Laurel university

FINANCES AND FINANCIAL AID

As part of our stance to be good biblical stewards, Laurel University endeavors to both maintain high educational standards and keep the cost of education as low as possible. Gifts from alumni, friends, churches, businesses, and foundations help underwrite the full educational cost to the student. Our financial aid program assists students to meet educational expenses; the Board of Trustees reserves the right to adjust charges at any time, after giving due notice. No changes will be made during the semester or academic year unless circumstances make such action necessary.
FINANCES
FINANCIAL ARRANGEMENTS

Registration establishes a contractual agreement in which the student and the parents (if applicable) commit to pay the University in full for all charges assessed. The responsibility for the complete payment of accounts rests with the students and parents (if applicable).

All charges are due before the first day of the semester and are non-refundable.
TUITION AND FEES

Registration establishes a contractual agreement in which the student and the parents (if applicable) commit to pay the University in full for all charges assessed. It is understood that payment in full is expected by the first day of the semester for all charges due at that time. The responsibility for the complete payment of accounts rests with the students and parents (if applicable). All charges are due before the first day of the semester and are non-refundable.

UNDERGRADUATE TUITION AND FEES

Tuition for On Campus Traditional Degrees	$410 / Credit Hour
Tuition for Degree Completion Program Degrees	$320 / Credit Hour
Tuition for Online Undergraduate Courses	$320 / Credit Hour
Academic Fee	$365 / Semester
1-4 Credit Hours	$258 / Semester
4.5+ Credit Hours	$365 / Semester
Credit by Competency	$85 / Credit Hour
Biology / Science Lab Fee	$50
Christian Education Art Fee	$50
Computer Course Lab	$50
Drama Class	$50
Music Lesson Fee (15 sessions)	$300 / Semester
Campus Housing Deposit	$100 / Academic Year
Student Housing: Apartments	$3,000 / Academic Year
Student Housing: House	$3,600 / Academic Year
Tuition for International Courses	$50 / Credit Hour

GRADUATE TUITION AND FEES

Master’s Degree Tuition	$410 / Credit Hour
Doctor of Ministry Tuition	$420 / Credit Hour
Graduate Programs Academic Fee	$365 / Semester
MBA Materials Fee	$500 / Course
Personality Test	$100

MISCELLANEOUS FEES

Audit / CEU Course	$110 / Course
Change of Program Fee	$55
Books & Supplies	$300-$700 (Varies by program)
Drop / Add Fee (No charge for first drop/add)	$25 / Form
Graduation Fee	$200
Non-Participant Graduation Fee	$100
Intent to Register Fee	$100
Late Registration	$50
Return Check	$25

TEXTBOOKS

A list of all required textbooks and suggested online bookstores are available on the Laurel University website www.laureluniversity.edu.
HOUSING REFUNDS

1 – 7 days	100% Refund (Less per diem charge)
8 – 14 days	60% Refund
15 - 21 days	30% Refund

Day 1 begins the date housing is available for check-in. No refunds will be issued for housing charges after the third week of the semester. Refunds are based on official notification provided by the Director of Student Life. Students who fail to officially check-out will not receive a refund.

FINANCIAL AID

Financial aid refers to funding intended to help students pay expenses related to their education.  Sources may be from grants, scholarships and work-study programs from federal, state, institutional and private sources. Financial aid from these programs may be combined in an "award package" to meet or defray from the cost of education.

Financial Aid is not intended to cover all basic living expenses.  However, in many cases it is available to help students achieve their college goals without placing a financial burden on their families.
Financial aid may be awarded based on merit or need. Merit-based aid is awarded based on the recognition of special skills, talents, or academic ability. Need-based aid is awarded based on the applicant demonstrating financial need for the award. Financial need is the difference between the cost of attending Laurel University (COA) and the family's ability to pay. The family's ability to pay, called the Expected Family Contribution (EFC).
Students must complete the Free Application for Federal Student Aid (FAFSA) via the Internet at www.fafsa.ed.gov and apply for a PIN at www.pin.ed.gov. The PIN will allow student to electronically sign the FAFSA, Direct Stafford and Direct Plus loans Master Promissory Notes. It will also provide students access to their loan records with the National Student Loan Data System at www.nslds.ed.gov.
To qualify for federal student aid (grants, loans, and work-study funds), you have to meet certain requirements.

