An index of you and your family’s financial strength is based on the information submitted on your Free Application for Federal Student Aid (FAFSA) and in accordance with financial aid program regulations. Financial eligibility is the basic consideration in determining your award. Sources of financial aid include federal, state and college financial aid programs for scholarships, grants, campus employment and loans. Financial aid awards are made in accordance with federal, state and College policies and on a rolling basis. Your Financial Aid Award Notice lists specific conditions upon which your award was made (e.g., full-time enrollment, live on-campus). Any changes in these conditions will necessitate a review for possible adjustment of your award package. Eligibility for most assistance requires at least half-time enrollment.
The priority deadline for current students is May 1. All applications received after the deadline will be processed using available funds. Late FAFSA filing may result in a loss of financial aid.
Distribution of Aid
Before any College-controlled financial aid is applied to the student’s account, the student must submit a complete financial aid application, and be enrolled in classes at the census date of each term. The total annual amount of any financial aid indicated on the award letter will be disbursed in equal portions at the beginning of each term. Other education loans, scholarships, or grants will be applied to your account when they arrive and/or according to donor instructions. No financial aid is disbursed unless the appropriate forms are completed and returned to the appropriate source.
If you are a recipient of an outside award not included on your award notice, you are required to inform the Office of Student Financial Services of the source and amount. A change in your award package may be necessary.
To be considered for aid in subsequent years, students must apply annually by the announced deadline. Students who have received aid will continue to receive aid as long as they apply by published deadlines, make satisfactory academic progress (as defined by Financial Aid Policy), maintain full time enrollment and continue to demonstrate financial eligibility.
If you have been offered on-campus employment as part of your financial aid award, you may apply for on-campus employment through the Human Resources website. However, placement cannot be guaranteed. Full details concerning payment of wages and other work policies are included in an on-campus employment contract, which you must sign. On-campus employment pay is not directly deducted from tuition charges on your account. Student employees receive bi-weekly paychecks based on hours worked.
Federal regulations require that we review academic records of financial aid recipients who earn failing grades in their classes to determine if the courses were completed. If the courses were not completed (unofficial withdrawal, stopped attending), we are required to refund financial aid to the appropriate sources according to Augsburg refund policies based upon 50% of the term or on the last recorded date of attendance if the student provides that to us. You will be responsible for the entire cost of the term including the portion previously covered by financial aid if you failed your courses or stopped attending. You are strongly urged to follow the guidelines for complete withdrawal from the College. If you feel you have extenuating circumstances, you may petition to have the cost of tuition adjusted. Petition forms are available online http://www.augsburg.edu/registrar/or in the Vice President of Student Affairs’ Office, in Memorial Hall.
Medical Leave Policy
If a student is forced to withdraw from one or more courses due to illness or an accident, the refund will include the normal percentage plus one-half of the percentage adjustment, upon submission of a report from the attending doctor stating the inability or inadvisability of continued enrollment to the Financial Petition Committee (Refer to the refund schedule in the College Catalog on page 30).
By law, Loan Entrance Counseling is required for first-time borrowers in the Federal Stafford Loan Program, and the Federal Perkins Loan Program. Loan counseling informs the student about program regulations, debt management, and legal obligation for repayment. You can complete Loan Entrance Counseling online through the Augsburg College Financial Aid website. Loan Exit Counseling is also required once a student graduates or ceases to be enrolled at least half-time. You can complete the Loan Exit Counseling through the federal student loan website: www.studentloans.gov.
Financial Aid Counseling & Appointments
If you wish to speak with someone regarding your award or financial circumstances, you are encouraged to email student financial services (email@example.com) or visit Student Financial Services during their normal business hours which are 9 am – 4 pm Monday-Friday.