Financial Aid Information, Policies and Procedures

Financial Aid Information, Policies and Procedures

PROGRAM COST is billed by credit each semester.  Each semester contains two 8-week course blocks.  Financial aid is awarded by semester for an entire academic year, summer, fall and Spring.  The financial aid year starts with the summer semester.

HALF-TIME DEFINITION- Enrollment in both course blocks in a semester is equal to half-time (8 credits).  However, the first 5 credits of the cohort are contained in an 8 week non-standard term and is considered half-time by federal financial aid regulations.

A FAFSA will be required for each academic year of attendance.  The academic year begins with the summer semester.   Depending on the start semester of the cohort, two or three annual FAFSA’s will need to be completed during the 18 month program.  

FINANCIAL AID LIFETIME LIMITS- Students in 18-month programs are subject to regular undergraduate financial aid limits.   Students will be notified with their first award letter if they appear to be nearing any of the following limits:

                Pell Grant- 600% (this equates to 6 full-time years)

                WI Tuition Grant- 10 semesters (applied to WTG and/or WHEG)

                TIP Grant- 10 semesters

                Direct Loan- $31,000(dependent)/$57,500 (independent)

FAILURE TO BEGIN THE SECOND COURSE IN A TERM AFTER COMPLETING THE FIRST will result in a reduction of financial aid to less than half-time.

FAILURE TO MAINTAIN ATTENDANCE THROUGH THE 60% POINT OF A SEMESTER (completing the first course block and participating in part of the second course block) will require a return of aid calculation.  A student’s entire financial aid award is not considered “earned” until the student participates in at least 60% of the semester.  Failure to attend may require a repayment of grant and/or loan funds resulting in a balance owed to the college.

SATISFACTORY ACADEMIC PROGRESS- Progression in the program will be measured after the 5th course block is completed.  Federal regulations for SAP require students to complete 2/3 of attempted credits in an academic year.   Therefore, 14 credits must be earned by the start of the 6th course.  Program requirements may take precedence over this criterion..   Students changing cohorts may be measured at other points in the program but must still adhere to the 2/3 rule.  Students who do not earn 2/3 of attempted credits will be ineligible for financial aid for the remaining terms.  Students may appeal their status.  If an appeal is approved, students must earn 2/3 of attempted credits each remaining term.  Failure to do so will result in a loss of aid a second time.  If an appeal is denied and the student is approved by the program director to continue, the student must pay out of pocket for the remainder of the program.

The 18 month program schedule and SAP requirements allows for failure or withdrawal in only one course during the first five course blocks (three terms).

FINANCIAL AID OFFICE HOURS- Check the Alverno College website for special weekend office hours at the start of the regular fall and Spring semesters and for Tuesday evenings.