Financial Aid Information

Vaughn College provides graduate financial aid assistance, which may include graduate assistant- ships, grants, loans and work-study to students with strong academic records and/or demonstrated need. Counseling and assistance are available at the financial aid office. Financial information is kept confidential to the extent possible.

Vaughn College strongly recommends that graduate students interested in applying for financial aid submit the Free Application for Federal Student Aid (FAFSA) by March 15 for maximum consideration of all financial aid programs at the College. The FAFSA on the web (www.studentaid.gov) is available starting October 1 of each year.

If you are a current student and completed a previous year’s FAFSA, you can save time when renewing your FAFSA application online by answering “yes” to the question, “Would you like to pre-fill your FAFSA?”

Graduate students will receive an email message beginning in mid to late June or after their FAFSA information is received (whichever is later) notifying them of their financial aid awards, grants or Federal Direct loan eligibility.

The Financial Aid Process

The first step in the financial aid process is filing the Free Application for Federal Student Aid (FAFSA). Applications should be filed as soon as possible, as processing can take up to eight weeks. Financial aid advisers are available to assist you in making the process as simple as possible. You can visit the financial aid office for help with completing forms or to develop a plan to help you pay for college. For more information on financial aid, call 866.6VAUGHN, ext. 100 or join the Financial Aid Zoom at 678 686 441.

Federal Direct Loan Program

A Federal Unsubsidized Direct loan is available to help meet financial need after other resources are subtracted or to the annual maximum loan limit, whichever is lower. The interest rate for a Federal Direct loan is an annual variable rate adjusted each July 1, based on the 91-day Treasury bill.

Effective for periods of enrollment beginning on or after July 1, 2012, graduate and professional students are no longer eligible to receive Direct Subsidized Loans. The $65,500 subsidized aggregate loan limit for graduate or professional students includes subsidized loans that a graduate or professional student may have received for periods of enrollment that began before July 1, 2012, or for prior undergraduate study.

In-school deferments are possible for unsubsidized loans. For further information and deferment forms, the student should contact the Department of Education or log on to www.studentaid.gov.

To apply for a Federal Direct (unsubsidized) loan, you must complete the FAFSA. To be eligible, you must be enrolled for at least six credits per semester and be maintaining satisfactory academic progress. If you are eligible for a Federal Direct (unsubsidized) loan, it will be included in your financial aid award letter.

If you are a first-time borrower of a Federal Direct loan, you will be required to complete a master promissory note (MPN) before the loan funds will be disbursed. In most cases, you will be required to complete only one MPN during your college career. You can complete the MPN online by logging onto www.studentaid.gov and using your FSA ID and password by selecting the complete eMPN for Student Loans option.

Here are the interest rates for loans first disbursed between July 1, 2024, and June 30, 2025.

The total loan limit is $138,500 for graduate or professional students. The graduate aggregate limit includes all federal loans received for undergraduate study.

Graduated or Professional Loan Limits

Loan Entrance Counseling

Before the financial aid office can disburse your loan funds, you are required* to complete a loan entrance counseling session. This session provides you with information that will help you to under- stand your rights and responsibilities as a borrower, as well as other tools to assist you with managing your loans. The loan entrance counseling session can be completed by logging onto www.studentaid.gov.

*Please note that this requirement is separate from completing the Master Promissory Note.

Federal Direct Graduate PLUS Loan

The Federal Direct Graduate PLUS loan is a federal loan that enables graduate students with good credit histories to borrow for their educational expenses if they are enrolled in at least six credits per semester and are maintaining satisfactory academic progress.

A graduate student can borrow up to the total cost of attendance, less all other financial aid received by the student. The interest rate is a fixed rate, which is charged on the loan from the time the loan funds are disbursed until it is paid in full.

To apply for a Federal Direct Graduate PLUS loan, you need to:

• Apply for a FSA ID, also used to sign the Free Application for Federal Student Aid (FAFSA).
• Complete the Free Application for Federal Student Aid (FAFSA) for the appropriate year

Results are provided after application submission and electronically transmitted to the College. If your loan is denied for credit, you will also receive an endorser form, which will enable you to obtain a co- signer for the Graduate PLUS loan. Sign the master promissory note (MPN) on the Direct Loan website by logging onto www.studentaid.gov and choosing the “Complete MyMaster Promissory Note (MPN) for Student Loans” option. This is a one- time action and can be taken before or after the result of the credit check is obtained.

