Financial Aid Policies
Return Of Title IV Funds Policy
When a student withdraws from all coursework during a semester and the student has received any Title IV federal funds (excluding Federal Work Study wages), the Federal Government requires the College to review the student’s eligibility for those funds. The College will utilize the federally mandated formula to determine the level of federal funding which has been “earned” and which the student is entitled to keep at the time of withdrawal from the College. This review and recalculation of aid eligibility is officially referred to as “Return of Title IV Aid.”
Any student who withdraws from the College prior to the deadline for dropping courses (the 10th class day of the semester) in any semester is not considered to have been enrolled for that semester and will have all federal aid returned and all direct charges for tuition and fees reversed by the College. Room and meal charges for the semester will be based on the actual period of residency on campus.
Any student who has completed more than 60% of the semester is considered to have “earned” all of his/her financial aid. No refund of any institutional charges, nor return of Title IV federal funding is required.
Any student who remains enrolled beyond the last day to drop a course (the 10th class day of the semester) but withdraws from all coursework prior to completion of 60 % of the semester will have their institutional direct charges, as well as their federal financial aid, pro-rated at a percentage equal to the percent of the semester which has passed. Federal guidelines provide the College with appropriate parameters with which to calculate the appropriate percentage. If the student is owed a disbursement, the funds will be made directly to the student’s account.
If Title IV funds were disbursed to a student’s account in excess of the calculated “earned” amount, then funds must be returned to the Federal Government within 45 days of the date of the determination of student’s withdrawal.
When a student withdraws from all coursework during a semester, it is the College’s responsibility to determine the student’s withdrawal date. Withdrawal date is based upon the last day of class attendance.
- Official Withdrawal: For a student to be considered officially withdrawn, the student must contact the Registrar’s Office and process an “Exit Ticket.” All indicated signatures on the form must be obtained by the student. When the form has been completed, the student must return it to the Registrar’s Office. The process is completed with the Registrar’s signature. Withdrawal date is based upon the last day of class attendance. Failure to complete these procedures will result in grades of “F” for all courses not completed and may result in the forfeiture of any refund of fees otherwise due.
- Unofficial Withdrawal: An unofficial withdrawal is one in which the student fails to follow the “Exit Ticket” process. A student is considered unofficially withdrawn if he or she stops attending classes and does not provide official notification to the college, and thus receives grades of “F” for all courses. In this case, the Registrar will work with the instructors to determine the last day of class attendance or other academic activity to determine the withdrawal date.
Funds that are returned to the Federal Government are used to reduce the outstanding balances in individual federal programs. Financial aid returned will be allocated in the following order:
- Federal Unsubsidized Direct Loans
- Federal Subsidized Direct Loans
- Perkins Loan
- Federal Direct Parent (PLUS) Loans
- Federal Pell Grants
- Federal SEOG Grants
- Federal TEACH Grants
There may be some cases, a student may be eligible for a post-withdrawal disbursement if, prior to withdrawing, the student “earned” more federal financial aid than was disbursed at the time. If a student is eligible for a post-withdrawal disbursement for the Title IV funds, it will be processed for the student and any subsequent refund due the student will be processed within 14 days per the Credit Balance Refund Policy.
If a post-withdrawal disbursement included loan funds, the college will obtain the student’s permission before disbursing the loan. A notice will be sent to the student and the student must respond in writing within 14 days. Students may elect to decline some or all the loan funds so the student does not incur all additional debt.
The college may automatically use all or a portion of the post-withdrawal disbursement in the form of grant funds to cover the tuition and fees incurred by the student. However, the college will obtain permission from the student to use post-withdrawal grant disbursement for all other charges incurred by the student.
Refund of Funds from the Illinois Student Assistance Commission Monetary Award Program (MAP)
Per the rules of the Illinois Student Assistance Commission, if an IL MAP Grant recipient withdraws after the 10th class day of the semester, the student may receive a MAP grant payment for costs incurred up to the semester award, provided the College’s tuition refund policy indicates that the student has incurred charges in the amount of the claim.
Loan Exit Interview Required
Students who borrow through the Federal Direct Loan program are required to complete an exit interview online to ensure that they fully understand their commitments and obligations under these federally-funded programs. It is required that a student be informed of their rights and their responsibilities as a borrower through a federal program.