• 
  demonstrate financial need (for most programs);
  
• 
  be a U.S. citizen or an eligible noncitizen;
  
• 
  have a valid Social Security number (with the exception of students from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau);
  
• 
  be registered with Selective Service, if you’re a male (you must register between the ages of 18 and 25);
  
• 
  be enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program;
  
• 
  be enrolled at least half-time to be eligible for Direct Loan Program funds;
  
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  maintain satisfactory academic progress in college or career school;
  
• 
  sign statements on the Free Application for Federal Student Aid (FAFSA^SM) stating that you are not in default on a federal student loan and do not owe money on a federal student grant and you will use federal student aid only for educational purposes;
  
• 
  show that you are qualified to obtain a college or career school education by having a high school diploma or a recognized equivalent such as a General Educational Development (GED) certificate or completing a high school education in a homeschool setting approved under state law; and
  
• 
  attend classes to be eligible to receive financial aid.
  

For financial aid purposes, the following guidelines are used for student enrollment classification:

UNDERGRADUATE STUDENTS

STATUS	CREDIT HOURS
Full Time	12+ / Semester
3 /4 Time	9 / Semester
Half Time	6 / Semester
Less than Half Time	<6 / Semester

GRADUATE STUDENTS

STATUS	CREDIT HOURS
Full Time	9 / Semester
Half Time	4.5 / Semester

DOCTORAL STUDENTS

STATUS	CREDIT HOURS
Full Time	6 / Semester
Half Time	3 / Semester

FEDERAL PROGRAMS

Federal Pell Grant

The Federal Pell Grant, unlike a loan, does not have to be repaid. The amount of Pell received will depend not only on your EFC (Estimated Family Contribution), but on your cost of attendance, whether you are a full-time or part-time student, and whether you are enrolled for a full academic year or less. You may not receive Pell funds from more than one school at a time. This grant is available through the FAFSA.

• 
  The Federal Pell Grant is available to eligible Undergraduates only
  
• 
  Generally, Pell Grants are awarded only to Undergraduate students who have not earned a Bachelor's or Professional Degree
  

Federal SEOG

The Federal SEOG (Supplemental Educational Opportunity Gant) is available to eligible Undergraduates only, meaning it is available for undergrad students with the lowest EFC's and gives priority to students who receive Federal Pell Grants. SEOG Funds are limited; therefore all eligible students may not receive this award. This grant is available through the FAFSA.

Federal Work-Study

Federal Work-Study (FWS) is a federally funded program by both the Department of Education and Laurel University. This program provides part-time jobs for undergraduate students with significant financial need and is administered by the Office of Financial Aid, in accordance with the law, federal regulations, and with instructions from the United States Department of Education. Students who participate in the program have an opportunity to work on- or off-campus in order to earn money to help with school expenses while gaining valuable work experience. The program provides an opportunity for students to earn money while providing essential service to the University and engaging in community service.

Federal Direct Loans may be necessary to pay for a college education. Students are advised to always borrow conservatively. Students have the right to cancel or reduce their loans by notifying the Financial Aid Office in writing before the start of the loan period or within 14 days from receipt of the notification of disbursement.
Subsidized Stafford Loan is a need-based loan available to undergraduate students only through the U.S. Department of Education. The interest is paid by the federal government while the student is enrolled at least half-time in school.
Unsubsidized Stafford Loan is a non-need based loan available to undergraduate and graduate students through the U.S. Department of Education. Interest accrues once the funds are disbursed.
Grad PLUS Loan is a credit-based loan available only to graduate students through the U.S. Department of Education. Students must first apply for their maximum annual eligibility in Unsubsidized Stafford loans before applying for the Grad PLUS loan.
Parent PLUS Loan is a credit-based loan available to the parents of dependent undergraduate students.
Non-Federal Aid Private or Alternative loans through private lenders are also available

to students who are not eligible for federal financial aid and are based on credit worthiness. Students apply directly with the lender of their choice.

