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Financial Aid

How to Apply for Financial Aid | Financial Aid Questions | Student Consumer Information

Federally funded student loan programs are available to all U.S. students according to federal guidelines. The Federal Student Loan Reform Act of 1993 created the William D. Ford Federal Direct Student Loan Program, which consists of the Federal Direct Subsidized Loan and the Federal Direct Unsubsidized Loan. The U.S. Department of Education is the lender and delivers loan proceeds through the School. Rollins College will process your application and disburse your approved loans after the start of classes. When it is time for repayment, you will send all loan payments to the Department of Education. A variety of repayment options are available. Interest rates for Direct Stafford Loans are variable and may change each year of repayment. Interest rates will not exceed 8.25%. For more detailed information on Direct Loans you can go to www.ed.gov/DirectLoan.

NEW! Federal PLUS Loan Program
As a result of the Higher Education Reconciliation Act of 2005, graduate students are now eligible to borrow under the Federal PLUS Loan Program.  Once reserved only for the parent of a dependent undergraduate student, graduate students will be eligible to apply for a Federal Graduate PLUS Loan up to their cost of attendance, minus other estimated financial assistance.  This new loan program will be in effect for loan periods beginning after July 1, 2006.  Therefore, this program will be available starting with the 2006-2007 academic year.

Applicants are required to complete the Free Application for Federal Student Aid (FAFSA). We expect that a student borrower would wish to receive a Federal Graduate PLUS Loan to supplement the maximum Federal Subsidized and/or Unsubsidized Stafford Loan amounts that he or she is eligible to receive. As a Direct Loan school, all Federal Stafford and PLUS loans are processed through the William D. Ford Federal Direct Loan Program. We encourage graduate students to consider this financing option before pursuing alternative private education loans.

The terms and conditions applicable to the Federal Parent PLUS Loan will also apply to the Federal Graduate PLUS Loan. These terms and conditions include the following:

• A PLUS applicant must not have an adverse credit history. To determine whether a borrower has an adverse credit history, a credit check must be completed. An applicant who is determined to have an adverse credit history may receive a PLUS loan if he or she obtains an endorser who does not have an adverse credit history.
• The repayment period for PLUS loans begins on the date of the final disbursement of the loan, and the first payment is due within 60 days after the date the loan is fully disbursed. However, a graduate PLUS borrower may receive a deferment while he or she is enrolled on at least a half-time basis at an eligible school. Upon dropping to less than half-time enrollment status, the borrower is not entitled to a grace period on his or her graduate PLUS loans.
• The fixed interest rate on PLUS loans first disbursed on or after July 1, 2006, will be 7.9 percent.
• In addition to the above requirements, a graduate PLUS loan borrower is subject to all Title IV student eligibility requirements.

Federal Direct Subsidized Loans
A subsidized loan is awarded based on financial need. Payment of these loans is completely deferred until you graduate or cease to be enrolled on at least a half-time bases. The federal government "subsidizes" the interest. Graduate students may borrow up to their calculated financial need or $8,500, whichever is less.

Federal Direct Unsubsidized Loans
An unsubsidized loan is not awarded on the basis of need. The borrower is responsible for paying the interest on the loan while enrolled or allowing it to accrue and to be capitalized on the loan. If the interest is allowed to accrue, it will be added to the principal amount of your loan, and additional interest will be based on that higher amount. Graduate students may borrow up to the average cost of attendance or $18,500, less any amounts received under the Federal Direct Subsidized Loan per year.

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How to Apply for Financial Aid

• Apply and be accepted for admission to your program.
• Complete the Free Application for Federal Student Aid (FAFSA) on-line at www.fafsa.ed.gov. Be sure to list Rollins College (code 001515) as a recipient of your information.
• Some applicants are selected for an accuracy review known as "Verification." If your application is selected, you will be asked to provide signed copies of your prior year U.S. Income Tax Returns.
• Tuition and fees are due at registration. If you are a late financial aid applicant, you must pay your tuition at registration. If you then qualify for any late financial aid, you will be reimbursed accordingly.

