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Scholarships
LDS Business College offers scholarships and awards
based on academic excellence, superior business aptitude, leadership qualities,
missionary service and need. These awards range from $300 to $2,700 per
academic year. Students must first fulfill all admission requirements.
Applicants for freshman awards must submit an ACT or SAT score.
Scholarship Categories
Freshman Scholarships: For incoming freshmen without previous
college experience. Apply using an admission and scholarship application
form available on the web at www.besmart.com or in the Admissions Office.
Complete Parts 1 through 7, submit a high school transcript and ACT or
SAT score, and pay the $30 application fee. Application deadline is March
1.
Sophomore Scholarship: For continuing students based competitively
on college scholastic record. Apply using the Sophomore Scholarship Application
available on the College website (www.ldsbc.edu/scholarships/index.htm).
The student must have earned a minimum of 30 graded semester credit hours.
Of the 30, a minimum of 12 credit hours must be earned from LDSBC. Not
counting toward scholarship hours are pre-100 series classes, AP credits,
pass/fail grades (unless required), ACT and SAT waivers, challenge exams,
and other transcript credits for which no letter grade is recorded. Application
deadline is April 15 for Fall Semester or December 1 for Winter Semester.
Service Scholarship: For returned missionaries who apply and attend within one
year of their honorable release date. Instructions are located on Part 2 of the
Admission and Scholarship Application. Submit copy of mission release certificate.
Application deadline is April 1 for Summer Semester, July 1 for Fall Semester or
November 1 for Winter Semester.
Stella Harris Oaks Horizons of Hope Scholarship: For single parents with a
dependent child in the home. Apply through the Admissions Office. Deadline is
May 1 for Summer Semester, July 1 for Fall Semester or December 1 for Winter
Semester.
Program-Specific, Needs-Based and Other Scholarships: The College
provides scholarship funds for students in a variety of circumstances.
Contact the Admissions Office at admissions@ldsbc.edu or (801) 524-8145
for details.
Transfer Scholarships: For graduating students who plan to transfer to a four-year
university. Students must apply by their LDS Business College graduation date and
provide an acceptance letter from the transfer institution. Other requirements are
included on the application.
Important Tax Information
Under the Tax Reform Act of 1996 any funds received by students from scholarships,
benefits, fellowships and grants from LDS Business College or any other
source, which combined exceed the cost of tuition, fees, books, and required
equipment and supplies, are considered taxable income. Taxable income
may include grants and scholarships but not federal loans (see IRS publication
520).
Since students are required to report to the Internal Revenue Service
scholarship and grant income above the cost of tuition and books, it is
vital for students to keep detailed records (including cancelled checks
and/or receipts) of all expenditures for tuition, fees, books, and required
equipments and supplies.
Due to the new federal Hope Scholarship, which is a federal tax credit,
the institution is required to report certain tuition, scholarship, grant
and other information to students and to the IRS on form 1098T. Questions
regarding the Hope Scholarship and the Lifetime Learning Credit can be
obtained from the Accounting Office.
Satisfactory Academic
Progress (SAP) Policy for Financial Aid
To be eligible to receive or continue to receive financial aid, a student
must be enrolled as a regular student and be in good standing. Good standing
means that a student is permitted attendance in a degree program and is
in compliance with accepted enrollment and behavior practices of the College
and the Financial Aid Office (801) 524-8110.
Also, Section 668.7(c) of the Student Assistance General Provisions require
that a student must maintain satisfactory academic progress - qualitative
and quantitative - in the degree or certificate being pursued to be eligible
to receive or continue to receive
financial aid.
Qualitative or academic standing: To remain academically eligible
for financial aid, students must maintain a minimum cumulative GPA of
2.0. When a student’s cumulative GPA falls below 2.0, he or she
is place on financial aid probation. Students are eligible for financial
aid during the first semester of financial aid probation if it is mathematically
possible to bring the cumulative GPA above 2.0 in one semester. Failure
to bring the GPA to 2.0 results in becoming ineligible for further financial
aid until the cumulative GPA rises to 2.0. However, if after an appeal
and in the judgment of the Financial Aid Office, the student has made
a strong effort but falls minimally short, one additional probationary
semester may be granted.