A Grad PLUS loan applicant has an adverse credit history if, in addition to other conditions (e.g., bankruptcy, foreclosure, tax lien, or a default determination) the applicant has one or more debts that:

• Are 90 or more days delinquent;
• Are in collection or have been charged off during the two years preceding the date of the applicant’s credit report; and
• The total combined outstanding balance of those debts is greater than $2,085.

Borrowers whose Direct PLUS Loan credit checks are processed on or after March 29, 2015 and who are denied based on an adverse credit history can secure an approved endorser. The endorser is subject to, and must pass, the same credit check as the applicant or the borrower can successfully appeal on extenuating circumstances. In both cases, the applicant will be REQUIRED to complete PLUS Counseling. PLUS Counseling MUST be completed before disbursement of the Direct PLUS Loan funds. A completed PLUS Counseling session remains valid for the duration of the associated credit check.

PLUS Counseling is a distinct and unique counseling module. PLUS Counseling is NOT Entrance Counseling and does not fulfill the Entrance Counseling requirement for first-time Graduate/Professional Students. Some first-time Graduate/Professional students will be required to complete both Counseling sessions. PLUS Counseling is provided ONLY via the StudentLoans.gov (SLG) website Vaughn College is NOT responsible for providing PLUS Counseling.

The Graduate PLUS loan will appear on your award letter and/or bill when (1) the credit check is complete and (2) the MPN is signed. You are encouraged to review your tuition bill prior to applying for a Federal Graduate Direct PLUS loan to determine the loan amount to borrow. By law, the total origination fee is 4.0 percent; therefore, graduate and professional degree students need to take this net 4.0 percent fee into consideration when determining the gross amount to borrow.

If you are experiencing technical difficulty signing the master promissory note online at www.studentaid.gov, please contact the Department of Education’s customer center for borrowers, toll free at 1.800.433.3243.

Private Alternative Loans

Private alternative loans originate outside of the College and require a separate application. Private loans offered through commercial lenders are approved according to the family’s ability to repay the loan. Private loans are available to the student. Amounts, interest rates, repayment terms and application procedures vary according to the individual loan program. Before considering a private loan, students should be certain they understand their rights and responsibilities under the loan program, including how interest is assessed, when repayment begins and what repayment options are available. The following website can be used to compare private loan interest rates and options: https://www.elmselect.com/link/query?schoolid=1003

Students Who Are Denied Loans

If you have been denied a loan, please keep in mind that multiple loan applications can negatively affect your credit report. Before you apply through a second or third lender, determine why you were denied by the first lender. Contact the lender and ask the following questions:

• Did my credit history negatively affect the application?
• Did the cosigner’s credit history negatively affect the application?
• Is there something on my credit report (or on my cosigner’s) that can be easily corrected?
• Is there a possibility that I could be approved with a different cosigner?

Get a copy of your credit report, available at annualcreditreport.com, to review your credit information.

Veterans’ Educational Benefits

Veterans Educational Assistance Program

For more information and applications, please consult with Marcia Gomez, the College’s veterans affairs liaison and bursar, at 1.866.6VAUGHN, ext. 190. Her email address is marcia.gomez@vaughn.edu.

GI Bill

The GI bill is available to veterans with at least 181 days of continuous active-duty service, any part of which occurred after January 31, 1955 and before January 1, 1977. Eligible veterans are New York State residents discharged under honorable conditions from US armed forces and who are:

• Vietnam veterans who served in Indochina between February 28, 1961, and May 7, 1975.
• Persian Gulf veterans who served in the Persian Gulf on or after August 2, 1990.
• Afghanistan veterans who served in Afghanistan during hostilities on or after September 11, 2001.
• Veterans who served in hostilities that occurred after February 28, 1961, as evidenced by receipt of an Armed Forces Expeditionary Medal, Navy Expeditionary Medal or a Marine Corps Expeditionary Medal.

Awards are available for up to four years of undergraduate study, or five years for enrollment in an approved five-year program; up to three years of graduate study at degree-granting institutions.

Yellow Ribbon Program

The Yellow Ribbon benefit was introduced by the federal government to help veterans go to college. It is a provision of the Post-9/11 Veterans Educational Assistance Act of 2008. It supplements the new Post 9/11 GI Bill, and allows private US colleges and universities to voluntarily enter into an agreement with the Department of Veterans Affairs (VA) to fund tuition expenses that exceed the highest public in-state undergraduate tuition rate. The VA matches tuition contributions made by Vaughn College to eligible students.

