post-secondary education. A basic principle of financial aid is the primary responsibility for educational costs must be assumed by the family, including the student. The family’s resources - both student’s and parents’ - are federally computed to calculate an index for determining eligibility for the financial aid programs. Aid from federal, state, private and institutional sources is used to assist in covering educational expenses to the extent that funds are available. Financial Aid Services’ major functions include processing aid application information for the purpose of delivering federal and state aid to eligible students, administering institutional and private aid as well as counseling students. This assists in the University’s efforts to provide access and the recruitment and retention of students. The amount of financial aid is dependent upon the extent of the student’s need and availability of funds. Typically, aid is processed for the entire year, which consists of two semesters of 15 weeks for a total of 30 weeks of instruction time. Students seeking financial aid are required to submit the Free Application for Federal Student Aid (FAFSA). The FAFSA must be filed each year by our priority filing deadline of February 15 to be considered on time for all forms of aid. This process applies to both in-state and out-of-state students seeking consideration for all available aid from the institution. Student and Parent Loans By filing the Free Application for Federal Student Aid (FAFSA) students will be awarded Direct Stafford loans based on their eligibility. Students must actively accept or decline the loans each aid year. Students can accept loans and reduce the amount. Accepting and declining loans is done through their MYKU portal. First-time borrowers or students who have not had Direct Stafford Loans before must go to studentaid.gov (https://studentaid.gov/) to (1) complete loan entrance counseling and (2) sign a master promissory note (MPN). The student will use their FAFSA FSA ID to electronically sign the master promissory note. Loan funds are delivered via EFT to the Office of Student Accounts at the beginning of each term after the drop/add period is over. Parents can apply for a Parent PLUS Loan at studentaid.gov. Parents should apply for the whole academic year (fall/spring). Parents apply using their FSA ID. Those loans also disburse when the student Direct Stafford Loans disburse. The refund will go to either the student or parent, depending on the refund option the parent set up Financial Aid Progress Requirements Continued aid eligibility for incumbent students requires maintaining financial aid progress toward a degree. This measure is both quantitative (completion rate based on credits) and qualitative (GPA) in nature. Financial aid progress requirements are not the same as the University’s academic policy. Advice from an academic advisor may differ from what is needed to maintain financial aid eligibility. Financial Aid progress is measured after every period of enrollment (fall/winter, spring, summer). If a student drops below the minimum requirements following a term of good financial aid standing, they are permitted to have a financial aid warning term in which they will still receive federal Title IV financial aid. If they do not regain satisfactory
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