FINANCIAL ASSISTANCE
TITLE IV CODE OF CONDUCT
For the Living Arts College Title IV Code of Conduct, click here.
CANCELLATION & TUITION REFUND POLICY
This section of the catalog outlines the obligations and entitlements of both the College and the student should the student withdraw or be terminated from the College before completing the full course of study. Refund amounts due will be refunded within 30 days of the student's official withdrawal date, the date of determination of withdrawal or the date of dismissal for cause or by established U.S.Department of Education regulations if the days for refunds to be returned are less. Except as specified below, the Application Fee is nonrefundable. A student who is accepted but does not begin classes will be refunded all tuition and fees paid. The refund will be made within 30 days after the start of the term. Tuition and fees will be credited and refunded according to the following policies and in accordance with applicable state requirements, as well as, the requirements of accrediting agencies and the U.S. Department of Education regulations.
Note: For students receiving Title IV federal student assistance, in the event of withdrawal, it is possible for the College to earn more of a student's tuition than the student earns in Title IV assistance under the “Return of Title IV Funds” calculation. In this case, the student is responsible for the difference.
Note: It is also possible that the result of this calculation may have the effect of requiring the student to repay funds that have already been disbursed to the student.
REFUND POLICY FOR STUDENTS ON DVA BENEFITS
A pro-rata refund policy, as required by Title 38 U.S. Code, Section 3676(e)(13), is administered in the event a veteran or other eligible person fails to enter, withdraws, or discontinues attendance.
For more details and to download the refund forms from the VA Website go to: http://www.vba.va.gov/pubs/forms/24-5281.pdf
REFUND COMPUTATION
For students withdrawing from college, refunds will be computed according to the following schedule and all applicable state regulations. The percentages of institutional charges that will be refunded are as follows:
- Withdrawal on the first day of the enrollment period – 100% refund (less the permitted $75 enrollment fee)
- Withdrawal after the first day of the enrollment period for which the student has been charged through the through the first 10% of the enrollment period - 90% refund.
- Withdrawal after the first 10% of the enrollment period for which the student has been charged through the first 25% of the enrollment period – 75% refund.
- Withdrawal after the first 25% of the enrollment period for which the student has been charged through the first 50% of the enrollment period – 25% refund.
- Withdrawal after the first 50% of the enrollment period for which the student has been charged – no refund will be due.
RETURN OF TITLE IV FUNDS
Federal Financial Aid funds are awarded with the expectation that students will complete the entire period of enrollment. Students “earn” a percentage of the funds they are disbursed with each day of class attendance. Students receiving funds from any of the Title IV Federal Assistance Programs are subject to the “Return of Title IV Funds” calculation as required by the U.S. Department of Education. When a Title IV Funds recipient withdraws, the College will calculate the amount of Title IV Funds earned by the student during the payment period or period of enrollment. The amount earned is calculated by dividing the number of days completed in the payment period or period of enrollment (as of the student's last date of attendance) by the number of calendar days in the payment period or period of enrollment (scheduled breaks are not included in the calculation). The student is considered to have earned this percentage of their Title IV aid. Once a student has completed more than sixty (60) percent of the payment period or period of enrollment, they have earned one hundred (100) percent of their Title IV aid for the payment period or period of enrollment. Students are encouraged to meet with their financial planner prior to making the decision to withdrawal from college.
WITHDRAWAL FROM THE COLLEGE
Although no written notice of withdrawal is required, students who wish to withdraw from the College should contact either the Director of Education, Student Services Coordinator or Campus Director to begin the withdrawal process. Students who withdraw before the completion of 50% of any payment term will have their tuition charges adjusted based on the time they have attended classes as specified by individual state refund requirements. The amount of tuition adjustment is based on the percentage of the payment term that has not been completed (see “Cancellation and Tuition Refund Policy”). Financial aid will be refunded to the respective sources (federal, state, and institution) using the percentages dictated by federal, state or institutional policies. Examples of the application of the refund policy are available upon request from the Financial Planner. If funds have been refunded to the student because of a credit balance, the student may be required to repay some of the federal loan disbursed to the student. Failure to return federal funds as required may result in loss of eligibility for aid at other schools and colleges. This policy is subject to federal regulations. Contact the Financial Assistance Office for details and to learn of any changes to this policy. Especially important to students is a formal Exit Interview with the Financial Assistance Office in order to prevent problems in applying for state or federal financial aid at a later date.
FEDERAL FINANCIAL AID & MORE
Financial Aid is available for those who qualify. Living Arts College is committed to helping you find the best solution to meet your needs as you pursue this investment in your future.