However, if the cumulative GPA is at or below 1.0 average, the student’s
financial aid will be suspended with no probationary period. If the student
has already been paid his or her financial aid before grades are available
or it is later determined he or she is no longer eligible, the Financial
Aid Office has the right to cancel the student aid and to recover the
funds paid for that term.
Quantitative or Rate of Progress: Additionally, 67 percent of
courses attempted must be completed. A review of this status is made each
year to evaluate compliance with this procedure. To make this determination,
total courses completed are divided by the total number of courses attempted
to arrive at a percentage of completion. Grades that cause a course to
be considered attempted but not completed include (but are not limited
to) the following: E, I, P, R, UW, X, W and blank grades. Audited courses
are not acceptable for financial aid purposes. A student who changes from
a registered course to an audited
course (X) may be billed for previously received financial aid. Courses
dropped in the first week of the semester/term are not taken into account
for this calculation.
The Financial Aid Office reserves the right to override this requirement
if the reason for noncompliance is deemed beyond student control. For
example, if a student is ill and unable to complete the semester or is
required by a physician to reduce work load, the requirement regarding
dropped courses may be waived. Likewise, if a student is forced to change
school load because of a change in work schedule and if the job is vital
to “survival,” an exception may be made. The intent of this
policy is to prevent frivolous abuse of the academic process and to measure
the student’s seriousness regarding educational goals.
Courses attempted for this purpose will be noted by the following grade
codes:
A through E
P (passing)
X (additional proficiency required)
I (incomplete - must be completed by the end of the subsequent semester)
R (repeated courses - a student may only repeat a class once for financial
aid
purposes)
V (audit - does not count for financial aid purposes)
W (withdrawal)
UW (Unauthorized withdrawal)
Blank grades
Financial aid rules allow students to repeat courses one time for purposes
of improving their GPA, although both grades will continue to show on
official College transcripts. Repeats, incompletes, and remedial credits
will not affect student’s academic progress but will affect the
rate of progress. However, an incomplete (I) becomes an E (failing grade)
if work is not completed as required, which will affect the student’s
academic progress. Withdrawals (W & UW) will affect the “67
percent completion factor.” Noncredit classes will not affect the
student’s satisfactory academic progress unless those classes are
requirements for graduation. Audited classes (V) do not qualify as part
of the credit hour load in determining financial aid payment level.
Maximum Time Frame: Students must complete their degrees within
150 percent of the number of hours stated in the catalog for the degree
or certificate they are seeking. If they exceed this number, they may
become ineligible for further federal financial aid. For instance, if
the published length of the program is 60 credit hours, the maximum time
frame to complete the course of study is 90 credit hours (60 x 1.5).
Financial Aid Appeals
Written appeals may be made to the Financial Aid Office. All appeals should
provide adequate supporting documentation from physicians, counselors,
instructors, etc., regarding circumstances that caused the unsatisfactory
academic performance.
Selective Service Registration
Requirement
Men age 18 to 25 are required to register with the Selective Service System.
This requirement covers both citizens of the United States and most other
men residing in the United States. Men in the United States as a lawful
nonimmigrant are not required to register as long as they maintain that
status. Students are required to register for Selective Service to be
eligible for SFA funds. See the Financial Aid Office for further details.
Return of Title IV Funds
A student who has received Title IV grant or loan assistance and withdraws
from LDSBC during a payment period must have a “Return of Title
IV Funds” calculated in accordance with Part 668.22 of the Higher
Education Act. A “Return of Title IV Funds” is owed when a
student’s total amount of Title IV grant and/or loan assistance
earned as calculated in the “Return of Title IV Funds” formula
is less than the amount of Title IV grant or loan assistance that was
disbursed to the student, or on behalf of the student in the case of PLUS
loans, as of the date LDSBC determines the student to have withdrawn.
