Financial
Aid
Office Hours:
Monday - Friday: 8:30 a.m. - 5:00 p.m.
Weekend College Weekends (Saturday) -
11:00 a.m. - 1:00 p.m.
Special evening hours at beginning of Fall and Spring semesters.
Phone: 414-382-6046
E-mail: financial.aid@alverno.edu
Alverno College’s dedicated financial aid
staff work very
closely with each student. They are committed
to
helping students make their higher education
affordable. 96% of Alverno's full-time undergraduate students received financial assistance from the college’s $14.5 million-plus financial
aid program in 2006-07. The average financial aid award is $11,676 per year.
Information is available by clicking on the links
below.
Financial
Aid Overview
Financial assistance is available in the form of
scholarships, grants, loans and work on campus.
Financial assistance can be obtained by following the
steps outlined in the process below. All students who
meet certain criteria outlined by the United States
Department of Education (DOE) are eligible for some
form of financial assistance.
For additional questions about the financial aid
application process or eligibility criteria not covered
here, call the Financial Aid Office at 414-382-6046,
toll free at 800-933-3401 or e-mail Financial
Aid.
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Applying
for Financial Aid
NOTE to Alverno Students: It is time to file your financial aid for next Fall! Prepare to file your 2008-09 FAFSA on the Web (FOTW) early by printing and completing the 2008-09 FOTW worksheet. The questions appear in the same order as the questions on the 2008-09 FAFSA on the Web.
The following steps will make it
easy for you to
complete the financial aid process. (Current students can track
their progress in completing financial aid through Alverno's Interactive
Online (IOL). On the Menu, "Communications - My Documents"
will allow you to see which documents the Financial Aid Office has
received and which documents are still needed.)
1. Apply online for a Federal Personal Identification
Number (PIN number) at www.pin.ed.gov.
This PIN will
allow you to electronically sign federal documents, loan
applications, etc. Dependent students and their parents
should acquire a PIN number to make these processes
easier.
Dependent vs. Independent
Student Definition
Federal regulations require that all students who
answer
"NO" to all of the following statements are considered
dependent students:
- I will be 24 years old by January 1st of the
school year I am applying for
- I am married at the time of completing the Free
Application for Federal Student Aid (FAFSA)
- I am a veteran of the U.S. Armed Forces
- I will be in a graduate degree program
- I have children or dependents for whom I provide
more than half of their support
- I am an orphan or ward of the court
2. Complete the FAFSA (Free
Application for Federal Student Aid) form online at www.fafsa.ed.gov. Use Alverno's Federal Code (003832) in Step 6
to assure that the results are sent to our
Financial Aid Office.
The priority deadline for submission of all
financial aid documents is March 15. After that date, the FAFSA
should be completed as soon as possible.
3. Complete the 2008-09 Financial Aid and Scholarship Renewal form available from the Admissions and the Financial Aid Offices,
or print out the following form:
2008-09 Financial Aid and Scholarship Renewal form (pdf).
4. Review the Student Aid Report (SAR) that you
will receive two to five days after submitting the FAFSA. Contact
the Financial Aid Office if you find errors. (Alverno College will
receive an Institutional Student Information Record (ISIR) after
you file a FAFSA. An
ISIR is the same as a SAR.
5. Respond to any follow-up requests for additional information
from the Financial Aid Office. Students may be asked to submit copies
of federal tax returns used in completing the FAFSA, a verification
form or other supporting information/documentation. Verification
forms can be printed out from below.
Dependent Verification Form 2008-09
Independent
Verification Form 2008-09
6.Continuing students
are notified by e-mail and postcard that their award is ready to view on IOL beginning in March. New students are sent an award packet upon acceptance. Additional information regarding the award letter
for continuing students can be found by reviewing the Financial
Aid Handbook: Financial
Aid Handbook. (pdf).
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Competitive Alverno Scholarships
Scholarships, like grants, do not require repayment. They may require a student to maintain satisfactory academic progress.
Scholarship Applications Available to Alverno Students Who Will Be Full-Time in 2008-09:
Alverno Scholars of Wisconsin (ASW)
The Alverno Scholars of Wisconsin program is a unique academic scholarship awarded to one graduating high school senior woman from each county in Wisconsin for the 2008-2009 academic year. The scholarship provides qualified Wisconsin undergraduates with a $10,500 scholarship per year (total award $42,000) to be used at Alverno College, one of the nation's top ranked women's liberal arts colleges. The application deadline is February 15, 2008 (not available to transfer students).
Application Requirements:
In addition to being able to demonstrate community service and leadership
skills, the student must have a cumulative GPA of 3.5 or higher and a minimum ACT
score of 25.
Want to learn more?
E-mail admissions or
call 800-933-3401 for information.
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Eleanor Roosevelt Community Service
Scholarship
This scholarship is a four-year, full-tuition scholarship awarded to a first-year student who has demonstrated excellence in academics and commitment to community service. The application deadline is February 15, 2008 (not available to Weekend College students).