FEDERAL AID
Living Arts College administers federal financial aid. Most students receive some type of financial aid. All students seeking financial aid must meet general eligibility requirements. Our financial packages may include several sources of aid, including work study, grants and loans. The Office of Financial Assistance will develop a financial award package and attempt to meet as much of the need as possible. It is important to note federal aid and other types of non-federal aid must be counted toward meeting a student's need. All students who complete the FAFSA, regardless of need, will be eligible for the Unsubsidized Stafford Loan.
APPLYING FOR FEDERAL AID AND DETERMINING AWARD AMOUNT
The FAFSA application is used to apply for nearly all types of financial aid including federal, state, and college aid. The purpose of the FAFSA is to determine the families' ability to pay for college according to a federal calculation. The result is called the Effective Family Contribution (EFC). This figure is used by the Office of Financial Assistance to determine how much and what types of aid may be awarded.
Complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov. Filing the FAFSA is free. Step by step instructions are available on the FAFSA website including online help and contact information. The Federal Student Aid Information Center has extended hours and may be reached by phone at 1.800.4.FED.AID, by email or by using live help within their website. Information and instructions are provided to guide you through the process, including what forms and information you will need before, during and after filing the FAFSA. Be sure to include Living Arts College Title IV School Code 031090. After completing the FAFSA, an email is sent by Federal Student Aid to the student at the email address provided on the FAFSA. This email includes a link to the Student Aid Report (SAR). The SAR includes instructions to review the information carefully and make any corrections necessary. If tax information was originally estimated, a request is sent by Federal Student Aid to update your FAFSA information. Living Arts College Office of Financial Assistance will normally receive your FAFSA results 3-5 business days after completion or corrections are made.
To accept your Living Arts College Financial Assistance Award you must sign your Financial Aid Award Planner upon completion of your financial aid package. This process will be completed in the Office of Financial Assistance with a financial aid counselor. With receipt of the signed Financial Planner your Financial Aid Award offer is accepted. If you wish to reduce or decline the aid you may do so at that time. Students who accept their Financial Aid Award can expect an electronic disbursement of federal funds into his or her Living Arts College student account. Financial aid disbursements are contingent upon the scheduled start dates(s) on your Financial Aid Award Planner. First time student loan borrowers who have never had prior student loans will receive their first loan disbursement no earlier than 30 days after the start date.
A Financial Aid Notification letter will be sent to a student’s primary residence notifying the student when any part of a federal loan or grant is disbursed into the students account. It is important to keep your address updated at all times to ensure you receive all Financial Aid Notification letters.
TERMS AND CONDITIONS OF TITLE IV
The U.S. Department of Education has established eligibility requirements for all federal financial aid. Individual Scholarship, Grant, and Private Loan programs may have additional eligibility requirements. To receive a federal student loan, a student must complete the FAFSA, Free Application for Federal Student Aid, and include Living Arts College Title IV Code – 031090. Living Arts College is approved by the Department of Education to participate in each of the below sources of Federal Student Aid.
Need Based Federal Aid
- Subsidized Stafford Loan. An Interest free loan while enrolled at least half-time. Subsidized Stafford Loan is a fixed interest rate loan at 6.8% repayable after the student graduates or ceases enrollment on at least a half-time basis. The loan is the student's option, and the amount he/she can borrow is based on the student's year in school. The maximum amounts available for an academic year are as follows: Freshman, $3,500; Sophomore, $4,500; Junior/Senior, $5,500.
- Pell Grant. A non-repayable federal grant awarded to the neediest students. The amount of the grant depends specifically on the student's EFC; it ranges from $555 to $5,550.
- Supplemental Educational Opportunity Grant (SEOG). A non-repayable federal grant available only to Pell Grant recipients. The Office of Financial Assistance determines the recipient and amounts based on the level of need. Awards range from $200 to $1,000.
- Federal Work-Study (FWS). A federally subsidized student employment program offered to eligible students. A student must demonstrate need in order to be eligible for FWS funds. Students employed under the FWS program can work on or off campus in a wide variety of jobs. Students cannot be paid for community service work or any research position if it is a class requirement and they are earning academic credit at the same time.
Non-Need Based Federal Aid
- Unsubsidized Stafford Loan. A fixed interest rate loan at 6.8%, repayable after the student graduates or ceases to be enrolled on at least a half-time basis. The maximum amount that a student can borrow is as follows: Dependent students: $2000 first year and beyond. Independent students: $6000 first, second, third year and $7000 beyond. To be eligible, a student must complete a FAFSA. A separate Federal Direct Stafford Loan application must be submitted to the Financial Assistance Office and is applicable for 5 years.
- Parent Loan (PLUS). A fixed interest rate loan at 7.9% available to parents of dependent students. The maximum amount available is determined by subtracting all financial aid the student is receiving from the Cost of Attendance.