Beginning in the 2011-2012 academic year, Vaughn College provided private funds toward tuition balances to veterans at the 100% benefit levels who has been admitted as a full-time undergraduate or graduate student. Student requirments follow:

1. Must complete the FAFSA application for the current academic year
2. Must maintain a GPA of 2.0 or higher

Post-9/11 GI Bill

The Post-9/11 GI Bill provides financial support for education and housing to individuals with at least 90 days of aggregate service on or after September 11, 2001, or individuals discharged with a service- connected disability after 30 days. You must have received an honorable discharge to be eligible for the Post-9/11 GI Bill.

This bill became effective on August 1, 2009. The amount of support that an individual may qualify for depends on where he or she lives and what type of degree is being pursued.

Approved training includes graduate and undergraduate degrees, and vocational/technical training. All training programs must be offered by an institution of higher learning and approved for GI benefits. Tutorial assistance, and licensing and certification test reimbursement are also approved under this bill.

The Post-9/11 GI Bill expands the number of people who qualify for education support from the Department of Veterans Affairs. To learn more about this bill, visit www.gibill.va.gov.

In accordance with Title 38 US Code 3679 subsection (e), this institution adopts the following additional provisions for any students using U.S. Department of Veterans Affairs (VA) Post 9/11 G.I. Bill® (Ch. 33) or Vocational Rehabilitation and Employment (Ch. 31) benefits, while payment to the institution is pending from the VA. This institution will not:

• Prevent nor delay the student’s enrollment.
• Assess a late penalty fee to the student.
• Require the student to secure alternative or additional funding.
• Deny the student access to any resources available to other students who have satisfied their tuition and fee bills to the institution, including but not limited to access to classes, libraries, or other institutional facilities.

However, to qualify for this provision, such students may be required to:

• Produce the Certificate of Eligibility by the first day of class.
• Provide written request to be certified.
• Provide additional information needed to properly certify the enrollment as described in other institutional policies.

Satisfactory Progress Standard for Title IV Federal Student Assistance

Satisfactory Academic Progress (SAP) is defined as the successful completion of coursework toward an eligible certificate or degree. Federal regulations require the Office of Student Financial Aid to monitor the academic progress of students receiving financial aid.

SAP Standards:

• apply to undergraduate and graduate students who wish to establish or maintain financial aid eligibility,
• apply to a student’s entire academic record, whether or not financial aid was received for prior terms of enrollment,
• include a minimum grade point average, minimum pace requirement, and total number of semester hours earned and/or semesters enrolled, and
• do not apply to students enrolled in the College’s eligible certificate programs whose academic progress is monitored by the programs.

SAP Eligibility Review

Students’ academic records are reviewed at the end of each academic year to determine compliance with the SAP standards. SAP review includes all terms of the student’s attendance, including summer terms. Students who lose financial aid eligibility due to not meeting SAP requirements may:

• earn the necessary GPA or semester hours to meet the minimum requirements while not receiving federal financial aid
• submit a SAP Appeal Form

Satisfactory Academic Progress Policy for Graduate Students Receiving Financial Aid

All graduate students must meet Satisfactory Academic Progress (SAP) requirements to receive financial aid at Vaughn College. Federal regulations require each institution to have a SAP policy, which establishes the minimum standards that must be applied consistently to all students. You will be denied financial aid if you fail to meet SAP requirements. If extenuating circumstances led to your noncompliance, you may submit an appeal to the Office of Financial Aid for consideration.

Students who wish to appeal must do so by a prescribed deadline.

2024-25 Appeal Deadlines

• Summer 2024 - June 23, 2024
• Fall 2024 - September 11, 2024
• Spring 2025 - January 22, 2025

Explanation of Requirements

The College measures your academic performance based on three standards: grade point average (GPA), pace and maximum time. See below for a detailed description.

Grade Point Average: A student cannot graduate with a GPA below 3.0. You will be dismissed from the degree program or be placed on provisional status will be revoked if you receive an “F” or “U” in any graduate course or a total of three “C” grades in your graduate program. In addition, you will receive a notice of academic appeal upon receiving a grade of “C” in any two graduate courses or if your GPA falls below 3.0. Students in the graduate program must have a B average or GPA of 3.0 to graduate. B is considered as a passing grade for graduate courses.

