Financial Aid Information

How do I check the status of my financial aid application?

Once you have completed your FAFSA, you should receive a confirmation e-mail from the Department of Education that your FAFSA has been processed. Felbry College usually receives your FAFSA within 2-4 business days from the time your FAFSA has been processed. We encourage students to check their online financial aid records for any additional documents that we may need in order to process your aid. This is also where you can view your awarded financial aid.

Do I need to complete a FAFSA every year?

Yes. In order to ensure you meet all federal, state and institutional deadlines, your FAFSA should be completed as soon after January 1 as possible.

Can I take a leave of absence from Felbry without losing my financial aid?

Students are allowed to stop-out for up to one year and keep their academic scholarship eligibility, provided they do not attend another College in that time. For all other aid types, a student must be enrolled as at least part-time status to be eligible.

If my parents are divorced or separated, whose financial information would I use on my FAFSA?

If your parents are divorced or separated, use the financial information of the custodial parent or the parent whom you have lived with the most over the past 12 months. In the case that you don’t live with either parent, or have spent equal time with both parents, use the parent who has provided you with the most financial support over the past year.

Why does my sibling’s financial aid eligibility differ so much from mine?

If you and your sibling attend different schools, the difference between the costs of attending each school could explain this. If you both attend Felbry College, the difference between each person’s earnings and assets during the last calendar year may affect eligibility.

Do you offer aid packages for veterans?

Felbry accepts students with veteran benefits. Learn more about veteran benefits at http://benefits.va.gov/benefits/

I have a credit balance on my account. How do I request a refund?

Students may request a Credit Balance Refund through the Business Office. Credits will be applied to any outstanding accounts with the College before a refund is issued. Refund requests will be processed within 14 working days.

I have been selected for verification – what does this mean?

The Department of Education may randomly choose you for document verification, or in the case of conflicting aid information, Felbry College may as well. If you have been selected for verification, before we can continue processing your financial aid application, we will require:

  • Signed and completed Verification form
  • Signed Student’s Federal Tax form
  • Signed Parent(s) Federal Tax form (dependent student)

I would like to speak to a counselor in person. How can I make an appointment?

You can come into or call the Office of Financial Aid Services at (614) 781-1085, Tuesday through Friday, 8:30am – 5:00pm and request to speak with a counselor or make an appointment. Appointments can also be made through e-mail at finaid@felbrycollege.edu.

How do I know the amount granted is the amount disbursed for my Stafford Loan?

Students can track their indebtedness by reviewing their loan disbursements on the National Student Loan Database Services website. Students can see what was borrowed each academic year. This is a good way to ensure that the awarded and actual loan amounts are the same.

How much am I eligible to borrow as a nursing student?

Students are eligible to borrow up to $9,500 in Federal Direct Stafford Loan funds each academic year. An academic year at Felbry College comprise of spring, summer and fall semesters. Should a student begin mid-year the academic year is whatever semester(s) remain.

Can I change my loan amount?

Loan amounts can be changed at any time during the academic year, even if the funds have been released to the school. Students should return their financial aid notification within the 15 days indicated on their award letter so that the adjustments are applied before funds we requested are refunded to the student.

When is financial aid funds applied to students account?

Financial aid funds are applied to students’ accounts at the beginning of each semester. Student should expect to see their loan funds applied to their account within the first few weeks of class.

Why are my loans at an “estimated” status?

Loan funds are estimated until we request them from the Department of Education. They will remain at an estimated status until the first week of classes each semester. If the loans are at that status beyond that point, verify whether the Master Promissory Note and Entrance Counseling were completed at www.studentloans.gov. Also, be sure that 15 days have passed from the time that the financial aid notice was mailed.

What is a best-practice for dealing with financial aid?

To best utilize the resources available students should understand their costs of attendance. Knowing the costs, both direct (tuition and fees) and indirect (books and personal expenses) will allow students the opportunity to better plan for college. Often times students over borrow. Miscellaneous, travel and personal expenses are part of a student’s financial aid budget. However, students should try to keep indirect costs to a minimum. For example, even though a line item of their budget is designated for travel a student should not think their financial aid would cover car payments.

What is a Master Promissory Note (MPN)?

The MPN is a promissory note that can be used to make one or more loans for one or more academic years (up to 10 years). There are two types of MPNs in the Direct Loan Program: one for Direct Subsidized/Unsubsidized Loans and one for Direct PLUS Loans.
If you’re an undergraduate or a graduate/professional student attending a school that is authorized and chooses to make multiple loans under the same MPN for more than one academic year, you may be required to sign only one MPN for all of your Direct Subsidized Loans and Direct Unsubsidized Loans. If you enroll in college as a freshman and borrow under the Direct Loan Program for all years of study, you may be able to borrow under this one MPN for all academic years.
Note: Graduate/professional students aren’t eligible for Direct Subsidized Loans.

What if I don’t want to complete an MPN electronically?

To complete a paper MPN, contact the school’s financial aid office.

How do I complete an electronic MPN?

To complete an electronic MPN:
• From the StudentLoans.gov home page, click on the “Log In” button located in the “Manage My Direct Loans” box. The Log in page will appear.
• Use of another person’s FSA ID constitutes fraud. Use only your own FSA ID information.
• Once logged in, click on the “Complete MPN” option located under the “Master Promissory Note” heading on the left menu bar. The Master Promissory Note (MPN) page will appear.
• Select the type of loan you would like to receive.
• Follow the instructions to complete, sign, and submit your MPN.

What do I do after I have completed a Master Promissory Note?