Refund of Institutional Financial Aid Policy
Institutional financial aid may consist of Eureka College scholarships, awards, and grants. The refund/cancellation of institutional financial aid follows the pro-rata policy for the cancellation of institutional charges. When a student withdraws prior to completing more than 60% of a semester, a pro-rated portion of his/her institutional financial aid will be returned to the program(s) from which the student received funds. After completing more than 60% of the semester, there is no cancellation of financial aid. A student who withdraws prior to the last day to drop a course (the 10th class day of the semester) is not considered to have been enrolled for that semester and therefore 100% of the student’s institutional aid will be canceled.
Satisfactory Academic Progress Policy (SAP)
Any change of status is made in accordance with policies established by the Academic Standards and Policies Committee or the Judicial Board. Decisions on student academic status will be made at the end of the Fall and Spring Semesters, and at the end of the Summer Session.
Requirements for Good Academic Standing – A student is in Good Standing as long as that individual maintains the minimum required grade point average and earns sufficient hours toward the degree each academic year and within a specified time limit. This is known as Satisfactory Academic Progress (SAP).
Satisfactory Academic Progress (SAP) policies are applied to determine two kinds of eligibility:
- Eligibility for continued enrollment at Eureka College, and
- Eligibility for Title IV federal financial aid. Eligibility for other activities may also depend upon a student making
Satisfactory Academic Progress. Satisfactory Academic Progress is measured by three standards:
- Qualitative standard – all students must maintain a minimum cumulative grade point average.
- Quantitative standard – all students must earn a minimum percentage of semester hours attempted.
- Maximum Timeframe – all students must complete their degrees within 150% of the program length measured in semester hours.
Qualitative Standard – All students must maintain a cumulative grade point average of 2.00. Students in their first semester of enrollment at Eureka College must earn a grade point average of at least 1.75, but must maintain a cumulative grade point average of at least 2.00 in all subsequent semesters of enrollment. A student who meets this Qualitative Standard is in Good Standing. Failure to maintain the Qualitative Standard results in the loss of eligibility of Title IV aid and loss of eligibility to continue enrollment at Eureka College. NCAA Division III eligibility also requires the student-athlete to be meeting the Qualitative Standard.
Quantitative Standard – All students must earn at least 75% of the cumulative semester hours they have attempted after each semester of enrollment. Failure to maintain the Quantitative Standard results in the loss of eligibility for Title IV aid, but not ineligibility to continue enrollment at Eureka College.
Maximum Timeframe – All students must complete their degrees within 150% of the program length, measured in semester hours. The bachelor’s degree at Eureka College requires 120 semester hours. Students must, therefore, complete their degrees within 180 attempted hours. Students who exceed the 150% mark lose eligibility for Title IV aid but may continue enrollment at Eureka College.
Satisfactory Academic Progress will be evaluated three times per year – at the end of the fall semester, spring semester, and summer session.
Academic Probation and Academic Dismissal
A student whose cumulative grade point average falls below the Qualitative Standard of Satisfactory Academic Progress will be placed on Academic Probation for a period of one semester. At the conclusion of this probationary semester, the cumulative grade point average must reach 2.00. Failure to raise the cumulative grade point average to 2.00 will result in Academic Dismissal from Eureka College.
A student in Good Standing whose earns a semester grade point average below 1.00 will be subject to Academic Suspension from Eureka College for a period of one semester, after which enrollment eligibility is regained. Academic Status upon re-enrollment will be determined by the cumulative grade point average.
Financial Aid Probation and Financial Aid Suspension
A student who fails to comply with the Qualitative and/or Quantitative Standard of Satisfactory Academic Progress as described above will be placed on Financial Aid Probation for the next semester of enrollment. If the student has not met the Standards by the conclusion of the probationary semester, the student will be placed on Financial Aid Suspension with Right to Appeal, and eligibility for Title IV aid will be lost. A successful appeal will result in a change in status back to Financial Aid Probation and will restore aid eligibility for one semester to allow the student to regain Good Standing.
