1 Historically American. Uniquely Caribbean. Globally Interactive. Office of Financial Aid GRADUATE STUDIES We are pleased to learn of your interest in the University of the Virgin Islands (UVI) and your desire to receive information on the financial aid programs available for Graduate Studies. ELIGIBILTY To be considered for financial aid at UVI, a student must: file a Free Application for Federal Student Aid (FAFSA). Complete the application on-line at www.fafsa.gov. be a U.S. Citizen or Permanent Resident be enrolled or accepted for enrollment as a matriculated student working towards a degree in an eligible program be in good academic standing as described in UVI’s Satisfactory Academic Progress Policy not be in default on a Federal educational loan. APPLYING FOR AID 1. Complete the FAFSA form to determine your financial need. 2. Once financial need and the eligibility criteria have been established, each admitted/matriculated student will receive an award notification. FEDERAL AID FOR GRADUATE STUDIES FEDERAL DIRECT UNSUBSIDIZED LOANS are low-cost, fixed-rate federal student loans available to both undergraduate and graduate students. Interest is charged on unsubsidized loans during all periods. Financial need is not required. FEDERAL DIRECT GRADUATE PLUS LOANS is a federal student loan available to students attending graduate school and professional school. It offers a fixed interest rate and flexible loan limits. To be eligible for the Direct Loan programs, students must be enrolled for at least six credits. Any changes in enrollment or in other aid received may result in the reduction or cancellation of the Direct Loan. SATISFACTORY ACADEMIC PROGRESS POLICY Federal regulations require that all schools participating in any Federal Financial Aid program must adhere to a financial aid Satisfactory Academic Progress (SAP) policy. These are the standards by which a student’s progress toward the completion of his/her program of study at the University of the Virgin Islands (UVI) will be measured to determine continued eligibility for financial aid. At the end of each payment period/semester or prior to the actual receipt of financial aid funds, the records of all financial aid recipients will be reviewed to determine satisfactory academic progress. A student’s financial aid SAP at UVI is classified in the following categories: “Good Standing”, “Warning”, and “Suspension”. Maximum time frame allowances and the limit on remedial courses will also be reviewed at the end of each semester. SAP determination is based on a student’s complete academic history, including periods in which the student did not receive financial aid. RR1 Box 10,000 Kingshill, VI 00850-9781 340-692-4193 financialaidstx@uvi.edu St. Croix School Code: 006989 #2 John Brewers Bay St. Thomas, VI 00802-9990 340-693-1090 financialaidstt@uvi.edu St. Thomas School Code: 003946 2 SATISFACTORY ACADEMIC PROGRESS ( SAP) STANDARDS FOR FEDERAL FINANCIAL AID PROGRESSION AND QUALITATIVE STANDARDS for SAP Standards by which a student will be evaluated includes progress in increments of hours completed and minimum cumulative grade point average (GPA) illustrated in the chart below. A student must be progressing toward graduation requirements by completing the courses for which he/she enrolls each semester (referred to as “pace”) and must also meet the required percentage rate of attempted credit hours. Graduate Students must maintain a cumulative GPA of 3.0 on a scale of 4.0. Graduate students will be placed on academic warning if: (1) the cumulative GPA falls below 3.0, or (2) a grade of “F” is earned, or (3) more than two grades of “C” are earned in the program. Students must also complete at least 70% of all credits attempted. MAXIMUM TIME FRAME for SAP The maximum time frame for financial aid eligibility is 54 attempted credits. FINANCIAL AID ELIGIBILITY Graduate Financial Aid (FA) Warning 1. The semester or cumulative grade point average (GPA) falls below 3.00 2. An F and/or 3. Two C’s are earned in the program. Graduate Financial Aid (FA) Suspension /Dismissal 1. Two F’s are earned 2. Minimum requirement is not met for two consecutive semesters. OTHER SATISFACTORY ACADEMIC PROGRESS COMPONENTS Withdrawal, Incomplete, Repeated, and Remedial courses will be counted as hours attempted in the determination of maximum time frame. A student may repeat a previously passed course only once. If the student repeats the course for a third time, he or she will not receive financial aid for the course. Audit courses: Courses taken for audit do not meet the eligibility requirements to receive financial aid. Non-Degree Remedial Courses: A student can receive financial aid for up to 30 credits of non-degree remedial courses. Transfer Credits: All credits accepted for transfer students will be included in total earned and attempted credits for SAP determination. Change of Program/Additional Degree: Allowances will be made in the maximum time frame for financial aid eligibility, as outlined above, for students changing their major or program of study based on the credits applicable to the new major or program of study. Academic Suspension: Students placed on academic suspension are not eligible for financial aid. APPEAL PROCESS Appeals should be submitted within 15 days of notification of suspended financial aid. All appeals must be substantiated by appropriate documentation and submitted to the Financial Aid Appeals Committee c/o Financial Aid Office for review. Reviews will be conducted twice a semester but may be more frequent based on the number of appeals received. Students who have appealed should seek alternative payment methods for their tuition and fees until the appeal committee convenes and a decision is determined. Alternative payment methods may include, but not limited to the Tuition Deferred Payment Plan (TMS) through the University’s Cashier’s Office or obtain a Private Educational Student loan via web searches. 