2014-2015 Financial Aid Award Package

Welcome to Cameron University!!!

Your award letter details the financial aid package being offered to you for the 2014-2015 academic year.  Your financial aid package is based on your Expected Family Contribution (EFC), financial need, availability of funds and full time enrollment status.  You may be eligible for one type of aid or a combination of grants, loans, work-study and scholarship assistance.  Revisions to this offer can occur during the award year if there are regulatory changes to federal and state aid programs, changes in your enrollment status, if you receive additional educational funding or do not maintain satisfactory academic progress (SAP).  Please review this document carefully and keep it for future reference.  For questions regarding your financial aid, contact our office at (580)581-2293 or email financialaid@cameron.edu.

Financial Aid Eligibility Requirements

You may be eligible for financial aid at Cameron University if you meet the following requirements:

  • Degree-seeking undergraduates may be eligible for any program.
  • You are making Satisfactory Academic Progress (SAP) towards a designated degree.
  • You are not in default on a Guaranteed Student Loan, or PLUS/SLS Loan.
  • You do not owe an overpayment on a Pell, SEOG, ACG, SMART or TEACH Grant.
  • If you have completed a bachelor’s degree, you are not eligible for PELL, SEOG, OTAG or OK Promise grant programs.

Federal Pell Grants

Pell grants are awarded to eligible undergraduate students who are working on their first bachelor’s degree.  The maximum Pell award for 2014-2015 is $5,730.  Pell grants will fund up to 12 credit hours per term and up to 24 credit hours per year.  If you are Pell eligible, you will be funded as follows:

If enrolled in:

You will be funded for:

You will receive:  

1 – 5 hours

Less than half time

25% of your Pell eligibility

6 – 8 hours

Half time

50% of your Pell eligibility

9 – 11 hours

Three quarter time

75% of your Pell eligibility

12 + hours

Full time (12 hours)

100% of your Pell eligibility

 

Students are limited to a lifetime maximum of 12 terms of full-time Pell payments or its equivalent for part-time study.  If you are near or have met the Federal Pell Lifetime Eligibility Used (LEU), the Department of Education will notify you on the Student Aid Report (SAR) regarding your status.  You may log on to National Student Loan Data System (NSLDS®) using your Federal Student Aid PIN to monitor your LEU status. The LEU will be found on the Financial Aid Review page.

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Federal Student Loans

If you find that you will need to borrow money to assist in covering the complete cost of your college education, there are federal loans available to you.  Cameron University participates in the William D. Ford Federal Direct Loan Program where students borrow directly from the federal government.  Just like any other loan, these loans are repaid with interest.  Three common types of federal student loans are:

  1. Direct Subsidized Loans

    a.  Loans made to eligible undergraduate students who demonstrate financial need to help cover the cost of higher education.

    b.  The U.S. Department of Education pays the interest on your Direct Subsidized Loan while you’re in school at least half-time (at least 6 credit hours), for the first six months after you leave school and during a period of deferment.

    c.  NEW for 2014-2015!!  If you are a first-time borrower on or after July 1, 2013 there is a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized Loans.  This time limit does not apply to Direct Unsubsidized Loans or Direct PLUS Loans.  If this limit applies to you, you may not receive Direct Subsidized Loans for more than 150 percent of the published length of your program. This is called your “maximum eligibility period”.  Your maximum eligibility period is based on the published length of your current program.  A change in program may change your length of eligibility.

  2. Direct Unsubsidized Loans

    a.  Loans available to undergraduate, graduate, and professional students.  You do not have to demonstrate financial need to be eligible for a Direct Unsubsidized Loan.

    b.  You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods of enrollment.  If you choose not to pay the interest while you are in school and during grace periods and deferment, your interest will accrue and be added to the principal amount of your loan.

  3. Direct PLUS Loans

    a.  Available to parents of dependent undergraduate students (and in some instances graduate level students) to help pay for education expenses not covered by other financial aid.

NEW for 2014-2015!!

First-Time Loans for Freshman Borrowers

In keeping with federal regulations, Cameron University will apply an automatic 30-day delayed disbursement to loan disbursements for first-time freshman level students.

