Financial Aid Mission and Objectives
SMWC is committed to the higher education of women and men in the tradition of the liberal arts, with emphasis on preparing students for leadership roles in a diverse and global society.
The vision of the Financial Aid Office is to enhance recruitment and retention of students through support of financial aid programs to assist families with educational expenses. The SMWC financial aid office offers scholarship, grant, loan and employment opportunities for qualified, deserving students who can benefit from further education, but who lack financial resources to continue their education. SMWC process aid for over 95% of the enrolled student population. Federal and State grants are distributed according to individual needs as determined by the Free Application for Federal Student Aid (FAFSA).
We believe that a consistent and equitable approach to the awarding of financial aid will enable students to attend SMWC who would not otherwise have the financial resources to enroll. It therefore; encourages a student population which is culturally, economically, socially and geographically diversified.
Administrative Capability
Staffing:
Saint Mary-of-the-Woods College Financial Aid Office administers the Title IV programs in accordance with all applicable statutory and regulatory provisions (e.g., accredited institution, PPA and approved by the Higher Learning Commission).
The financial aid office is adequately staffed with professionals who perform the following duties:
Counsel students and families regarding the financial aid process(s).
Provide effective communication with other offices in order to process applications and disburse funds in a timely manner.
Verify data reported by students and parents (if applicable).
Administer the Federal Title IV programs in accordance with federal and state regulations.
Award financial aid funds in an equitable manner.
Monitor the satisfactory academic progress of aid recipients to ensure they remain eligible for federal, state and institutional aid.
To provide financial aid awareness and literacy to students and families.
In addition, the following responsibilities, with respect to the approval, disbursement, and delivery of Title IV program assistance, the preparation and submission of reports include the following:
Business Office
Perkins Loan program reporting
Posting aid to the student ledger; issue stipend/refund if applicable
EZ Audit
IPEDS
Human Resources Office
Federal work-study report
IPEDS
Financial Aid Office
FISAP
Federal Waivers
Program Participation Agreement (PPA)
Monthly Reconciliations
State Debt Letters
IPEDS
Registrar Office
Enrollment Reporting
IPEDS
The financial aid staff reports to the Vice President of Enrollment Management.
Satisfactory Academic Progress (SAP)
Students who attend Saint Mary-of-the-Woods College must maintain Satisfactory Academic Progress (SAP) toward the achievement of their degree. While certain scholarships and grant programs have more stringent requirements, this policy sets the minimum standards for evaluating satisfactory academic progress per federal regulations. All student’s grades, cumulative GPA and rate of completion will be reviewed for each academic term, module or semester to insure students are maintaining SAP. Students using financial aid for summer classes will have their SAP reviewed after the summer semester has ended.
SMWC will measure both quantitative (time-based) and qualitative (grade-based) standards when monitoring SAP.
Cumulative Grade Point Average (GPA)
Undergraduate, students are required to maintain a minimum cumulative grade point average (qualitative standard) of 2.0 as they progress toward the achievement of their degree. The cumulative GPA is calculated on the basis of all credits attempted. A student’s GPA is affected by Incompletes, unofficial withdrawals and repetitions.
Term Grade Point Average (GPA) & Completion Rate
All students are reviewed each term, module or semester for SAP. Students are required to complete at least 67% of all hours attempted and maintain a minimum GPA of 2.0 per term, module or semester.
Successful Completion Rate
Students are required to complete their degree within a maximum timeframe (quantitative standard). Students must complete a minimum of 67% of classes attempted. A full time, undergraduate student must complete their degree at the 150% rate (six years). A student with a half time status will be required to complete their degree within the 150% rate or twelve years.
Attempted credits are defined as the total number of hours in which the student is enrolled on the first day of classes in any term. Incomplete grades must be converted to passing grades within 30 days after the beginning of the next semester to be considered successfully completed. A student’s rate of completion is affected by Incompletes, withdrawals, repetitions and transfer credits.
Repeated Coursework
For satisfactory academic progress purposes, each time a course is taken it counts as an attempt; only the first time a passing grade is received is counted as completion. However; the grade assigned for each attempt will replace the current grade and will be calculated in the student’s cumulative GPA.
If the course is retaken at SMWC, only the grade earned in the last attempt will be counted in the hours earned toward the quantitative standards for Satisfactory Academic Progress.
Student may repeat previously passed course once
May repeat failed course until it is passed as long as they are maintaining SAP standards.