Peck Scholar Program: Excellence in Leadership
and Community Service
The Peck Scholar award is a four-year, full-tuition scholarship awarded to a first-year student who has demonstrated a strong commitment to community service and volunteer activities. The application deadline is February 15, 2008. This scholarship is not available to Weekend College students.
Other Scholarships
Alverno College Academic Scholarships:
For recent high school students
The Alverno academic scholarship recognizes students for their academic ability. These scholarships are automatically offered to qualified incoming first-time freshmen upon acceptance to the college. High school grade-point average and ACT/SAT score are considered in the awarding process. Awards range from $17,800 to $35,600 ($4,450 to $8,900 per year).
For undergraduate transfer and nontraditional students
Transfer students and nontraditional students are recognized for
their academic ability. Upon acceptance to the college, these scholarships are automatically offered to students who qualify. Awards range from $16,000 to $24,400 ($4,000 to $6,100 per year).
Grants
Grants may be offered to students who demonstrate financial need according to the federal need-analysis formula determined by filing the FAFSA. Grants are considered gift aid and do not require repayment.
Alverno College Grant
In 2007, Alverno awarded $1.4 million dollars in grant money to students based on financial aid need.
Federal and State Grant Programs
To be eligible for most grants, students must be enrolled at least half-time. Government funding varies from year to year affecting the amount available to students. The major government-sponsored grant programs are:
Federal Pell Grant
Pell Grant amounts currently range from $400 to $4,731 per year.
Federal Supplemental Educational Opportunity
Grant (SEOG)
SEOG’s are awarded to Pell Grant-eligible students. The amount varies yearly.
Wisconsin Tuition Grant
This grant is for Wisconsin residents attending independent Wisconsin
colleges and universities. The maximum award is $2,900 per year.
Talent Incentive Program
Grant (TIP)
TIP is a jointly sponsored federal and state program for first-year
students who meet certain eligibility requirements; maximum award is $1,800 per year.
Student Loan Programs
You can select any lender you wish for Federal Stafford and PLUS loans, as well as non-Federal Private student loans. The lender options we provide are lenders that have exemplary services designed to benefit you the borrower. The lender is the institution from which the student loan funds are borrowed, but the interest rates and terms of the loan are set by the U.S. Department of Education for the Federal Stafford and PLUS loans, and by the lenders for the non-Federal Private student loans.
The following lenders are included in our lender option area for Stafford and Plus: Chase, U.S. Bank, Wells Fargo and M&I Bank. Private student loan lenders include Chase, U.S. Bank, Wells Fargo, M&I Bank, Citibank, TCF Bank and Anchor Bank.
Most education
loans do not require repayment until after graduation. Students
must apply for financial aid and be enrolled for at least 6 credits
to be eligible for loan funding. Financial need is not required for some types of loans.
Federal Stafford Loans
Stafford Loans are low-interest loans with a fixed 6% rate for most borrowers. Some loans are not charged interest while the student is enrolled. Repayment begins six months after the student leaves school or graduates.
- Subsidized Stafford Loans are based on financial
need. Interest does not accrue during periods of enrollment and
grace periods.
- Unsubsidized Stafford Loans do not require financial
need. Interest accrues during periods of enrollment and may be
pre-paid with no penalty.
Alverno College requires that all students borrow
loan funds responsibly. These are funds that must be repaid regardless
of your completion or satisfaction of college. Use this Web site
to view potential payment obligations -
Loan Calculator
Stafford Loans are offered each year in your award
letter. To complete the loan application process, the following
steps are required:
1. If you are a first-time borrower at Alverno
College, you must complete Entrance Counseling which is required
by federal law. This one-time exercise consists of reading through
material and answering questions regarding the material you have
read. You
can complete Entrance Counseling online at Entrance
Counseling.
2. If you are a first-time borrower at Alverno College, you must
complete the Stafford Loan Master Promissory Note (MPN). The MPN
is effective for up to 10 years. A new MPN may be needed
if you change lenders or schools. A PIN (Personal
Identification Number) is required to sign the application. The
PIN is the same
one used to sign the online version of the FAFSA.
Also of note is the selection of a lender. Applicants may select
one of the suggested lenders given on the application without prior
contact or having an account at the institution. The Stafford Loan
Master Promissory Note is available online at Loan
Application.
All borrowers who take a leave of absence, withdraw
or graduate from Alverno College must complete an Exit Interview.
Exit Interviews may be complete online at Exit
Counseling.
The National Student Loan Data System (NSLDS) is
a good place to view all previous loans that you have received.
To view this Web site, you will need to have a Personal Identification
Number (PIN number) as described in the Part 1 of Applying for Financial
Aid. To view your information online, visit NSLDS.