This means that if you are a first-time freshman borrower, your loan will not disburse to you until 30 days AFTER the first day of the term.

We encourage you to visit http://studentaid.ed.gov/types/loans for more detailed information about the federal loan program such as grade level/lifetime maximum borrowing limits, time period limits, repayment schedules, grace period, interest rates, deferment, etc. 

To receive a Federal Direct Student Loan you must be eligible based on the outcome of your FAFSA application, enrolled in at least six credit hours, be eligible for loan funds after other outside sources (scholarships and BIA) have been computed and accept your loans on Aggie Access.  Your financial aid package will include the maximum loan amount you are eligible to borrow. We encourage you to carefully review your expenses and resources and borrow only what you need.  If you are loan eligible, you will be funded as follows:

If enrolled in:

You will be funded for:

Undergraduate:  6 – 11 hours

Part time

Undergraduate:  12 + hours

Full time

Graduate:  6 – 8 hours

Part time

Graduate:  9 + hours

Full time

All first time borrowers are required to complete Entrance Counseling and submit a Master Promissory Note (MPN) before receiving any loan funds.  Entrance Counseling is a mandatory information session that explains your responsibilities and rights as a student borrower.  The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education.  It also explains the terms and conditions of your loan(s).  You will go to www.studentloans.gov to complete both the entrance counseling and MPN.  You should expect for it to take you about 30 minutes for each document.  You will need your FAFSA PIN to sign into the web site.

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Federal PLUS Loans (for parents)

If you are a parent of a dependent student and would like to apply for a Parent PLUS loan, you may complete an application and master promissory note online at www.studentloans.gov .  You must use your Federal Student Aid PIN to complete the application.  If you do not have one, you may request one from http://www.pin.ed.gov.  Parents completing a PLUS eMPN must use their own PIN number, not their child’s number.

Other Grants and Funding Sources

SEOG (Supplemental Educational Opportunity Grant)

SEOG is a federally funded grant program.  Eligibility requires a zero EFC number.  Funds are very limited for SEOG and awards are based on first apply – first awarded.

OTAG (Oklahoma Tuition Assistance Grant)

OTAG is funded by the Oklahoma State Regents for Higher Education (OSRHE).  You must be enrolled in at least 6 hours and be an undergraduate student to receive OTAG funding.  OTAG awards are distributed on the basis of first applied, along with strict income guidelines and availability of funds.  Any OTAG awards posted on your award letter are only projections at this time and do not guarantee funding.  OSRHE does not release OTAG funds until late September in the fall term or late February in the spring term.  Cameron University Business Office does not allow any charges against this funding source until posted to the student account.

Oklahoma Promise

The Oklahoma Promise Scholarship covers the cost of tuition for students who meet the program’s requirements as determined by OSRHE.  The scholarship applies for up to five years after high school graduation or until completion of a bachelor’s degree, whichever comes first.  The scholarship does not cover mandatory fees, books, housing or other institutional charges.  Oklahoma Promise scholarships are awarded based on eligibility requirements mandated by the Oklahoma State Regents and the CU SAP policy.

Institutional and Non-Institutional Scholarships

All institutional and non-institutional scholarship aid must be included in your financial aid package regardless of the source or method of payment.  Students who receive assistance from outside sources are required to report this to the financial aid office.  Adjustments to your aid package may be necessary as a result of your receipt of this aid.  If the aid you accepted is equal to your need, we will reduce your aid package (usually loans or federal work-study) by the amount of your scholarship to ensure that the total amount of aid you receive does not exceed your need.

Tuition Waivers

If you have a tuition waiver, your tuition will be reduced by the total amount of the waiver.  A tuition waiver is not paid in cash to you; rather, your tuition charges will be reduced by the amount of your waiver.