Graduate student’s cumulative GPA requirements are listed in the Graduate Catalogs and are based on the program of study.
Incompletes
A student with a valid reason for not finishing course requirements on schedule may be granted one (1) month of additional time by the instructor to complete the course. The student must have a passing grade in the class and 75% of the coursework completed for the class. During the extension, the student receives the grade of “I”, denoting an incomplete course. If the course is not completed during the time of the extension, the student will receive the grade as of the last academic event date. A fee for extensions is required.
Woods Online courses are eligible for extensions on a case by case basis and must provide documentation for extenuating circumstances.
Incomplete grades do not affect the student’s quantitative or qualitative standards until an official grade is assigned for the course.
Remedial Coursework
Remedial courses are not offered at Saint Mary-of-the-Woods College.
Withdrawals
When a student provides notification of his/her intent to withdrawal for some or all courses this is referred to as an “official” withdrawal. Courses are assigned a “W” grade if the official withdrawal occurred prior to the 50% point of the semester. “W” grades do count towards quantitative standards for SAP.
If a student fails to provide notification of his/her intent to withdrawal and does not successfully complete all courses the student is considered to be an “unofficial withdrawal”. Courses are assigned a failing grade and will count toward quantitative and qualitative standards for SAP.
Failing and/or withdrawing from course(s) will count towards the student’s maximum timeframe (as noted above, under Successful Completion Rate).
Summer Courses
Summer classes attended at SMWC will count towards the quantitative and qualitative standards for SAP. Courses taken at other institutions during the summer through consortium agreements will be calculated in the quantitative standards only for SAP purposes. Courses taken at other institutions must be approved by the Advisor and Office of the Registrar.
Transfer Students
SMWC will use attempted and credits earned from the student’s official transcript(s) for courses transferred from other institutions. The transferred classes will be counted toward the quantitative standard for Satisfactory Academic Progress purposes.
Change Major
When a student changes his/her major; the classes completed from the previous major will be transferred to the new major. Completion of the program will be based on the current catalog; therefore, the student may exceed the credit hour requirements for the new program.
Classes from both majors will be used for qualitative and quantitative standards for SAP.
2nd Degree
Students who are obtaining a 2nd degree or (double majors) of the same degree type will be treated in the same fashion as a transfer student. Some courses from the previous degree may meet requirements of the new (or 2nd) degree. The student may exceed the credit hour requirements for the new (2nd) degree.
Courses for the 2nd degree will be used for qualitative and quantitative standards for SAP.
Warning
Students who did not achieve satisfactory academic progress for the most recent completed term, module or semester will be placed on financial aid “warning” for their next period of enrollment. Students placed on warning will have one semester to establish satisfactory academic progress as set forth per Department of Education regulations. Students will have financial aid eligibility for their next period of enrollment.
Students who fall below 67% completion rate must make up the shortage in the next semester in addition to completing 67% of other credit hours attempted. Therefore, students must successfully complete 67% of all attempted credits in the combined term.
Students will be notified of their Financial Aid Warning status via their SMWC email account and postal mail.
Probation/Appeal
Students who fail to establish satisfactory academic progress after being on warning for one semester will have their financial aid eligibility suspended. A student can appeal this decision to have their aid reinstated on the basis of: injury or illness of the student, death of a relative, or other special circumstances. The appeal must state the reason(s) for falling below SAP standards and they must include an action plan to correct the issue or situation.
If it is determined, based on the appeal, the student should be able to meet the SAP standards by the end of the subsequent payment period, the student will be place on probation without an Academic Plan.
If it is determined the student cannot achieve the SAP standards in their next semester the student’s advisor will create an Academic Plan (contract) outlining goals the student must achieve to reach minimum SAP standards. During the “Probation” period the student will not be allowed to withdrawal, fail or have an incomplete course(s). Once the academic plan is created it must be followed because SAP standards will be based on the information provided on the academic plan. The plan cannot be changed unless the student submits an appeal to the financial aid office. It must explain what has happened to make the change necessary and how they will be able to make academic progress.
During the probation period, it is the student’s responsibility to ensure they are monitoring their progress, grades and utilizing resources available to them so they can be a successful student.
If students do not achieve the goals established in the Academic Plan and continue to fail to meet SAP standards, their financial aid will be suspended and the student will be considered a “cash pay” student until they reach the minimum SAP requirements set forth by the Department of Education and SMWC. The student will remain a “cash pay” student until the quantitative and qualitative standards are met.
