STATEMENT OF PRINCIPLES
Iliff uses the following statement of principles, adopted by the Association of Theological Schools in the U.S. and Canada, as a guide for the administration of its financial aid programs:
- The primary purpose of financial aid for theological students is to assist in their educational preparation for ministry by providing aid to those who demonstrate financial need.
- The total amount of financial assistance offered students should not exceed the amount of their need.
- Financial need is defined as the difference between the total cost of attending a particular institution and the amount of the resources available to the student.
- Financial assistance consists of grants (which include scholarships, grants-in-aid, field education grants, and prizes), loans, and employment.
- The family of a student, whether the student is unmarried or married, is expected to make every reasonable effort to assist the student with the student's educational expenses.
- A student is expected to provide a major share of his or her expenses through savings and other assets, through summer employment, and through academic year work where feasible.
- In the case of a married student with no children, the spouse who has completed an education is expected to be gainfully employed. The spouse's total earnings are considered as a part of the total family income.
- The student's home church and conference should assist with the costs of preparation for a church occupation in cases where the student demonstrates financial need and if such assistance is consistent with denominational policy.
- Since the principles of Christian stewardship apply to all Christians, candidates should make provision in their financial estimates for gifts to church and charities out of their own resources.
- Financial assistance is granted on the basis of need on a year-to-year basis, with reapplication and review each year.
Please note: To continue to receive financial aid, students must reapply each year by completing a new FAFSA. The link to the FAFSA is www.fafsa.ed.gov. You may be required to submit additional information for supporting documentation, such as IRS 1040 forms. Students applying for federal financial aid must complete and sign a Statement of Educational Purpose/Certification Statement on Refunds and Default, Selective Service Registration Compliance and updated information.
Tuition and fee costs are outlined in the Tuition and Fees entry. The amount of your books and supplies will vary depending on your course of study, but will average about $900-$1200 per academic year. Your personal living expenses will vary based on where you live and how much you spend for room, board, transportation, clothing, entertainment, etc.
HOW NEED IS DETERMINED
For financial aid awards that have "need" as a criterion, your total school costs and all family resources will be considered. The "need" equation is: budget – resources = need. Budgets are determined each year by the Financial Aid Office. These budgets are based on bureau of labor statistic guidelines and student surveys. Resources include family contribution, savings, assets, student and/or spouse earnings, as examples.
Your "financial need" is determined by subtracting all resources from your total budget. Your financial need is the amount of aid you are eligible to receive for the academic year, from all sources. This process is repeated for each year that you apply.
HOW AID IS PACKAGED AND DISBURSED
After all known outside aid (scholarships, loans, etc.) have been used, all students will be considered for Federal loan funds.
Disbursements of financial aid funds administered by Iliff are generally made at the beginning of each quarter. Payment for Federal Work-Study and school employment is issued on the last business day of each month. You are then responsible for paying any account balance due as soon as possible.
Federal loan funds are usually received by Iliff at the beginning of each quarter. Federal guidelines dictate student loan funds must first be used to pay educational expenses (i.e., tuition, fees and on-campus housing). Any remaining funds will be disbursed to the student for other education-related expenses. Outside awards may come to the School or be sent directly to you. If the funds are sent to you, you must inform the Financial Aid Office that the funds have been received.
Students receiving special financial awards with specific grade point average requirements must maintain that requirement from one quarter to the next in order to remain eligible to receive those funds. Awards with specific GPA requirements will be rescinded for the quarter following any quarter in which the cumulative grade point average falls below the required minimum. Grades will be reviewed at the end of each quarter. Once a new quarter has begun, scholarship or grant funds will not be adjusted for grade changes resulting from late completionof course work. Scholarship and grant funds from Iliff require a minimum enrollment of 8 credit hours per quarter to remain eligible.
FINANCIAL AID LIMITATIONS
Iliff will not grant institutional aid (grants or scholarships) when a student exceeds the course hour requirement for a master’s degree by 10%. To remain eligible for Federal student loan funds, a student must complete their degree requirements within 150% of the minimum credits required to graduate. Iliff will not grant institutional aid (loans, grants or scholarships), or process applications for federal loans for more than two (2) master’s degrees at Iliff.
Students may be required to return a portion of federal student loan funds if they drop below half-time status or withdraw before the end of the academic term. See Financial Aid - Withdrawals and Refunds for more details.
Iliff will not grant institutional loans or process applications for federal loans for students who have previously defaulted on the repayment of federal loans. In rare instances, the admissions and scholarship committee may waive this policy for students who are otherwise eligible for federal loans. Students may submit a request for a waiver to the Associate Dean of Admissions and Student Services.
If, after reviewing your financial aid package, you believe that your resources have been assessed incorrectly, you may appeal the initial calculations. You must submit a letter to the Financial Aid Office documenting the circumstances that you feel should be considered. The Director of Financial Aid will review the letter and make the needed determination. You will then receive a written notice of the decision. If your resources are adjusted, you will also receive an updated award notice. If needed, students always have the right to have their cases reviewed by the Financial Aid Appeals Committee. You need to contact the Director of Financial Aid to arrange for your case to be reviewed.
A sampling of aid applicants is required by the federal government to be verified. This sampling is selected randomly or from standard federal edit checks. If your application has been selected, you will receive notification from the Financial Aid Office. You will be required to submit a completed verification worksheet, copies of federal 1040 forms, and any other items listed in the notification. You will be given 45 days to submit the needed documentation. No federal financial aid will be disbursed until the documentation has been received. After 45 days, if the documentation is not submitted (or other arrangements have been made), all Iliff institutional need-based aid will also be rescinded.
- You have the right to a full disclosure of the methods used to determine your financial aid eligibility.
- You have the right to receive a statement of your awards, together with a full explanation of each award.
- You have the right to review all records pertaining to your financial aid applications and awards.
- You have the right to appeal decisions related to your financial aid awards through the scholarship and appeals committee.
- You have the right to the protection of confidentiality and access regarding your financial aid records as set forth in the June 17, 1976 Federal Register.
- You must inform the Financial Aid Office of changes in your address.
- You must inform the Financial Aid Office of any aid you receive from outside sources. This includes loans, scholarships, grants, agency funds or any other resources you may receive.
- You must repay any loans (principal and interest) advanced to you in accordance with the repayment schedule you have signed.
- You must maintain satisfactory incremental and academic progress toward completion of your degree. Satisfactory progress is defined in this Handbook.
- You must inform the Financial Aid Office of any changes that affect your financial aid eligibility. Such changes include: address, marital status, number of dependents, program, employment or enrollment status.
- You must sign an award notice, Statement of Educational Purpose Certification on Refunds and Default, Statement of Registration Status, and a Statement of Updated Information before any Federal/State funds will be disbursed.
- You must report any significant changes in financial status to the Financial Aid Office if school assistance has been awarded.
Please sign in to leave a comment.