Pace: You must earn at least 80% of your attempted hours. This calculation is performed by dividing the number of credit hours earned by the number of credit hours attempted. (Monitored by: Office of Financial Aid)

Maximum Time: You must complete all requirements of the graduate program within six calendar years (masters and education specialist degrees). All students enrolled in graduate degree programs must enroll each regular semester for a minimum of one graduate credit hour.

Explanation of Attempted Hours for Pace Calculation

In compliance with federal regulations, financial aid developed procedures for evaluating pace. In addition to the hours you completed for a letter grade, we will count the following types of credit: Transfer, In Progress (IP), Incomplete (I), Withdraw (W), FX, WX, Satisfactory/Unsatisfactory and repeated courses. Non-credit (NC) or audited (AU) courses do not count toward the calculation of attempted hours.

SAP Appeal and Probation

SAP Appeal

When a student becomes ineligible for financial aid due to failure to meet SAP standards, an opportunity is given to appeal for further financial aid consideration. A student may file a SAP appeal on the basis of:

• death of a relative
• injury or illness of the student
• other special circumstances (such as difficult transition to Vaughn College, family issues, legal troubles, work or budget problems, etc.)

Appeals are considered on an individual basis. Depending on the nature of the appeal, the number of appeals the student has filed and/or the student’s academic record, additional steps may be required of the student before the appeal can be accepted. For example, the student may be required to complete an Academic Plan.

Completed SAP appeals will be reviewed within 15 business days. The student will be notified by email if the appeal is accepted or denied. If the email is returned undeliverable, a letter will be mailed to the student’s current residing address as listed on the Vaughn College’s administrative portal or

Student Aid Report (SAR). Students should keep the Vaughn email and current residing addresses up to date.

Please note: Up to two appeals may be accepted. Per federal financial aid regulations, appeals are not automatically accepted and may be denied based on failure to maintain the Satisfactory Academic Progress standards set forth at Vaughn College.

Students must successfully complete (pass) these minimum requirements each term:

• A full-time student (enrolled in 9 or more credits) must pass at least six credits.
• A two thirds full-time student (enrolled in 6 to 8 credits) must pass at least four credits.
• A one third full-time student (enrolled in 3 to 5 credits) must pass at least 4 credits.
• A less-than-one third-time student (enrolled in one or two credits) must pass at

Per federal regulations, students must complete their educational program in a reasonable length of time, which is defined as no more than 150 percent of the credit hours required for graduation, regardless of major changes. For graduate programs of study, the maximum period is based upon the length of the educational program.

For example, suppose that a program that requires 120 credits for graduation. Since 150 percent of 120 is 180, a student may attempt or enroll in 180 credits, with the objective of earning the 120 needed to graduate. However, if a student cannot complete the program within the 180 credits, all federal aid must stop.

ANY TERM FOR WHICH A STUDENT RECEIVES 0 (ZERO) ACADEMIC CREDITS (TOTAL WITHDRAWAL, TOTAL FAILURE, OR A COMBINATION OF BOTH) WILL RESULT IN THE STUDENT IMMEDIATELY BEING INELIGIBLE FOR FINANCIAL AID (NO AID) FOR THE FOLLOWING TERM.

SAP Probation

A student is placed on SAP probation if they fail to maintain Satisfactory Academic Progress after one award year. A SAP appeal must be filed and accepted before a student can be placed on SAP probation. Probation terms are one semester in length. The student is given specific requirements that must be met in order to maintain financial aid eligibility in the future. If SAP probationary requirements are not met within the probation term, the student will again become ineligible for financial aid and may need to file another SAP appeal. SAP probation requirements will include:

Minimum Pace Requirement-The minimum pace requirement is 67 percent.

Completed Semester Credits (grades of A, B, C, D, S or P, including transfer credits) divided by Attempted Semester Credits (completed credits plus credits with grades of F, FX, WX, W or I, including transfer credits).

Minimum GPA Requirement-The minimum GPA requirement will be determined on a student-by- student basis and will be specified in the SAP appeal acceptance email or letter.

Academic Plan

Students who, at the end of the probation period, do not meet Satisfactory Academic Progress (SAP) may submit a second appeal. If Vaughn College determines, based on the second appeal, that the student will require more than one semester to meet SAP, the student will be placed on probation and develop an Academic Plan, for one semester. At the end of the semester the student must meet SAP or the requirements of the Academic Plan, which leads to program completion.

Note: A student whose financial aid eligibility has been reinstated under an academic plan and is making progress under that plan is considered to be an eligible student, for Title IV purposes.