Courses taken when a student loses Title IV aid eligibility will be counted toward quantitative and qualitative standards for SAP. SAP will be reviewed each term of non-eligibility to determine if Title IV aid can be re-established.
Graduate Students
Must maintain GPA requirements per program. See Graduate Student Handbook.
Academic Scholarship Recipients
Students who receive SMWC Scholarships for attendance at SMWC must maintain the minimum cumulative grade point average as set per the scholarship criteria.
The cumulative GPA for the scholarship will be reviewed at the end of each term, module or semester. Students who fail to meet the minimum requirements set forth for the scholarship will be placed on Scholarship probation for one semester. Students must achieve the minimum scholarship criteria (cumulative grade point average) during their probationary semester. If the student does not achieve the minimum criteria required at the end of the probationary semester, they will be placed on scholarship suspension. If they fail to meet scholarship criteria at the end of the suspension period, his/her academic scholarship will not be renewed and will not be reinstated at a later date.
If the student fails to meet the minimum cumulative grade point average requirements due to mitigating circumstances such as illness, family circumstances, or other unforeseen conditions beyond the student’s control, students have one chance to make a written appeal to the Financial Aid Committee. If the appeal is granted, the student may receive the scholarship one additional semester and must meet the minimum cumulative grade point average or the scholarship will not be reinstated. The student will only have one chance to appeal.
Academic Year and Credit Hour definition:
SMWC undergraduate programs are offered in credit hours with terms (semesters). The academic year represents a minimum of 30 weeks of instructional time and each term (semester) represents a minimum of 15 weeks of instructional time.
The only exception to this definition is the Master of Leadership Development and the Master of Healthcare Administration. Those programs are non-standard term programs and represent each term as a minimum of 24 weeks of instructional time.
Enrollment Status:
Campus program
18+ hrs. = over load
12-18 hrs. = full time
9-11 hrs. = ¾ time
6-8 hrs. = ½ time
Woods Online@SMWC
12 hrs. = full time
9-11 hrs. = ¾ time
6-8 hrs. = ½ time
Graduate programs
MLD/MHA
6 hrs. per cohort/18 hrs. per semester = full time
3 hrs. per cohort/9 hrs. per semester = ½ time
MAMT, MAAT
3 hours = ½ time
6 hours = full time
Verification
Saint Mary-of-the-Woods College verifies all the Institutional Student Information Reports (ISIR) that are selected for verification by the Department of Education. The Financial Aid Office may review any student aid report that may or may not be selected for verification to clarify any conflicting information or document the information provided on the report. The Financial Aid Office may request certain tax documents, information pertaining to household size or any other required documents to resolve verification or conflicting information.
To ensure fair and accurate awarding of Title IV funds, federal financial aid regulations require that SMWC complete the verification process on all selected applicants who have been chosen by the Central Processing System (CPS) unless we discover conflicting information. The “census” (cut-off) date for verification is the last day of the current academic year or 120 days after the students last day of enrollment.
Verification Documents:
Students are responsible for supplying the documents required to clear their status. The financial aid office may use internal documents from other departments to resolve conflicting information.
If, at any time during the verification or file review processes, the financial aid counselor obtains or discovers conflicting information, the counselor has full authority to require whatever documentation necessary to clear up the issue. The aid counselor may decide what documentation is necessary and request that documentation from the student and/or parent.
Documentation and forms used include:
Verification worksheets
Federal tax return transcripts or forms and alternative tax documents. If the student/spouse or parents have filed an extension we will require a copy of the approved extension from the IRS, current year W2 forms and a tax returns transcript once they are filed. We will then make any necessary adjustments to the tax information.
Untaxed income documentation
Signature requirements – signed by the student and guardian if applicable (dependent vs. independent).
Documentation regarding citizenship
Verification of Selective Service registration
Document from previous college enrollment(s)
Other documents may be required to resolve conflicting data.
Conflicting & Inaccurate Information
If there are no changes the verification process is complete. However, if there are discrepancies, the Financial Aid Office will make the necessary corrections electronically to the FAFSA. Once the corrections are made, the counselor can complete the verification process and award the student as aid per their eligibility.
If the verification or file review process result in a change in an applicant’s EFC, and if that EFC change results in an award change, the student is sent an email indicating the change and the revised award in posted on the student portal.
If a Financial Aid staff member suspect misreported information or altered documents was received to fraudulently obtain federal funds, the student will be reported to the Office of Inspector General.
| Verification Exclusion |
There are times when we don’t need to verify a student’s application or certain data elements of the ISIR. All exclusions must be documented. Listed below are situations for verification exclusions:
Death of the student.