To be considered for federal financial aid, your application must be completed and processed no later than 30 days before the end of your enrollment period. To receive a financial aid deferment of tuition prior to the semester, all steps in the application process must be completed at least 30 days prior to the first day of advertised registration. Applications completed after registration has begun will be accepted, but there will be no financial aid deferment of tuition. Please understand that a deferment of tuition is an extension of the payment due date. It is NOT a guarantee of eligibility for financial aid. Deferment will be extended up to 30 days into the semester. If it is determined that you are not eligible for aid, or if unresolved problems exist, you will be responsible for paying the deferred tuition.

Alternative Loan Options

Private loan programs are also available which allow students to borrow additional funds up to the cost of attendance minus any Direct Loans funds already available. The credit record and the ability to repay of the applicant are considered. These loans may be used to supplement other forms of financial aid and cannot exceed the average cost of education less any other financial aid. A separate application must be submitted to the lender. International applicants may wish to consider a bank-originated loan with a U.S. citizen as a co-signer.

Loan Web Forms

Online Entrance Counseling

Electronic Master Promissory Note

Online Exit Counseling

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Financial Aid Questions

• How will I be notified of important financial aid information?
• In how many hours must I be enrolled to receive student loans?
• When will my loans be disbursed?
• When will my credit balance be refunded?
• What happens to my financial aid if I must withdraw from class or am unable to complete a semester?
• Are there other general types of information I might want to know?

How will I be notified of important financial aid information?

Please be aware that the Financial Aid Office may use electronic means to communicate with you. It is your responsibility to keep your Rollins' e-mail address current and to read messages that are sent. It is also impotant that you keep your mailing address and phone number current with records' officials.

In how many hours must I be enrolled to receive student loans?

You must be enrolled at least 6 semester h ours to receive student loans. Financial aid will not become final until your enrollment for the semester has been confirmed and all other eligibility requirements have been met. We will begin confirming enrollment at the beginning of each semester.

When will my loans be disbursed?

If you are a new borrower at Rollins, you must complete Entrance Counseling and sign a Master Promissory Note before your loan(s) may be disbursed, If you signed a Mater Promissory Note in prior years you will not be required to complete another one. Once your financial aid has been finalized, your account will automatically be credited. If your financial aid is processed before the semester begins then your aid will be disbursed on the first day of class.

When will my credit balance be refunded?

If your total financial aid exceeds your bill, the Bursar will issue a refund. The refunding process generally does not begin until about two weeks into the semester. Because the proceeds from your financial aid cannot be made available to you until after the term has begun, you will need to make arrangements to pay for books and other related expenses at the beginning of the term.

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What happens to my financial aid if I must withdraw from class or am unable to complete a semester?

If you must withdraw from class you may be required to repay a portion of your financial aid. Eligibility for financial aid is based on the costs involved with attending for an entire semester. Please read the following Return of Title IV Aid policy carefully.

In the event that a student who received the Title IV funds completely withdraws, is expelled, drops out, or otherwise fails to complete a period of enrollment for which charges are incurred, the College will first determine whether:

• The student did not attend any class and therefore overpayment provisions apply. In this situation 100% if the aid funds would be returned to the Title IV, State or Institutional programs; or
• The student attended at least 1 class and regulatory repayment requirements apply. In this situation, the College must calculate the amount of aid that was "unearned" at the time of departure from the College.

Unearned Title IV funds must be returned to the appropriate financial aid program. A student "earns" Title IV funds in direct proportion to the length of time he or she remains enrolled. The percentage of time during the period that the student remained enrolled is the percentage of aid for that period that the student earned. For example, if a student remains enrolled in 50 out of 100 calendar days for a semester, that student has earned 50% of his or her aid. Therefore, using the example, 50% of the aid must be returned to the appropriate aid programs(s). A student who remains enrolled for at least 60% of the semester will earn all of his or her aid for that semester.

A student who abandons (drops out) his/her classes without officially notifying the college will have a portion of aid cancelled and returned to the appropriate program. The midpoint of the semester will be used as the withdrawal date for students who fail to provide official notification.

According to Federal Guidelines, the responsibility for repaying unearned aid may be shared by the college and the student in proportion to the aid each is assumed to possess. The college share is the lesser of: a) the amount of unearned aid or b) institutional charges multiplied by the percentage of aid that was unearned. The student's share is the difference between the total unearned amount and the institution's share. It is Rollins College policy to return aid to the appropriate federal program on the student's behalf. Therefore, students will be required to make payment to the college rather than the federal program.