Withdrawals, Incompletes, Repetitions, and Remedial Courses
Transfer credits accepted by Eureka College are included in the calculation of the cumulative hours attempted and earned in the Quantitative Standard of Satisfactory Academic Progress, and in the calculation of the maximum timeframe to completion. Eureka College courses with grades of Incomplete or Withdrawal are included as attempted hours. Remedial courses (ENG095R and MAT095R) are not included in the determination of the quantitative measure of Satisfactory Academic Progress, because these hours do not apply toward the bachelor’s degree. In the case of repeated courses, the most recent grade replaces earlier grades in the calculation of the cumulative grade point average and therefore in the determination of the qualitative measure of SAP. However, credits from all attempts are included when assessing if the student meets the quantitative SAP standard. Only Eureka College courses are included in the calculation of the grade point average and therefore in the determination of the qualitative SAP standard.
The Academic Standards and Policies Committee will consider appeals from students who are not making Satisfactory Academic Progress. The committee will determine if there are mitigating circumstances that warrant continued eligibility for enrollment at Eureka College and/or for Title IV aid even though the student is not meeting the SAP standards. Appeals may be granted only in special situations, such as serious injury, illness, the death of a relative, or other such circumstances.
Students cannot appeal the academic status of Academic Probation or Financial Aid Probation but may appeal an Academic Suspension, Academic Dismissal, or Financial Aid Suspension. However, students who successfully appeal but fail to meet SAP standards in the next semester of enrollment are not permitted further appeal.
Appeals of Financial Aid Suspension should be made in writing to the Director of Financial Aid.
The Academic Standards and Policies Committee meets in early January to hear appeals from the fall semester, in late May to hear appeals from the spring semester, and in early August to hear appeals from the summer session.
Re-establishing Eligibility for Title IV Funds
A student may re-establish eligibility for financial assistance in a number of ways. 1) A student may enroll at the college without the benefit of financial assistance and achieve or re-establish satisfactory academic progress during this time. Once a student has done this, by increasing the grade point average and/or incremental pace, the student could be eligible for financial assistance in the following semester. 2) A student may enroll at another institution. When doing so, a student is encouraged to discuss potential class selections with the Registrar’s Office to determine their eligibility for transfer back to Eureka College. The SAP calculations would then be re-run to consider the newly earned transfer credits. When the student has successfully met the SAP requirements, their eligibility for financial assistance will be re-established and granted for the following semester. Note: This could be done over a summer semester and a student could successfully re-establish eligibility for the fall semester. These options are NOT available to students who have been dismissed from financial aid because of exceeding their maximum time frame.
Changing of Major/Program
If a student elects to change their major during their enrollment, and this change is granted by the academic departments and the Registrar’s Office, the student will still be held to the Maximum Time Frame Component or 150% rule stated above. All coursework taken will continue to be counted in the Qualitative (GPA) and Quantitative (Pace) formulas outlined above. The SAP status of a student will be applied in continuation from one major/program to the next.
Credit Balance Policy
A credit balance results when the total of credits posted to a student’s account (e.g., payments, loan disbursements, scholarships, etc.) exceeds the total of the charges applied or applicable to the account for a specific semester.
Credit Balances due to overpayment or other non-federal student aid funds:
A student’s credit balance is issued to the student in the form of a check within 14 days once written request has been submitted to the Business Office and the monies posted to the account create a credit balance. If no written request is received, the credit will stay on the student account and roll into the next academic semester.
Credit Balances due to federal aid (Title IV) funds:
Federal Student Loan(s) Financial Aid Disbursement Notice:
A student will be notified by the Eureka College Business Office via the student’s Eureka College email address each semester when disbursement of Federal Student Loan(s) has been applied to the student’s account. This notice has two purposes:
- To inform the student the federal loan money was received and the student has the right to cancel all or part of any loan disbursements within 14 days from the date of the notice.
- If the student’s account has a credit balance as a result from the Federal Student Loan, the student must decide how the credit balance will be handled as outlined in the disbursement notice.
Federal Parent Plus Loan Financial Aid Disbursement Letter:
The borrowing parent of the Federal Parent Plus Loan will be notified by the Eureka College Business Office by mail each semester when disbursement of a Federal Plus Loan has been applied to their student’s account. This notice has two purposes:
- To inform the parent the Federal Plus Loan money was received and the parent has the right to cancel all or part of any loan disbursements within 14 days from the date of the notice.
- If the student’s account has a credit balance as a result from the Plus Loan, the parent must decide how the credit balance will be handled within 14 days as outlined in the disbursement notice.