Not a Title IV aid recipient.
The applicant is eligible to receive only unsubsidized student financial assistance.
Applicant is verified by another school. The student completed verification at another school for the same academic year before transferring. A letter from the school stating that it verified the student application and provides the transaction number.
Post enrollment – the student was selected after ceasing to be enrolled at SMWC.
Both of the parents (or spouse) are mentally incapacitated.
Both parents or the custodial parent (spouse) has died.
The parents (spouse) are residing in a country other than the US and cannot be contacted by normal means.
The parents (spouse) can’t be located because the student does not have and cannot get their contact information.
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PLEASE NOTE: No Federal or State grants/loans will be disbursed until all requested documents have been received and the ISIR has been verified.
Fiscal & Cash Management
In order to show administrative capability, Saint Mary-of-the-Woods College must show no evidence of significant problems that affect the institution’s ability to administer a Title IV program as identified in:
Program reviews conducted by ED, an accrediting agency (HLC), or a state agency (Indiana CHE)
Audits conducted by ED, an accrediting agency, or a state agency
Internal/third party audits
Findings made in any criminal, civil, or administrative proceeding
| The Financial Aid Office must accurately prepare the Fiscal Operations Report and Application to Participate (FISAP). It is completed in September of each academic year. |
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| The Registrar’s Office is responsible for uploading and updating student information to the National Student Loan Data System and the Department of ED. Reporting student information such as Federal Pell Grant and FSEOG overpayments is the responsibility of the Financial Aid Office and the Business Office is responsible for Federal Perkins Loan information. |
National Student Loan Data System
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Saint Mary-of-the-Woods College Financial Aid Office is required to accurately report student information to the National Student Loan Data System (NSLDS), such as Federal Pell Grant and FSEOG overpayments and Federal Perkins Loan information.
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The steps required to complete and verify the accuracy of student enrollment information reported to NSLDS is the responsibility of the Registrar’s Office.
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Program-Specific
Program-specific reporting, such as Enrollment Reporting for the Direct Lending program is the responsibility of the Registrar’s Office. Reporting responsibilities for Federal Pell Grants, TEACH and Direct Lending to the Common Origination and Disbursement is maintained by the Office of Financial Aid. Federal Pell Grant information is imported/exported through CampusNexus/EDconnect and is then reported to COD.
Reconciliation(s)
Reconciliations are performed monthly to ensure accurate disbursement of Title IV, Indiana and Institutional funds. This process is performed in the financial aid office and shared with the business office and the Associate Vice President of Financial Aid for approval.
Federal Direct Loan, Pell grant and Federal Teach grant – these fund sources are reconciled by comparing funds disbursed, funds posted and funds delivered. The financial aid office will use reports sent from COD via the SAIG mailbox and imported into Campus Nexus. Those reports are compared against disbursements and ledger posting for accuracy. Any discrepancies will be corrected via Campus Nexus or COD by the financial aid office.
The Business Office/Controller cannot draw down funds from G5 in excess of amounts disbursed via CampusNexus and reported on the Electronic Statement of Accounts from COD.
Indiana state grants - these fund sources are reconciled by comparing funds disbursed, funds posted and funds delivered. The financial aid office will use reconciliation reports requested from Scholartrack. Those reports are compared against disbursements and ledger posting for accuracy. Any discrepancies will be corrected via Campus Nexus or on Scholartrack by the financial aid office.
The Business Office/Controller will receive electronic payments from the Indiana Commission for Higher Education for awards processed via Scholartrack.
SMWC awards – Endowment funds are determined in late summer and “SMWC Endowment” awards could be switched to named endowments, depending on funding levels. All SMWC scholarships are reconciled monthly.
Records Management & Retention
The Financial Aid Office is responsible for all financial records management and retention of those records. Other offices that may have responsibility include Admissions, Business Office or the Registrar.
SMWC Financial Aid Office complies with Title IV record retention requirements by:
Creating a folder or electronic file for every current, enrolled student
Storing inactive records for (3) years
Electronic records
Records on CD’s, discs, tapes, or other media
The Financial Aid Office must establish and maintain records as required under the General Provisions and individual program regulations. Once a student has graduated or left the institution their records are maintained for three years prior to being destroyed and/or purged.