REGAINING ELIGIBILITY FOR FEDERAL FINANCIAL AID
Occasionally, students will fail to meet established Financial Aid eligibility standards for reasons beyond their control. Such students may appeal their loss of eligibility, and if the College’s designated Appeals Committee deems their performance to have been significantly hampered by such “mitigating circumstances,” they will be permitted to continue in good standing under Title IV regulations. Such mitigating circumstances include serious family problems, extended illness and similar situations. All appeals must be submitted in writing to the Office of Financial Assistance. Federal regulations, however, do not allow for mitigation for students not completing their program of study within 150 percent of the published length of the educational program for full-time students. Students will be notified at the close of each academic year of their probationary status or their ineligibility for federal aid. Students may submit letters based upon mitigating circumstances in order to appeal the loss of eligibility to the Office of Financial Assistance.
LIVING ARTS COLLEGE STANDARDS OF SATISFACTORY ACADEMIC PROGRESS
Students must be enrolled on at least a half-time basis in a degree or diploma program. Students are expected to make satisfactory academic progress within a maximum allowable time frame toward the completion of their program.
An evaluation period is used to determine academic progress. At the end of an evaluation period, a student who is not making satisfactory progress will be suspended from attendance. Students whose GPA meets the eligibility requirement but whose GPA does not meet the next evaluation point will be placed on academic probation until the next point. At the end of a probation period, students who are unsuccessful in achieving academic progress will lose financial aid eligibility and will be academically suspended from Living Arts College. For more information please visit the Satisfactory Academic Progress section of the Living Arts College Electronic Catalog.
TERMS OF LOANS, SAMPLE LOAN REPAYMENT SCHEDULE AND REPAYING LOANS
DIRECT SUBSIDIZED STAFFORD LOAN
Fixed interest rate of 6.8% No interest accrues during in-school or grace period No interest capitalization.
Loan Fees: For loans disbursed on or after July 1, 2009 and before July 1, 2010 there is a 1.5% origination fee and also a 1.0% rebate on the origination fee resulting in a net fee of 0.5% which will be deducted from the gross disbursement amount. Upon entering repayment, a borrower must make the first 12 monthly payments on time in order for the rebate to become permanent. If the borrower fails to make the first 12 on-time monthly payments, the rebate will be added to the outstanding balance of the loan.
For loans disbursed on or after July 1, 2010 and before July 1, 2011 there will be a 1% origination fee and also 0.5% rebate on the origination fee resulting in a net fee of 0.5% which will be deducted from the gross disbursement amount. Upon entering repayment, a borrower must make the first 12 monthly payments on time in order for the rebate to become permanent. If the borrower fails to make the first 12 on-time monthly payments, the rebate will be added to the outstanding balance of the loan.
Repayment Information: (Grace Period: 6 months used prior to taking a deferment)
- Loans may be consolidated
- Up to 10 year repayment term in Standard Repayment Plan
- $50 per month minimum payment in Standard Repayment Plan
- Graduated, Extended, and Income-Based Repayment plans also available
- Deferments available for qualified periods of enrollment and unemployment
- No Prepayment Penalty
FEDERAL DIRECT UNSUBSIDIZED STAFFORD LOAN
Interest: Fixed interest rate of 6.8%. Unpaid interest may be capitalized only when the loan enters repayment, at the expiration of a grace period or period of deferment or forbearance, or when the borrower defaults.
Loan Fees: For loans disbursed on or after July 1, 2009 and before July 1, 2010 there is a 1.5% origination fee and also a 1.0% rebate on the origination fee resulting in a net fee of 0.5% which will be deducted from the gross disbursement amount. Upon entering repayment, a borrower must make the first 12 monthly payments on time in order for the rebate to become permanent. If the borrower fails to make the first 12 on-time monthly payments, the rebate will be added to the outstanding balance of the loan.
For loans disbursed on or after July 1, 2010 and before July 1, 2011 there will be a 1% origination fee and also 0.5% rebate on the origination fee resulting in a net fee of 0.5% which will be deducted from the gross disbursement amount. Upon entering repayment, a borrower must make the first 12 monthly payments on time in order for the rebate to become permanent. If the borrower fails to make the first 12 on-time monthly payments, the rebate will be added to the outstanding balance of the loan.
Repayment Information: (Grace Period: 6 months used prior to taking a deferment)
- Loans may be consolidated.
- Up to 10 year repayment term in Standard Repayment Plan
- $50 per month minimum payment in Standard Repayment Plan
- Graduated, Extended, and Income-Based Repayment plans also available
- Deferments available for qualified periods of enrollment, unemployment and economic hardship
- No Prepayment penalty
FEDERAL DIRECT PLUS LOAN
Credit Eligibility: Federal Direct Graduate PLUS Loan borrowers are required to pass a basic credit check.