SCHOLARSHIPS

Athletic Scholarships are available through the Department of Athletics. Scholarships are awarded to athletic students to help offset the cost of tuition and other school-related expenses based on merit and academic ability.

Music Scholarships are available through the Music Department. Scholarships are awarded based on musical talent, academic ability, previous performance, commitment to the field of music, and potential achievement in the music field.
Additional Scholarships are available to students attending Laurel University. Students must check with the financial aid for information and deadlines.
Deadlines

The Financial Aid Office at Laurel University recommends specific deadlines in order to process financial aid applications in a timely manner. Students are strongly encouraged to abide by the recommended deadlines. Late applications will be processed but funds may not be available by tuition due dates.

NOTE: Due to the ever-changing nature of financial aid, please consult the Financial Aid Office regarding the latest regulations and requirements for applying for financial aid. In addition the student may have certain rights and responsibilities that relate to financial aid. Please check with the Financial Aid Office for more information.
Financial Responsibilities Must Be Fulfilled to Continue Enrollment

Students must fulfill their financial responsibilities to the University in order to remain enrolled in the program. Students who have not satisfied the appropriate financial aid requirements and/or who have Not paid their tuition and fees will not be allowed to continue to progress through the curriculum. Students who are late paying their tuition and/or fees will receive notice stating that payment is past due and they must fulfill their financial responsibilities to the University to continue their enrollment.

REFUND POLICY

The student must completely withdraw from ALL classes for a semester in order to receive a partial refund depending on the percentage of the semester that has passed since registration. The refund amount for students completely withdrawing from the semester after the last day to drop/add for the term is based on Department of Education Refund Policy.

Return of Title IV Federal Student Aid

Federal Student Aid funds are awarded on the assumption that a student will attend school for the entire period for which the assistance is awarded. Students who withdraw from the University are only eligible for the financial aid they have earned at the time of the withdrawal. This requirement applies to you ONLY if:

1. You receive federal student aid, and

2. You withdraw prior to completing 60% of the period for which the aid was provided.

Title IV funds disbursed in excess of the earned amount must be returned by the University or student to the federal government. This situation could result in the student owing aid funds to the University, the government, or both. The federal formula requires a return of Title IV aid if the student received federal financial assistance in the form of a Pell Grant, Supplemental Education Opportunity Grant, Federal Direct Student Loan, or PLUS loan.

To determine the amount of aid the student has earned up to the time of withdrawal, the financial aid staff will divide the number of calendar days the student attended classes by the total number of calendar days during the payment period (less any scheduled breaks of five days or more). The resulting percentage is then multiplied by the total federal funds, which were disbursed (either to the student's University account or to the student directly by check) during the payment period. This calculation determines the earned amount of aid (for example, if the student attended 25% of the payment period, the student will have earned 25% of the aid disbursed).

If the resulting percentage is more than 60%, financial aid is 100% earned and no refund of Federal funds is required from the University or from the student. The unearned amount (total aid disbursed less the earned amount) must be returned to the federal government by the University.
Financial Aid will notify students of the unearned funds that were returned by the school on their behalf. For “Official withdrawals," the date on the withdrawal form signed by the student and the Dean/Academic Advisor Director is used in the earned amount calculation. For "unofficial" withdrawals, the documented date of withdrawal is used.
Distribution Order of Refunds

Refunds will be credited back to student aid program accounts in the following order:

Title IV programs –

• 
  Unsubsidized Federal Stafford Loans
  
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  Unsubsidized Federal Stafford Loans
  
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  Federal PLUS Loans/Grad Plus Loan
  
• 
  Federal Pell Grants
  
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  Federal Supplemental Education Opportunity Grant
  
• 
  Teach Grants
  

Students whose circumstances require that they withdraw from the program are strongly encouraged to contact the Financial Aid Office before doing so. At that time, the consequences of withdrawing from all classes can be explained and clearly illustrated.

