Please Review the Following SPAS Financial Aid Information

SAR (Student Aid Report): Results of your FAFSA

Within two weeks following the submittance of your FAFSA, you will receive a SAR. This report will detail the information from your application and state your Expected Family Contribution (EFC), which will be the amount used to determine your federal student assistance eligibility. Montreat College will receive an electronic copy of the SAR at the same time.

Award Letter Information

Montreat College will notify you of your award by sending you an award letter. This award will be disbursed twice per academic year. It is typical that the school will first use the award monies to pay tuition and fees. The remainder of the funds should remain on the student's account to pay for additional courses. Student financial assistance will be paid directly to your student account. You should not take funds from your account for non-school-related expenses.

Cost for Academic Year

Each student may have different costs based on their academic years and the courses within them due to the nature of the non-term program.  We estimate the cost of your academic year (about 8 or 9 classes for undergrad and about 7 classes for Graduate) with tuition, books, and fees to be:

• For Freshmen and Sophomores         $7,635
• For Juniors and Seniors                    $8,855
• For Masters Students                             $8,095

 Award Letter

You will be awarded based on received paperwork, need, and available aid.  All aid combined will not exceed your cost of attendance per federal policy.  Cost of attendance takes into consideration tuition, books, fees, living expenses, travel, etc in relation to your education.   Most of our Independent students qualify for Stafford Loans up to:
 

• Freshmen                                            - $7,500*
• Sophomore                                          - $8,500*
• Junior and Seniors                              - $10,500*
• Masters                                             - $20,500*

You may also qualify for grants and scholarships in addition to loans. If you do, they will be listed upon your award letter. 

• PELL, and other Federal grants depend on FAFSA results as well as the financial need of the student.
• The N.C. Legislative Tuition Grant (LTG) may be awarded to North Carolina Residents.  Payments are based on your schedule and you may only qualify for a fall or spring disbursement due to state regulations, not both. LTG will only disburse twice a year. If your academic year is longer than 365 days, you will not qualify for a third disbursement.
• Other State Grants are limited and depend on your FAFSA results as well as need and availability. some of these are available only to students who complete the current FAFSA by March 15^th.

Attendance Policy

Attached to your award letter will be the schedule of courses covered by the financial aid award. If you change courses or cohorts or fail to attend class, you will risk changing or losing part or all of your financial aid.

Attendance is monitored for all students at Montreat College in order to determine their eligibility for Financial Aid. If a student remains absent for 29 days or more without the proper paperwork, the student must be withdrawn from the program. If a student is a Financial Aid recipient, an R2T4 will be done and federal and state funds may be returned.  See the Attendance Policy here.

Leave of Absence (LOA) Policy

If you are unable to attend a course due to unforeseen circumstances (sickness, additional job responsibility, family situation, etc) you may be eligible to receive a Leave of Absence (LOA) if you are able to provide proof of the unforeseen circumstances (such as a doctor’s note). This allows your financial aid to stay in tact and you to take the course at a later date. See the LOA Policy and Application here.

Satisfactory Academic Progress (SAP) Policy

As a student, you must maintain Satisfactory Academic Progress (SAP) for each of your payment periods in order to remain eligible for Financial Aid. If you do not meet SAP, you will be put on a probationary period. If you do not meet SAP at the end of the probationary period, you will lose all Financial Aid. Financial Aid Academic Probation is different than the Registrar’s Academic Probation. See the SAP Policy here.

Unsatisfactory Grade Policy

If you fail to make a satisfactory grade in a class, your academic year will be extended, and you may have to pay some out-of-pocket expenses if you do not have enough funds left on your account. You will not be able to proceed into your next academic year until you have successfully completed at least 24 credits and 30 weeks of attendance.

Change of Schedule Policy

If you make any changes to your class schedule other than those on your highlighted schedule that comes with your financial aid award letter, your aid is subject to change or be lost. Your academic year, midpoint, loans, and grants along with distribution dates may change.  It is highly suggested you stick to your original schedule as closely as possible in order to keep your aid from altering.