The difference between the earned Title IV funds and the unearned aid
will be returned to the Title IV programs by LDSBC. Title IV funds will
be returned to the program from which the funds originated, not to exceed
the amount disbursed from that fund in the following order: Unsubsidized
Stafford Loan, Subsidized Stafford Loan, PLUS, Pell and Academic Competitiveness
Grant.
Students owing a repayment to Title IV programs remain ineligible for
further Title IV assistance until the grant is repaid, unless the student
enters into a repayment agreement with the LDS Business College Accounting
Office. This agreement will provide the student with the terms of repayment
which must be concluded within two years of the date of withdrawal. Once
a student enters this agreement, he or she is again eligible for Title
IV assistance; but this agreement must be entered into within 45 days
of withdrawal. Should the student fail to meet the terms of the repayment
agreement, LDSBC will turn the student’s account to the Department
of Education (DOE) for collection. If the student enters into and maintains
a repayment agreement with DOE, the student again becomes eligible for
Title IV assistance.
Treatment of Title IV Funds When a Student Withdraws from a Credit Hour
Program:
Step 1: The College will determine if the student received or was eligible to receive
Title IV assistance, the amount of aid disbursed, the amount that could have been
disbursed, and the amount of grant aid disbursed.
Step 2: The College will determine the percentage of Title IV aid earned
by the student.
This is accomplished by determining the last date of enrollment as established
by a notice of intent to withdraw or an official withdrawal to the Registrar,
an academically-related activity such as an exam, a tutorial, computer-assisted
instruction, academic counseling or advisement, turning in a class assignment
or attending a study group assigned by the instructor. If a student notifies
the registrar of intent to withdraw at that time but subsequently withdraws,
the first date of notification will be used in establishing date of withdrawal.
If the student did not withdraw due to illness, accident, grievous personal
loss or other such circumstances beyond the student’s control, the
date that LDSBC determines is related to that circumstance will be used
as the official date of withdrawal. For students who dropped out without
notifying LDSBC, the withdrawal date will be
the midpoint of the semester or one of the previously mentioned activity
dates if that date can be documented. Students who drop out earn no credit
for the semester.
The College will calculate the total number of days in a semester minus
any period during the semester when a break occurs which is five days
or longer.
The student’s total number of days completed is divided by the total
number of eligible days in the semester. If the resulting percentage is
less than or equal to 60 percent, a Return of Title IV Funds calculation
is required. If greater than 60 percent (with or without rounding), no
return of funds is required.
Step 3: The College determines the amount of Title IV aid that was earned
by the student This is the aid that was and could have been disbursed
(step #1).
The amount of assistance earned by the student is determined
by multiplying the percentage calculated in step 2 by the total Title
IV aid disbursed plus the Title IV aid that could have been disbursed
for the semester.
Step 4: The College now determines total Title IV aid
to be disbursed or returned.
A. If the amount in step 3 is greater than the amount in step 1 (already
disbursed Title IVaid), a post-withdrawal disbursement is required. If
the amount in step 3 is less than the amount in step 1 (already disbursed Title IV aid), a postwithdrawal disbursement is
not required. If the amount in step 1 is less than the amount in step
3 (Title IV aid not yet disbursed), a post-withdrawal
disbursement is required to either pay unpaid institutional charges or
to be paid to the student. To determine the amount of the post-withdrawal
disbursement, the amount from step 1 is subtracted from the total in step
3, the balance is then used when completed the post-withdrawal disbursement
tracking sheet which is discussed later
in this section.
B. If the amounts are equal, stop here. No further action is necessary.
C. If the amount is step 3 is less that step 1, see example #1 (already
disbursed aid).
D. The College now determines the total Title IV aid that must be returned.
The amount to be returned is calculated by subtracting the amount of aid
earned in step 3 from the total aid disbursed in step 1. This is the amount
of Title IV aid that must be returned.
Step 5: The College determines the amount of unearned Title IV aid due
from LDSBC.
A. Determine the allowable institutional charges for the semester; examples are:
Tuition and fees.
B. Total of Title IV aid unearned (100 percent - step 2).
C. Multiply institutional charges (step 5-A) by the percentage calculated
in step 5-B. The resulting figure is the amount to be repaid to Title
IV grant or loan by LDSBC.
