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Financial
Aid
Students who need financial assistance and are enrolled in
eligible certificate or degree programs are encouraged to apply for financial
aid. Grants, scholarships and loans are available to eligible students to
help meet educational costs.
Federal financial aid also may be available
to students who have qualified for a scholarship. Citizens and permanent
residents of the United States may apply regardless of race, color, religion,
age, sex, national origin, pregnancy-related condition, handicap or status
as a veteran.
| Student
Dependent/Independent Cost of Attendance 2008-09
|
| |
Off-Campus |
Commuter |
| Tuition
* |
$2,700 |
$2,700 |
| Books
and Supplies |
1,026 |
1,026 |
| Room
and Board |
6,400 |
2,450 |
| Transportation
Costs |
1,026 |
1,026 |
| Misc.
Expenses |
1,526 |
1,526 |
| |
|
|
| Total |
$12,678 |
$8,728 |
*Tuition
for students who are not members of the LDS Church is $5,400.
Financial Aid Application Procedure
To be considered for financial aid a student must meet the following conditions:
1. Obtain admission to the College as a matriculated degree seeking student.
2. Complete the Free Application for Federal Student Aid (FAFSA), either
the electronic or paper version. (http://www.fafsa.ed.gov).
3. After you receive your award notification from the Financial Aid Office
return all required documentation to the Financial Aid Office.
4. Meet any other eligibility requirements as established by the U.S.
Department of Education, State of Utah, LDS Business College and/or the
funding agency.
Eligibility
In general, eligibility for financial aid (Title IV funds) is determined
through the following criteria:
1. Student demonstrates financial need: when budget minus FAFSA results
leave a need.
2. Student is a citizen or eligible non-citizen of the United States.
3. If male, student has registered for Selective Service.
4. Student is enrolled in a program that leads to a certificate or degree
with a minimum duration of one academic year (30 weeks of instruction).
5. The student meets satisfactory academic progress standards as established
by the Office of Student Financial Aid.
6. The students certifies that he/she will use the federal aid only for
education purposes.
7. The student is not in default on a Perkins, FFELP or FDSL loan and
that he/she do not owe a return of funds on a federal Pell Grant.
8. Meets all other federally prescribed eligibility criteria.
Applying for Aid
In addition to meeting the eligibility criteria listed above, students
must complete the Free Application for Federal Student Aid (FAFSA) for
each year that aid is desired. Listed below are the available options
in submitting the FAFSA, as well as instructions on completing the application.
Apply for a PIN with the Department of Education at (www.pin.ed.gov).
The PIN allows students to (1) sign their FAFSA, (2) review their processed
FAFSA information and their Student Aid Report, (3) correct their FAFSA
information, (4) print a copy of their SAR, (5) electronically sign loan
promissory notes, (6) reapply for financial aid, and create other communication
with the Department of Education. Keep the PIN because it will be used
throughout your educational experience.
• FAFSA ON THE WEB (www.fafsa.ed.gov). This is the preferred method
for submitting the FAFSA. Applying through the Internet may save weeks
in processing time. LDSBC federal school code is 003672.
• RENEWAL FAFSA. Students who applied early in the 2006-2007 academic
year will be able to complete a renewal FAFSA online at www.fafsa.ed.gov.
Only updated information needs to be entered on this application.
• PAPER FAFSA. The paper FAFSA is available for students who prefer
to apply by mail. However, students are cautioned that this method will
add processing time. Copies of the paper FAFSA are available at the Financial
Aid Office.
Financial Aid Elgibility
LDS Business College will receive an electronic copy of the student?s application
information, as long as the student listed LDSBC as a choice on the FAFSA (our
school code is 003672). After the student is admitted the student will be notified of
any documentation which needs to be submitted prior to being awarded financial aid.
After all requested documentation is submitted or if no documents are required, the
College will determine the student?s eligibility for aid programs and the student will
receive in the mail his/her award notification. This will state what aid the student is
eligible to receive and will also include supplemental forms which the student must
submit to the Financial Aid Office prior to the award being made.
Financial Aid Payment
· A student must meet all the eligibility requirements in order
to receive a disbursement of financial aid.
• Financial aid is disbursed to individual students after school
has started and students have completed a Payment Request Form (green
sheet) in which the student’s instructors certify that he or she
is in attendance in class. The green sheet must be
returned to the Financial Aid Office within 14 days of obtaining the required
signatures. (If the student is receiving a Pell Grant and is full-time,
the student needs a minimum of 12 credit hours signed for. If the student
is less than full time, all classes must be signed for. For those with
loans, the only requirement is a minimum of six credit hours for release
of funds.)
• All aid will be credited to the student’s account at the
College. After tuition is paid and any short-term loans and other student/parent
authorized charges are paid, any remaining financial aid funds will be
mailed to the student in the form of a check. This check will be issued
in the financial aid recipient’s name by the financial services
office and will be mailed to the student within 5-10 business days.