Federal Work Study, Institutional Work Study

The work study program is a student employment program that provides students with an opportunity to be placed in part-time jobs on campus that accommodate their academic schedules.  There are two types of work study available - federal and institutional.  All students will qualify for institutional-funded employment.  Federally-funded employment requires that you have federal eligibility as determined by the outcome of your FAFSA and be enrolled in at least 6 credit hours.  Institutionally-funded employment requires that you be enrolled in at least 6 credit hours for fall or spring, or 3 credit hours for summer.  To apply, go to http://www.cameron.edu/personnel/studentemployment or use Student Quick Links in Aggie Access.  All work study earnings are processed through the payroll department and are made available by the 10th of each month.

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Get Your Refund!

Financial aid is disbursed five to seven days prior to the beginning of each term or seven to ten days after eligibility and enrollment are confirmed after the term begins.  Aid will be applied to current aid year institutional charges on your student account.  Institutional charges include tuition, fees, housing and meal charges.  Federal student aid cannot be automatically applied to prior year aid balances.  Any remaining amounts will be refunded to you.  All refunds due to you from the university will be disbursed through your Aggie One card according to the refund preferences you selected when you activated your card.  If you do not already have an Aggie One Card, Higher One will mail a card to you once you enroll in your first term of classes at Cameron.  Do not throw the card away as a replacement fee will be assessed when a new card is requested.  You may check on the status of your card and find answers to your questions online at www.aggieonecard.com.  Please contact the Cameron cashiers at (580) 581-2219 for issues with your card that cannot be resolved online.

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Withdrawals and Repayments

If it is necessary for you to cancel or discontinue your enrollment in a course(s), it is your responsibility to follow all official university withdrawal procedures as noted in the student catalog.  There are federal regulations pertaining to recipients of financial aid funds who withdraw from school prior to the completion of the term.  They may require the school and student to repay some or all of the financial aid that was received.  These “return of funds” regulations apply only if you withdraw before completing at least 60 percent of the term.  Regulations require that students “earn” financial aid over the course of a term by attending and participating in classes.  If you leave school during the semester without officially withdrawing, a return of funds will be calculated based on your last day of class attendance. Withdrawing may result in a financial debt for you. You must repay the required amount during the term in which you withdraw.  Students failing to repay the required amount will have a hold placed on their student account and will not be eligible to re-enroll until payment is received. We strongly urge you to visit with a financial aid counselor prior to withdrawing.

Students receiving federal financial assistance who completely withdraw from all classes, or fail to receive a passing grade in all courses during a period of enrollment, will be subject to the Return of Title IV Funds (R2T4) refund policy required by federal regulation. This policy applies to students receiving assistance through the Federal Pell Grant, Federal Supplemental Education Opportunity Grant, Federal Direct Subsidized Loan, Federal Direct Unsubsidized Loan, Federal Direct PLUS loan, Federal TEACH Grant and Iraq and Afghanistan Service Grants.

This policy assumes students earn their financial aid based on the period of time in which they are enrolled through the term. This policy refers to two types of withdraws: official and unofficial. When a student officially withdraws, the Office of the Registrar will notify the Office of Financial Assistance of the withdrawal to include official withdrawal dates.  The Office of Financial Assistance will determine the institutional charges, aid disbursed and financial aid that could have been disbursed.

At the end of each term, those students who did not receive a passing grade in any of their courses will be considered an unofficial withdrawal. These students’ withdrawal dates will be at the midpoint in the term, the last date of documented attendance, or any scheduled academic event related to the period of enrollment that can be verified by the Office of Financial Assistance.

After determining students’ withdrawal dates, official or unofficial, the Office of Financial Assistance must then determine if the amount of aid disbursed to the student is greater than the amount the student earned. Any unearned funds must be returned to the federal student aid programs.  If at the time of withdrawal the amount disbursed to the students is less than the amount they earned, they may be eligible to receive a post-withdrawal disbursement of earned aid not yet disbursed. If students or parents are eligible for a post-withdrawal disbursement, they will be notified by email and will have 14 days to respond and approve or deny the post-withdrawal disbursement. The return of unearned aid may be the responsibility of the University, the student or both.

The Return of Title IV (R2T4) calculation uses the number of days enrolled divided by the number of days in the term to get the percent of aid earned.  Students who remain enrolled beyond 60 percent of the term are considered to have earned 100 percent of aid received. Students who are enrolled for less than 60 percent of the term will likely be responsible for repaying a portion of the financial aid received.