FINANCIAL AID DISBURSEMENT PROCESS

Your awards are subject to the following:

You must maintain satisfactory academic progress (see SAP Standards).

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  Financial aid disbursement dates are contingent upon the dates listed on your award letter and on the scheduled start date(s) of your classes. Please refer to the 2014-15 Financial Aid Disbursement Dates.
  
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  You must be attending at least six (6) units to receive Federal Stafford Direct Loan(s), Federal Supplemental Educational Opportunity Grant (FSEOG) and Federal Work Study (FWS).
  

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  Disbursements will be 21 days after the student becomes eligible.
  
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  If you have been awarded a Pell Grant, disbursement is based on the number of units you're attending at the end of the drop/add published date. There will be no increase in the Pell Grant if you are over 12 units.
  

1. 
   The award will be reduced to 75% if attending 9-11.5 units. 
   
2. 
   The award will be reduced to 50% if attending 6-8.5 units. 
   
3. 
   If you are attending less than 6 units, you may or may not be eligible to receive a Pell Grant.
   
4. 
   Pell Grants are disbursed twice a semester for fall and spring (depending on when your file is processed and the number of units you are in at the time of disbursement).
   
5. 
   If you decrease your attendance after your first disbursement, you may end up owing money back.
   
6. 
   Depending on your eligibility, if you increase your attendance status, e.g., go from half-time to three-quarter time, you may be eligible for additional funds. Adjustments will be process according to the financial aid disbursement process.
   
7. 
   Summer disbursements are contingent upon remaining eligibility and meeting Financial Aid Satisfactory Academic Progress (SAP) standards.
   
   
   

Causes for Delay of Disbursement

To prevent a possible delay in your disbursement you will want to ensure that you don't have any of the following circumstances:

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  Satisfactory Academic Progress - You must meet Satisfactory Academic Progress Standards to receive financial aid.
  
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  Academic Suspension - You are not eligible for financial aid if you are suspended for academic reasons
  
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  Resources Not Yet Available - Some awards, such as a Parent PLUS Loan, may require processing time before funds are available to you. Make sure that you apply for such funds with time to allow processing or make other arrangements to pay your tuition, fees and/or books.
  
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  Keep Your Address Current by Updating Your Campus SIS or by contacting the business office (checks will not be forwarded by the Post Office).
  
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  Holds - A No Refunds Hold will not allow any refund to disburse via eRefund or paper check. To View Your Holds, please log into Campus SIS or contact the business office.
  
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  Certificate Programs are not eligible for Financial Aid (grants/student loans)
  

Calculation of Amount of Student Financial Aid (SFA) Program Assistance Earned

The amount of Student Financial Aid (SFA) Program assistance earned depends on the date of student withdrawal. The percentage earned is based on the following criteria:

1. 
   If the student withdraws on or before the 60 percent completion of the enrollment period/payment period, the percentage earned is equal to the percentage of completion of the enrollment period/payment period, for which the assistance was awarded; or
   
2. 
   If the student withdraws, after 60 percent completion of the enrollment period/payment period, the percentage earned is 100 percent.
   

Return of Unearned SFA Program Funds

If the student receives more SFA Program assistance than the amount earned, the school, or the student, or both, must return the unearned funds as required. Laurel University must return the lesser of:

1. 
   The amount of SFA Program funds that the student did not earn; or
   

2. 
   The amount of institutional costs that the student incurred for the payment period or period of enrollment multiplied by the percentage of funds that was not earned.
   

The student must return or repay, as appropriate, the remaining unearned SFA Program loan funds.