Federal Parent Loan for
Undergraduate Students (PLUS)
The Federal PLUS Loan is a federally guaranteed loan program for
parents to help pay for their daughter's educational expenses. Repayment begins immediately after disbursement; the interest rate is fixed at 8.5%. Parents
may complete the PLUS
MPN online. Parents may also sign the
promissory note electronically with a PIN number. To obtain a PIN,
apply at www.pin.ed.gov.
For more information on the PLUS
Program, access the PLUS Application.
Alternative Student Loans
Some students find that they need
additional funds to meet their costs while attending school. One
option available to students would be an Alternative Student Loan.
Alternative Loans are nonfederal educational loans available from
a variety of national lending institutions. These loans require
that the borrower be credit worthy or have a credit worthy cosigner,
as they go through a normal bank credit process. Students may apply
for these loans at Alternative
Loans.
Federal Perkins Loans
Federal Perkins Loans are low-interest loans offered to students who meet particular criteria. No interest is charged while the student is enrolled and repayment begins nine months after the student ceases to be enrolled at least half-time.
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Financial
Aid for Graduate, Teacher Licensure, Second Bachelor Degree and
Other Programs.
Students in Alverno's Graduate Program are eligible
for Stafford Loans and must be enrolled at least half-time
to qualify.
Alverno's Teacher Licensure Program
is an undergraduate program and subject to undergraduate loan limits.
Students must be enrolled at least half-time to qualify.
Students seeking a second undergraduate
degree will be considered for Alverno academic scholarships
and are eligible for Stafford Loans. Students must be enrolled at
least half-time to qualify.
Other programs that Alverno offers
may not qualify for aid.
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Financial
Aid for Summer Session
Loans are the only aid available for summer session. Graduate and undergraduate
students must be enrolled at least half time (three credits during
the summer) to qualify. Students are encouraged to plan their summer
enrollment carefully. A loan disbursed for summer is considered
part of the annual loan limit as defined by federal regulations.
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Jobs
on Campus
Working on campus is a good way for students to pick up some extra
cash and get connected to college life. Hours fit your schedule
and paychecks are processed every two weeks.
Students willing to work 15 hours per week can earn approximately
$2,500 during the school year. Many departments hire students during
the summer. Openings are posted in the Financial Aid Office throughout
the year.
- Federal Work Study
For student employees with financial need. Must be enrolled at
least half-time. Federal work-study eligible students are given
priority in obtaining positions. This program is funded by federal
financial aid dollars.
- Regular Student Employment
Students are eligible to work around campus in
a variety of offices and positions. This program is funded by
the College.
- Community Service Work Study
Off-campus sites for students seeking community involvement and
a different kind of experience. They must be eligible for Federal
Work Study.
All students wishing to work on campus must meet
financial aid academic standards and be in good standing with the
Alverno College Business Office to be eligible to work on campus.
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Satisfactory
Academic Progress
The Financial Aid Office is required to have a Satisfactory
Academic Progress policy for all students attending the College.
This policy is different than the Academic Progress Policy maintained
by the College. Students who do not meet this policy could lose
their eligibility for financial assistance. It is your responsibility
to understand this policy and make sure that you maintain the standards.
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Refunds/Withdrawals
from classes
What happens when I drop a class or several classes,
but I am still enrolled during the term?
The Financial Aid Office uses a census date each term. This census
date is the date that your financial aid is locked
in for the term. This usually occurs two weeks after the first day
of WDC. Once your financial aid is locked in,
if you drop a class or classes, but are still enrolled, your financial
aid will remain how it was awarded and your tuition charges might
be refunded based on the Alverno tuition refund policy. You should
be aware of possible Satisfactory Academic Progress ramifications.
Please see the SAP section for further information.
If you completely withdraw from the semester or simply stop attending, you
are subject to a federal and state refund policy. This policy states
that if you stop attending your classes prior to the 60% point of the
term, your financial aid must be recalculated based on the percentage
of the term you completed. The financial aid that you will be allowed
to retain will correspond to the percentage of the term completed.
This calculation is independent of how much you will be charged
for the semester. This charge is based solely on the Alverno College
tuition refund policy and does not take into consideration how much
you
can retain in financial aid funds. It is not unusual for a student
who withdraws to owe the College money. If you are thinking of withdrawing,
please contact the Business Office and they can help determine what
the financial consequences will be if you withdraw.
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Links
to Helpful Financial Aid Web Sites
Get a PIN # which can be used to
sign a FAFSA or Federal Loan Applications at www.pin.ed.gov.
Complete the FAFSA or Renewal FAFSA on line at www.fafsa.ed.gov.
Great Lakes Higher Education Corporation – Information on
Federal Stafford Loans and Parent Loans for Undergraduate Students
(PLUS). www.glhec.org
Student
Financial Aid Web site maintained by the United States Department
of Education designed specifically
for the student.
Conduct a free scholarship search at www.FASTWEB.com.
First time loan borrowers may complete the loan entrance counseling
requirement at www.mygreatlakes.com.
A comprehensive site about financial aid is www.finaid.org.
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