Annual Limits: Borrower may borrow up to the cost of attendance less any financial aid the student will receive.
Grace Period: There is a 6-month deferment for loans first disbursed on or after July 1, 2008.
Repayment Terms: The maximum repayment period is 10 years and the minimum monthly payment is $50.00.
Loan Fees: Federal Direct PLUS Loans have a 4.0% origination fee and also offer a 1.5% rebate on the origination fee resulting in a net fee of 2.5%, which will be deducted from the gross disbursement amount. Upon entering repayment, a borrower must make the first 12 monthly payments on time in order for the rebate to become permanent. If the borrower fails to make the first 12 on-time monthly payments, the rebate will be added to the outstanding balance of the loan.
Interest Rate: The interest rate will be fixed at 8%.
LOAN CALCULATORS
Use the loan calculators below to assist you with your loan repayment options:
Department of Education
FinAid.org
Great Lakes Educational Loan Services
Mapping Your Future
Nelnet
Note: Please note that the calculators are used for informational purposes. For actual repayment amounts and schedule of your student loan payments, contact your lender or servicer.
OVERAWARDS
Students who have received need-based financial aid must inform the Office of Financial Assistance of all your other sources of received financial aid to make sure you're not over awarded. Any need-based financial aid we offer to any undergraduate, graduate or professional student is subject to change due to the receipt of additional need- or merit-based financial aid.
If you are over awarded, we reduce your financial aid package so your total need-based financial aid does not exceed your financial need and so your total need- and merit-based financial aid does not exceed your budget. It’s possible for your financial aid award to be cancelled or adjusted after it is disbursed to your student account. The Office of Financial Assistance will notify the student if an adjustment will be made to the financial aid package.
STUDY ABROAD
The amount of financial aid you get for your term abroad depends on: The amount of financial aid you qualify for at your home campus, the price tag on the study abroad program, whether or not the program you are interested in is approved by your college and is at least a half-time course . Your first step in funding your trip abroad is to find out if you can use any aid you’ve already received. This includes aid from the usual sources: federal need-based aid (e.g. Pell grants, Stafford loans, PLUS loans); state need-based aid and merit scholarships; and institutional aid (scholarships and grants provided directly by the school). Keep in mind that each state and college may have different regulations regarding financial aid for study abroad.
ENTRANCE COUNSELING
All first time Stafford Direct Loan borrowers are required to complete an entrance counseling session before receiving their first loan disbursement. Students are required to complete their Entrance Counseling at www.studentloans.gov. A Stafford loan borrower must understand the consequences of defaulting on a student loan, obligation requirements to pay back the student loan and the importance of contacting the Living Arts College Office of Financial Assistance if the borrower withdraws.
EXIT COUNSELING
Students who borrow under the Direct Loan Program are required to complete exit counseling before graduation. Students at Living Arts College are required to complete Exit Counseling at www.studentloans.gov. To fulfill all exit interview requirements for graduation, students are also required to attend a one-on-one Financial Services presentation about how to manage your student loans after college.
TITLE IV BORROWER RIGHTS AND RESPONSIBILITIES
The Borrower’s Rights and Responsibilities Statement provides information about the terms and conditions of loans you receive under the Federal Stafford Loan Master Promissory Note (MPN). For detailed information please visit: http://www.direct.ed.gov/inrepayment.html
VETERAN EDUCATIONAL BENEFITS, SCHOLARSHIP SOURCES AND PRIVATE EDUCATIONAL LOANS
Department of Veterans Affairs
Living Arts College is approved for educational benefits administered by The Department of Veterans Affairs including the Yellow Ribbon Program, the Post-9/11 GI Bill, the Montgomery GI Bill and Tuition Assistance. For more information and the application process, contact the Living Arts College VA Coordinator at 919-488-8500 x116.
Private Aid
Our students may also seek private education loans from any lender of their choice. Eligibility and application processes for private education loans are provided by the private lenders. Living Arts College does inform applicants of a private loan program serviced by FAME to assist students in meeting their educational goals. Additional information and the application process may be obtained from the Office of Financial Assistance, (919)488-5910.
In addition to private lenders, many employers also provide tuition assistance programs to their employees to assist with their education goals. Check with your employer to see if they have educational assistance programs to offer you.
Scholarships and Grants
Living Arts College has several scholarships available which may be both need-based and/or merit-based. Application for these scholarships can be made at the Office of Financial Assistance, (919)488-5910.
ADDITIONAL TOPICS
ON CAMPUS SECURITY
Providing you with state of the art security cameras for your campus safety. Learn more about Campus Security Information here.
Living Arts College
3000 Wakefield Crossing Dr.
Raleigh, NC 27614
Tel: 800.288.7442
Fax: 919.488.8490
Email: school@living-arts-college.edu