Financial Aid Program Descriptions
Grants
Federal Pell Grant is a federal Title IV grant program for undergraduates
to help students pay for educational costs after high school. This is
a grant and thus does not 30 need to be repaid. For those eligible the
federal grant award may range from $445 to $4,731 per academic year. The
amount of the award is based upon the expected family contribution (EFC),
the cost of attendance and a payment schedule issued by the U.S. Department
of Education. Both day and night school degree and certificate-seeking
students may qualify. Federal Pell Grant payments are disbursed to students
one semester or term at a time. The amount will vary with the number of
hours taken per semester will be approximately:
12 or more semester hours |
Full-time payment
as stated on award contract |
9 - 11 semester hours |
Pro-rated to
3/4-time payment |
6 - 8 semester hours |
Pro-rated to ½-time
payment |
1 - 5 semester hours |
Pro-rated to
less than ½-time payment |
In determining hours for federal financial aid payments,
audit hours, testing out of classes, hours obtained by challenging classes
and special courses may not be used. A more detailed description of this
program may be found in the U.S. Department of
Education publication “Funding Education Beyond High School.”
Academic Competitiveness Grant is for first-year
students who graduated from high school after January 1, 2006, and for
second-year students who graduated from high school after January 1, 2005.
The Academic Competitiveness Grant (ACG) award is in addition to the student’s
Pell Grant Award.
An ACG will provide up to $750 for the first year of undergraduate study
and up to $1,300 for the second year of undergraduate study to full-time
students who are eligible for a Federal Pell Grant and who have successfully
completed a rigorous high school program, as determined by the state or
local education agency and recognized by the Secretary of Education. Second
year students must have a minimum cumulative grade point average (CGPA)
of at least 3.0 at the time they move to sophomore status.
Eligibility requirements for this grant are as follows:
1. Be a U.S. citizen.
2. Be a Federal Pell Grant recipient.
3. Be enrolled full-time in a degree program (12 semester credits).
4. Be enrolled in a first (0-29 hours) or second (30-60 hours) academic
year of his or her program of study.
5. Have completed a rigorous secondary school program of study (after
January 1, 2006, if a first-year student; and after January 1, 2005, if
a second-year student).
6. Other requirements may apply; See FAO
7. If a second-year student, have at least a cumulative 3.0 grade point
average on a 4.0 scale for the first academic year.
Utah Centennial Opportunity Program for Education
Grants (UCOPE) - The Utah State Legislature has appropriated
funds to LDS Business College to be used as grants for Pell Grant eligible
students. This award may range from $300 to $3,000 per academic year.
Only Utah residents are eligible. These funds are limited and awarded
to students with the greatest need.
Loans
Federal Stafford Student Loans (FSSL subsidized) are low-interest loans made to
the borrower directly by a lender such as a bank or credit union. Depending on need
and eligibility, a borrower may obtain up to $3,500 per year as a freshman and
$4,500 per year as a sophomore. Loan proceeds generally will be delivered to
students in a minimum of two disbursements. The minimum monthly payment of
$50 begins six months after the student ceases to be enrolled at least one-half time.
For the 2008-2009 academic year the interest rate is fixed rate at 6.0%. Students
must be enrolled at least six hours each semester to have their loans stay in
deferment. For subsidized loans, the U.S. Government pays the interest while the
borrower is in school or in deferment status. Deferment, forbearance or cancellation
of payments is available for special circumstances. A loan counseling session is
required prior to receiving the loan and before leaving the College.
Federal Unsubsidized Stafford Student Loans (FSSL-unsubsidized)
are lowinterest
loans made to the borrower directly by a lender such as a bank or credit
union. A student must complete the FAFSA to apply for this loan. Students who
are not eligible for a subsidized Stafford loan may receive up to $3,500 as a freshman
or $4,500 as a sophomore. At times a student may qualify for a part of his/her loan
in subsidized Stafford and part in unsubsidized Stafford. The combination of the
subsidized and unsubsidized Stafford loans may not exceed the annual limits of
$3,500 (freshman) or $4,500 (sophomore). Students needing additional funds beyond
the freshman or sophomore limits may be eligible to apply for an additional
unsubsidized loan up to $4,000. The additional unsubsidized Stafford loan is
available for independent undergraduate students and dependent undergraduate
students whose parents are unable to obtain a Federal PLUS Loan. The interest on
unsubsidized Stafford loans is fixed at 6.8% and is accruing while the student is
attending school. Any earned interest not paid by the student will be capitalized.
Federal Parent Loans for Undergraduate Students (FPLUS) provide
funds for educational expenses for borrowers who are parents of dependent
students enrolled at least half time. The loan is made by a lender such
as a bank or credit union. The interest rate is fixed at 8.5%. A parent
may borrow up to the student’s cost of attendance (as determined
by the College) minus any other financial assistance the student receives.
A PLUS borrower enters repayment at the time the loan is fully disbursed.
If a parent has an adverse credit history, the parent may be ineligible
for a PLUS loan.
A detailed description of federal loan programs may be found in the U.S. Department
of Education publication “Funding Education Beyond High School, The Guide to
federal Student Aid.” This is available at the Financial Aid Office.
Other Programs
Veteran Services. Programs at LDS Business College are approved
for veteran benefits. Veterans may obtain assistance at the Veterans’
Service Office at 524-8171.
Bureau of Indian Affairs. LDS Business College participates in
the various tribal grant programs. Contact the appropriate tribal agency
for information.
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