D. The resulting figure is the amount of unearned aid.
E. The lesser amount between step 4 and step 5C is the amount and must be
returned by LDSBC.
Step 6: LDSBC will return the unearned aid for which it is responsible
as determined in step 5-C. These funds will be returned in the following
order, up to the total net amount disbursed from each source: Unsubsidized
Stafford Loan, Subsidized Stafford Loan, PLUS, Pell Grant, ACG Grand,
and other Title IV programs.
Step7: Initial Amount of Unearned Title IV Aid Due from the student
The amount returned by LDSBC as determined in step 5D is subtracted from the
amount determined in step 4. The resulting amount is what the student must return
to the Title IV programs as unearned aid.
Step 8: Repayment of the Student’s loans.
Subtract the Total loans the school must return step 6 (the total of Sub, Unsub
Stafford and Plus Loans) from the Net amount from the Net loans disbursed to the
student in step 1. These outstanding amounts are the amounts that are already owed
by the student under the terms of the Promissory notes. If this amount is less than
or equal to step #7 then stop, the only action is to notify the holders of the loans of
the student?s withdrawal. If the amount is greater than Step #7 then go to step #9.
*Loan amounts are returned in accordance with the terms of the promissory
note. No further action is required other than notifying the holder of
the loan of the student’s withdrawal date.
Step 9 Grant Funds to be Returned
A. Initial amount of Title IV grants for the student to return. Step #7
minus Step #8 equal the amount of grant aid to be returned.
B. Amount of Title IV grant protection Take the amount of grant aid disbursed and
could have been disbursed and multiply by 50%.
C. Title IV grant funds for student to return
Subtract B from A to equal the amount of Title IV funs to be returned
by the student
Post Withdrawl Disbursement
If at the time of withdrawal, LDSBC makes the determination that less
aid was disbursed to the student than the student was eligible to receive,
a post-withdrawal disbursement will be offered. Post-withdrawal disbursements
will continue to be offered within 30 days of the date LDSBC determines
the student withdrew. Notification of disbursements will be in writing
and will identify the types and amounts of Title IV funds that make up
the post withdrawal disbursements. Students or parents will be notified
that they can accept or decline some or all of the post-withdrawal disbursement
that have not been credited to the student’s account to pay unpaid
institutional charges. Postwithdrawal disbursements to the student/parent
will be canceled if no response is received to this notification within
14 days of initial notification. LDSBC may disburse this payment at a
later date if the student or parent subsequently requests the payment.
This payment will be processed within 90 days of the request in the current
fiscal year; if not in the current fiscal year, the request will be denied.
Notification will be provided to the student or parent in writing of LDSBC’s
decision to process or not to process the post withdrawal disbursement.
Post-withdrawal disbursements will first be made from grant programs and
then from student loans.
The following steps will be followed in determining post-withdrawal disbursements:
Step A: Determine the amount from the post-withdrawal disbursement as calculated
in step 4-A,
Step B: Determine the post-withdrawal disbursement credited to the student?
account to pay for Educationally Related Expenses remaining on the student?s
account.
Step C: The balance of the post withdrawal disbursement will be offered to the
student or parent.
The total amount of post-withdrawal disbursement from step A, of Return of Title
IV funds procedures, is subtracted from the post-withdrawal disbursement credited
to the student?s account from step B and equals the amount to be offered to the
student or parent.
Examples of these policies and procedures are available upon request from
the Financial Aid Office. Information is also available from the Financial
Aid Office for the following:
1. Budget and resources.
2. Awarding of federal financial aid.
3. Satisfactory academic progress.
4. Verification and documentation.
5. Return of Title IV funds.
6. Loan budget management and default awareness.
Any questions regarding financial aid can be directed to the Office of
Financial Aid:
Phone: (801) 524-8111 or (801) 524-8110 | Fax: (801) 524-1900 | finaid@ldsbc.edu
Any
questions regarding financial aid can be directed to the Office of Financial
Aid:
Phone: (801) 524-8111 or (801) 524-8110
Fax: (801) 524-1900
E-mail: finaid@ldsbc.edu
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