When performing a Return to Title IV (R2T4) calculation, all students’ institutional charges, i.e., tuition, fees, room and board, are included in the calculation, as well as all disbursed federal aid. Any refund amount calculated from this formula that the University must return will be returned to the appropriate federal aid programs in the following order:

  • Federal Direct Unsubsidized Loans
  • Federal Direct Subsidized Loans
  • Federal Direct PLUS Loans
  • Federal Pell Grant
  • Federal Supplemental Education Opportunity Grant (SEOG)
  • Federal TEACH Grant
  • Federal Iraq and Afghanistan Service Grant

Any unearned aid that students owe the federal aid programs must be returned to the school within 45 days or the student will lose future Title IV eligibility until the overpayment is paid in full. Students’ initial repayment responsibility will be to the following programs:

  • Pell Grant
  • Federal Supplemental Grant (SEOG)

Any loan funds returned as a result of the Return of Title IV (R2T4) calculation process will go into repayment based on the regular repayment terms of their promissory note.

Students must be aware that when the institution is required to return unearned funds due to their withdrawal, they may have a balance due to the school. This balance is separate from any overpayment the student must repay due to withdrawal.

The University must return unearned funds for which is it responsible as soon as possible, but no later than 45 days from the determination of a student’s withdrawal.  Students will be notified by email within approximately ten days of this completed process.

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Satisfactory Academic Progress (SAP) Policy for Financial Aid Recipients

To encourage the completion of degree/certificate programs within a reasonable time frame and to comply with federal, state and institutional requirements, all financial aid recipients must maintain satisfactory academic progress (SAP) as a condition for receiving financial aid.  This policy only pertains to federal and state aid recipients.  Scholarship recipients must meet the eligibility requirements of those respective programs.  SAP requires financial aid recipients to meet the following:

1)     Maximum Time Frame

  • Students enrolled in a 124 credit hour undergraduate degree program are granted aid through 186 hours of attempted credit hours.  Students enrolled in a 128 credit hour undergraduate degree program are granted aid through 192 hours of attempted credit hours.
  • Students enrolled in a 33 credit hour masters program are granted aid through 50 hours of attempted credit hours.

2)     Grade Point Average

All grades count in the GPA for SAP purposes, including repeat and  remedial grades.

  • Undergraduate students with up to 30 credit hours attempted from all institutions must have a cumulative grade point average of 1.7 or greater.
  • Undergraduate students with more than 30 credit hours attempted from all institutions must have a cumulative grade point average of 2.0 or greater.
  • Graduate students must have a cumulative grade point average of 3.0 or greater.                                           

3)     Progress to Degree Completion (PACE)

  • Students must complete at least 67% of all hours attempted.

SAP is monitored annually at the conclusion of the spring term.  Financial aid recipients who do not meet these conditions may lose their financial aid eligibility.  A student’s entire academic history, including transfer hours, is considered for purposes of this policy regardless of whether the student received financial aid at the time the credit hours were completed.  Students will receive notification if they are not meeting minimum SAP standards.  An appeal process is available and is described in the SAP policy found at www.cameron.edu/financial_aid/sap.

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Summer Financial Aid Package

Summer financial aid is not automatic.  You may be Pell eligible if you did not receive full Pell funding during the fall and spring terms.  Total loan eligibility is awarded at the beginning of the aid year to be utilized in the fall and spring terms only.  If you anticipate the need to use loan funds to cover summer enrollment, you must either adjust the amount of loans that you accept or contact a financial aid counselor to discuss a revision of your aid package.  If you are interested in financial aid for the 2015 summer term, complete and submit a Summer 2015 Assistance Application AFTER you have enrolled for the term.  Applications will be available at www.cameron.edu/financial_aid after summer enrollment opens.

Student Financial Responsibility

If your total financial aid package does not cover all of your charges at Cameron University or if changes made to your aid package after aid has disbursed creates a balance, you are responsible for the balance.  Student account detail and balances can be viewed and paid on Aggie Access.

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