3 The committee will render a decision of approved or disapproved. Include the following in the appeal: • A student must provide sufficient evidence to support his/her assertion that unusual or extenuating circumstances prevented him/her from maintaining SAP. - An unusual or extenuating circumstance can include, but not limited to, serious medical illness or accident of student and or, immediate family member(s). - Unacceptable unusual or extenuating circumstance can include, but not limited to, failing to attend classes on a regular basis and continuing to withdraw from courses. • An explanation of the reason(s) for failing to meet the standards for Academic Progress and what improvements will be made by the next evaluation period to regain good academic standing. Appeal Approved in Probationary Status A student who appeals his /her financial aid suspension status and meets approval for reinstatement by the Financial Aid Appeals Committee will regain eligibility during the approved probationary status period with an ‘Approved-Probationary’ status. RECOMMENDATION Students who are not meeting the minimum SAP guidelines are encouraged to meet with their Advisors/Counselors for guidance in helping to correct their academic deficiencies. SCHOLARSHIPS Many private and civic organizations/individuals have donated funds to the University in order to provide financial assistance to incoming high school students and continuing students at UVI. The scholarships, which are administered by the University’s scholarship committee under the auspices of the Office of Financial Aid, are awarded on the basis of demonstrated scholastic ability. A minimum 3.0 grade point average is required. § Scholarship applications are available during the month of February for the upcoming academic year, at which time scholarship applications will be available at www.uvi.edu, the Financial Aid Offices on either campus and the local high schools. § Students are encouraged to seek other local and national scholarship programs. For additional information on UVI scholarships contact the Office of Financial Aid at (340) 693-1090 on the St. Thomas campus and (340) 692-4193 on the Albert A. Sheen (St. Croix) campus. PROCEDURES FOR AWARDING AID Upon receipt of the Student Aid Report (SAR) along with all supporting documents, if necessary, the Financial Aid personnel will assess the student’s financial need. Financial need is the difference between the cost of education and a student’s ability to pay as determined by the Expected Family Contribution (EFC). A simple formula for establishing need is as follows: Cost of Attendance - EFC = Financial Need The Cost of Attendance (COA) is the amount it will cost you to go to school. The COA of attendance includes tuition and fees, allowances for room and board, books and supplies, transportation, loan fees and personal expenses. The Expected Family Contribution (EFC) is calculated by a need-analysis formula known as the Federal Needs Analysis Methodology using information provided on the FAFSA. Once financial need has been established, the Financial Aid office attempts to meet at least 75% of the unmet need, if funds are available. An award is made for one academic year only. Students are required to submit an application each year for financial aid. The University reserves the right to suspend aid at the end of each payment period/semester or prior to the actual receipt of financial aid funds, to students who fail to meet the prescribed academic standards as outlined in the University’s Satisfactory Academic Progress Policy (SAP). Over-awards: Federal regulations and Institutional policy mandate that students’ total financial assistance cannot exceed students’ cost of attendance. If this occurs, students’ awards will be reduced within the confines of their budget to prevent an over-award situation. 4 ESTIMATED COST OF EDUCATION Listed below are typical students’ budgets for a graduate studies based on full-time attendance. Graduate/Professional Student Budget for an Academic Year Tuition & Fees 7,456 13,738 Books & Supplies 1,750 1,750 Room & Board 11,374 11,374 Personal Expenses 3,286 3,286 Transportation 1,282 2,870 TOTAL BUDGET 25,148 33,018 STUDENT’S RESPONSIBILITIES It is a student’s responsibility to … 1. Read and pay special attention to the application and all other related materials and to comply with the application deadlines. 2. Submit honest and accurate information on all forms. 3. Use financial assistance solely for expenses related to attendance at the University. 4. Report any financial assistance received from sources outside of the University promptly upon notification of the award. 5. Maintain Satisfactory Academic Progress as defined in the University’s policy. 6. Report any changes in your name, local and/or permanent address, and marital status to the Financial Aid and Academic Services offices promptly. 7. If selected for Verification, you (and your spouse, if applicable) will be required to submit additional materials to document information submitted on your application. After thoroughly reading this brochure, should you need further information, feel free to contact the University’s financial aid offices. WEB RESOURCES FAFSA……………………………https://fafsa.gov FSA ID……………………………https://fsaid.ed.gov Federal Student Aid…..………https://studentaid.gov Scholarship Search...……..………www.fastweb.com Selective Service Registry………..……..www.sss.gov