Unearned Title IV aid result in a reduction to each aid program in the following order:

Federal Unsubsidized Direct Loan
Federal Subsidized Direct Loan

Reduction of the above programs may create a balance that will be due from the student to the college. Aid from the institution will be reduced by the same percentage of credit given against tuition. The percent of credit given against tuition is dictated by the college refund policy.

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Are there other general types of information I might want to know?

Satisfactory Academic Process (Required to maintain eligibility for financial aid)
Federal regulations governing financial aid programs require students to maintain satisfactory academic progress. A minimum of a 2.0 GPA is required at all times. GPA's are checked once a year at the end of the spring term. A student who fails to maintain a cumulative 2.0 GPA iwll be placed on Financial Aid Warning for the next year. Aid recipients must also complete a minimum number of credit hours each year. A student who does not complete at least 67% of the courses for which he or she is enrolled, will be placed on Financial Aid Warning for next year. A withdrawal from a class constitutes a class that was not completed and will affect a student's completion standard. An F grade constitutes a class that was not completed but also affects the GPA.

Financial Aid Warning
A student placed on Financial Aid Warning will have one year in which to bring his or her progress up to standard. This means bringing the cumulative GPA up to a 2.0 and completing at least 67% of the credit hours attempted. Failure to bring progress up to standard by the end of the Warning year will result in automatic Financial Aid Termination

Financial Aid Termination
A student whose eligibility for financial aid has been terminated may choose to either enroll in courses without financial aid until progress is re-established or appeal to the Student Aid Appeals Committee. Students terminated due to a deficient GPA may reestablish eligibility by bringing the GPA above a 2.0. Students terminated due to completion may appeal for reinstatement after having completed the equivalent of one full-time semester without financial aid.

Appeals
The Student Aid Appeals Committee may approve exceptions to the policy based on individual mitigating circumstances. The circumstances should involve unique one-time occurrences and should not involve issues that are recurring. Examples of mitigating circumstances might include severe illness, death of a family member...etc. To appeal, you must submit a letter of explanation, along with copies of any documentation appropriate to support your appeal. The letter must be received by the Financial Aid Office no later than 30 days from the date of the terminiation letter. A student whose appeal is approved will have one additional semester in which to re-establish satisfactory academic progress. A student whose appeal is denied may file a second appeal after completing the equivalent of one full-time semester without financial aid and making no grade less than a "C". This coursework may be taken at Rollins College or at another accredited college whose courses will transfer to Rollins. The decision of the Student Aid Appeals Committee is final and may not be further appealed.

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Student Consumer Information

Rollins College is accredited by the Southern Association of Colleges and Schools (SACS). Please contact the Financial Aid Office for specific information relating to: The cost of attendance, or available financial aid programs. Graduation/Retention rates and information relating to the athletic program may be obtained by contacting the Director of Institutional Research at (407)646-2375. Information on campus crime statistics may be obtained by contacting Campus Safety at (407) 646-2999.

The Family Educational Rights and Privacy Act (FERPA) assures the confidentiality of your educational record. This Act also allows you access to information contained in your educational record. Please contact the appropriate office if you would like access to any information held.

If you are a financial aid recipient you have certain rights and responsibilities:

You have the right to:

• Confidentiality - the privacy of your file is protected.
• Appeal financial aid decisions about your application. Written appeals should be submitted to the Student Aid Appeals Committee in care of the Office of Financial Aid.
• Information about the terms and conditions of financial aid programs. This information is provided in the Student Aid Award Notice enclosures.
• Inspect your education records and request amendment of those records, if you believe them to be inaccurate, by contacting the Dean of your program.
• File a complaint with the Department of Education if you believe your right to confidentiality has been compromised.
• Defer Direct Loan payments for Peace Corps or certain other types of colunteer service after you graduate.

You are responsible for:

• Submitting accurate applications and forms before the deadlines

• Following instructions for application, renewal of aid or resolving problems.
• Providing the Crummer Graduate School with accurate permanent and local addresses and telephone numbers.
• Notifying the Office of Financial if a change in your familty financial situation occurs, or if you receive assitance from an outside source.
• Reading the provided information about the terms and conditions of all aid programs.
• Requesting special assitance when it is needed.
• Maintaining satisfactory academic progress according to the policies established for financial aid recipients.

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