The Financial Aid Office is solely responsible for the records management and retention of student financial aid information.
| Institutional Eligibility Requirements |
Saint Mary-of-the-Woods College is eligible to participate in Title IV programs by meeting the following definition of an eligible institution:
Institution of higher education
To find documentation that substantiates the college’s institutional eligibility, the following documents are available:
Program Participation Agreement (PPA)
Eligibility and Certification Approval Report (ECAR)
Accrediting agency letters
State authorization or licensure documents
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| Program Eligibility |
| In order for a program to be considered eligible to receive Title IV funds, it must be a degree-seeking program or an approved certificate program as listed on the PPA (Program Participation Agreement) and approved with our accrediting agency. |
Disbursements
A disbursement is defined as the posting of SMWC awards, state grants, Federal loans, Pell, FSEOG, or TEACH proceeds to the student’s ledger account. In order for a student to be eligible for a disbursement of such Title IV funds, SMWC must determine if the student has met the required eligibility criteria, is enrolled and has participated in an academic event during the payment period.
Once Title IV funds have been disbursed and posted; they will be applied to institutional charges prior to issuing a stipend to the student. Once the stipend has been issued to the student their balance will be at zero. If there are any charges posted after the stipend has been issued it is the responsibility of the student to pay those charges prior to return for their next semester. In some cases, a student can use their future financial aid to pay those charges (if they are under $200), but they must contact the Financial Aid Office for eligibility and give written permission to process the funds. A student will not be allowed to register for their next semester until any remaining balance has been resolved.
| The payment period is set up by predetermined disbursement dates. |
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Disbursement dates are made by the Financial Aid Office in compliance with federal guidelines. Students are then informed of the disbursement schedule via their student portal and are notified by the Business Office when the disbursement occurs or within 14 days of posting.
Disbursements of federal, state and Institutional grants and/or Direct Loans for Campus students can be made (7) days prior to the first date of attendance however; in some cases, the disbursements will not be made until after the drop/add period.
Disbursements for the Woods Online program of federal, state, Institutional grants and Direct loans will be made on the day after the add/drop period. There will be one disbursement of aid per payment period.
Disbursements for Graduate programs will be on the day after the add/drop period.
*All disbursements are electronically transferred (E.F.T.).
Timeframe for returning unclaimed Title IV credit balance.
If an EFT to a student’s or parent’s financial account is rejected, or a check to a student or parent is returned, SMWC may make additional attempts to disburse funds, provided that those attempts are made not later than 45 days after the EFT was rejected or the check returned.
The school must cease all attempts to disburse the funds and return them no later than 240 days after the date it issued the first check.
Late Disbursements
Generally, an otherwise eligible student or parent becomes ineligible to receive FSA funds on the date that the student
For Direct Loan program, is no longer enrolled at the school as at least a half-time student for the period of enrollment for which the loan was intended: or
For the FSA Grant or the Perkins Loan programs, the student is no longer enrolled at the school for the award year.
However, if certain conditions are met, students must be considered for a disbursement after the date they became ineligible (late disbursements). |
Notification of Loan Disbursements to Students
Saint Mary of the Woods College (SMWC) uses passive confirmation in awarding Title IV funds to students, with the exception of the TEACH Grant and Direct Loans in which affirmative confirmation is used. As such, consistent with 34 CFR § 668.165(a), SMWC issues a notice to students within 30 days of crediting a Federal Direct Loan and Federal TEACH grant to the student’s account, advising the student of the disbursement and providing the student with 14 days from the date of the disbursement notice to cancel the applicable disbursement. If the student does not cancel within the applicable period, the student will have accepted the Federal Direct Loan or Federal TEACH grant.
Provisions for Books & Supplies
Students that are Title IV eligible will be cleared by the Financial Aid Office and Business Office to purchase books and supplies at the SMWC bookstore and have those charges posted to the students account.
Students may decline to participate in purchasing books at the SMWC Bookstore via book voucher, but it will be the student’s responsibility to purchase books and supplies using other vendors. In addition; if books are included in the cost of tuition for the program and the student chooses to purchase books, the student will not be credited for the cost of the purchase.
If the student is under a Consortium Agreement between two schools and the “home” school is receiving FSA funds they must provide the book voucher. If the “host” school is paying the FSA funds they must provide the book voucher. The student can elect to purchase books from another vendor, but that will be the student’s responsibility.
Students Rights & Responsibilities regarding Title IV aid
Students at SMWC have the right to decline any/all financial aid offers during the academic year. All students will be required to maintain eligibility for the receipt of Title IV, State and Institutional awards.