Your school’s financial aid office will be notified of the completion and will contact you if further action is needed. Before your loans are disbursed, you’ll receive a disclosure statement from us.
To view your submitted Master Promissory Notes (MPN):
• From the StudentLoans.gov home page, click on the “Log In” button located in the “Manage My Direct Loans” box. The Log In page will appear.
• Once logged in, click on the “Completed MPNs” option located under the “My Loan Documents” heading on the left menu bar. The “Completed Master Promissory Notes” page will appear.

Will I be able to save my electronic MPN prior to submitting it and return at a later time to complete it?

No. You’ll need to complete the entire electronic MPN process in a single session. If you exit the Web Site before submitting your signed MPN and return later, you’ll have to start over from the beginning of the process.

What is the Refund Policy for Title IV Funds?

Every applicant who has been accepted for admission into Felbry College- School of Nursing and signs an enrollment agreement has the legal right to rescind or cancel their enrollment without penalty within three (3) business days after signing the agreement. In these cases, the student is entitled to a full refund of all monies paid, excluding the registration fee.

When a student withdraws or is withdrawn from the program, Felbry College- School of Nursing uses a two-part process to determine whether the student is entitled to a refund or whether the student owes tuition and fees to the school and whether any Title IV financial aid awarded to the student must be returned to the U. S. Department of Education (ED).

After the 3-day rescission period, Felbry College- School of Nursing uses its “Tuition Earned” schedule to determine how much of the total program tuition the school has earned based on how long the student remained in the program. It then uses ED’s “Return to Title IV” (R2T4) policy to determine how much of the Title IV funding, if any, awarded to the student Felbry College- School of Nursing has earned and can keep to apply to the student’s tuition debt and how much, if any, of those Title IV funds must be returned to the Department. Both of those schedules are presented below.

After these calculations have been made, if there is a credit balance due to the student, the credit will be refunded within 45 days after the student withdraws or is withdrawn or dismissed.

Students who, at the time of their withdrawal, have not paid the full amount of tuition Felbry College- School of Nursing has earned are legally obligated to pay the institution any difference between the amount paid and the amount Felbry College- School of Nursing has earned.

TITLE IV RETURN CALCULATION:

To determine how much financial aid, if any, must be returned to the U.S. Department of Education, Felbry College- School of Nursing uses the formula below. The top number, or the numerator, is the total calendar days completed by the withdrawn student before the withdrawal.  The bottom number, the denominator, is the total calendar days in payment period. For Felbry College- School of Nursing, the normal payment period varies depending on the program and semester. The total number of days completed are counted from the student’s first day of attendance to his or her last known date of attendance.

Important Note: If a student attends more than 60% of total calendar days in the payment period, no return of Title IV funds is required.

Total calendar days completed /Total calendar days in payment period  =  % of Title IV Aid Earned

Example:

Missy started school on September 1st and withdrew on October 9th. There was one Monday holiday during that time. The semester calendar days runs through to December 18th. Missy attended a total of 28 days of 79 calendar days in the semester.

Total calendar days completed/Total calendar days in payment period  =  28/79 = 35.44%

In this example, only 35.44% of the Title IV financial aid received was earned. The remaining funds must be returned to the U.S. Department of Education according to the order listed in the next section.

Note:  Students should understand that, even though Felbry College- School of Nursing may be required to return Title IV funds to the U. S. Department of Education, the student will still be financially responsible to pay Felbry College- School of Nursing for any tuition owed after those Title IV funds have been returned.

ORDER OF RETURN OF TITLE IV FUNDS:

Felbry College- School of Nursing must return to the U.S. Department of Education any Title IV funds that it collected for a student but, based on refund calculations; the student was not in school long enough for all of the Title IV financial aid to be given to the student or kept by Felbry College- School of Nursing.

The financial aid must be returned to the Title IV program(s) that the money came from. If the aid came from more than one Title IV program, it must be returned in the priority order listed below. Note that this list contains only those programs in which Felbry College- School of Nursing is currently eligible to participate.

  • Unsubsidized Direct Loans (other than Direct PLUS Loans)
  • Subsidized Direct Loans
  • Direct PLUS Loans
  • Federal Pell Grants for which a Return is required

RETURN OF TITLE IV FUNDS:

Felbry College- School of Nursing has 45 days from the date it determines that a student withdrew to return all unearned funds for which it is responsible. The school will notify the student in writing if he or she owes a repayment.

The school will advise the student or parent that they have 14 calendar days, from the date that the school sent the notification, to accept a post-withdraw disbursement, if there is any. If a response is not received from the student or parent within the allowed time frame or the student declines the funds, the school will return any earned funds that the school is holding to Title IV, HEA programs.

INSTITUTION RESPONSIBILITIES:

Felbry College- School of Nursing responsibilities regarding the return of Title IV funds are to:

  • Provide students with information on the return policy;
  • Identify students for whom return calculations should be made and to complete those calculations; and,
  • Return any Title IV funds that are due to the correct Title IV programs.

OVER-PAYMENT OF TITLE IV FUNDS:

Any amount of unearned grant funds that a student must return is called an over-payment. You must make arrangements with Felbry College- School of Nursing or the U. S. Department of Education to return the amount of unearned grant funds.

STUDENT RESPONSIBILITIES REGARDING THE RETURN OF TITLE IV FUNDS:

Students must do the following, related to Title IV funds:

  • Return to the Title IV program(s) any funds that he or she received but for which he or she was determined to be ineligible based on the Return to Title IV calculations;
  • Notify the Program Administrator and /Registrar in writing of his or her intent to withdraw or of the decision not to return to school (to drop) following the completion a course.
  • Notify the Program Administrator and /Registrar in writing that the student is rescinding his or her notification of intent to withdraw.