Eligibility for Financial Aid for Students of the School of Arts and Sciences - SAS
To be eligible to receive Title IV federal funds, Pell Grants, SEOG, Federal College Work Study, Federal Perkins Loans, Federal Stafford Loans or state and institutional aid, a student must maintain satisfactory progress (SAP) in his/her course study.
A student at Montreat College will, assuming all other eligibility requirements for payment of federal state and institutional aid are met, be eligible to receive federal, state and institutional aid for a maximum of one and one-half the number of hours required for completion of the degree or diploma program.
A student will be considered to be making satisfactory progress for purposes of receiving federal, state and institutional aid if the academic degree requirements of the institution are met as set forth in the College Catalog (see Academic Section).
A student who does not meet the requirements at the end of a semester will lose all eligibility for federal, state and institutional funding for the following semester. There is no grace period. The student will be re-evaluated at the end of the following semester, and, if he/she meets the minimum requirements, the student will receive funding for the upcoming semester.
If a student is declared ineligible and is waiting on a grade change, the deadline is 4:00 p.m. on the third day of class for that semester. If the Financial Aid Office does not have verification of a grade by that deadline, the student will not receive funding for that semester. If a student drops below full-time status during the semester, all aid will be deleted with the exception of earned Pell Grant and loans when applicable.
When can I apply for financial aid?
You should apply for financial aid at the same time you apply for admission. Processing time is a minimum of four weeks. We encourage you to apply early for priority awarding purposes. Several funds are awarded on a first-come first-served basis.
What types of financial aid are available at Montreat College?
All students are eligible to apply for Federal Stafford loans. Additionally, undergraduate students who do not have a previous Bachelor’s degree are eligible to apply for a Federal Pell Grant and the North Carolina Legislative Tuition Grant (NCLTG).
What forms will I need to complete or provide to Montreat College to apply for financial aid?
- Free Application for Federal Student Aid (FAFSA)
- Choose a lender and complete the Stafford Loan Application (MPN).
- Student Loan Entrance Interview Form (EI) (for first-time Montreat students only).
- Signed copy of your (and spouse/parent if applicable) Federal income tax return and W2's (only need 1040 or 1040EZ; do not need attachments, schedules, or addendums), if requested by Financial Aid.
Do I need to get Financial Aid Transcripts from previous schools I have attended?
We only need Financial Aid Transcripts for any educational institution you have attended within the past 6 months. We need them even if you did not receive aid at the institution.
Do I need to complete the FAFSA if I have completed one for the same year at another institution?
No, just simply log into www.fafsa.ed.gov and add our school code (002948). We will receive your FAFSA electronically within a day or two.
What paperwork do I need to complete if I only want to receive the North Carolina State Grant?
If you have been an NC resident for 2 years, you may apply. If you have lived in NC less than 2 years but more than 1 year, you will be asked for proof of at least 12 months of residency.
You will need to complete the NCLTG application for North Carolina Legislative Tuition Grant each year in order to possibly be awarded the grant. You will receive the NCLTG application with your award letter.
Where should I send my completed financial aid paperwork?
All financial aid paperwork, should be sent directly to the Financial Aid Office at the following address:
Office of Financial Aid # 881
Montreat College
310 Gaither Circle
Montreat, NC 28757
What is Montreat College’s School Code?
Montreat College’s School code is 002948.
When will I be awarded financial aid?
The financial aid office will be able to award you once the following criteria have been met:
- All paperwork has been completed accurately and returned to the financial aid office.
- The FAFSA has been processed and verified.
- The student has been accepted by student services.
Can I receive financial aid from two educational institutions at the same time?
No, you may only receive financial aid from one college.
Are there any other sources for grants and scholarships besides the federal and state grants and loans already mentioned?
You may search the following internet addresses:
How is the Federal Pell Grant eligibility determined?
Pell is a grant offered to assist students who have an excessive financial need. The exact amount of eligibility is determined by the Department of Education.
How much money can I get through the Federal Pell Grant?
The maximum amount available is $4731 for the 2008-2009 award year.
2009-2010 amounts have not been released yet.
When will I receive the Pell Grant?
If you are eligible for the PELL Grant, you will receive an award letter informing you of the disbursement dates of this grant.
How is the LTG eligibility determined?
- Live in North Carolina for at least 12 consecutive months.
- No previous Bachelor’s degree.
- Third, you must meet enrollment requirements.
LTG is disbursed twice a year. To receive the first disbursement, you must be enrolled full time on 10/1.
To receive the second disbursement, you must be enrolled full time during the last week in January. You must continue full-time status through the entire award period.
Amounts for the LTG are determined by the North Carolina Legislature and vary from year to year.
When is the LTG disbursed?
Once in the fall and once in the spring. It will be applied to your account late November/early December and again in March/April if eligibility is met.
What are the terms of a Federal Subsidized and Unsubsidized Stafford Loan?
These loans carry a variable interest rate with an 8.25% cap. The Subsidized loan’s interest is paid by the government throughout the time you are in school until six months after you leave or drop below half-time enrollment. The Unsubsidized Stafford Loan’s interest begins to accrue 60 days after the check is sent to Montreat College by the lender. There is an option to pay on this interest while in school. For both loans there is an origination and guarantee fee, which is taken out of the proceeds of the loan by the lender and is equal to 4% of your total loan amount requested.
How much money can an independent undergraduate student borrow through the Federal Stafford loan program?
- First-year independent students can borrow a maximum of $7,500.
- Second-year independent students have $8,500 available.
- Third-year independent students and those beyond in the undergraduate program have a maximum of $10,500 available.
What are the qualifications to be considered an independent student?
The federal government classifies you as an independent student if you meet one of the following criteria:
- you are 24 years old
- you are married
- you are a graduate student (member of a master's program)
- you have legal dependents other than a spouse
- you are an orphan or ward of the court
- you are a veteran of the U.S. Armed Forces
How much money can a dependent undergraduate borrow?
- First year dependent students have a maximum amount of $3,500.
- Second year $4,500.
- Third year and beyond $5,500.
- A dependent student’s parents could qualify for a federal PLUS loan. The parents are eligible for the cost of the student’s education for the loan period less any other aid received. The PLUS loan interest rate is capped at 9%. The loan is based on "credit worthiness" as determined by the lender. Repayment begins 60 days from the date of disbursement by the lender.
When will I receive my Federal Stafford Loan money?
Following your start in class, Montreat will certify eligibility for your student loan. (If you have not been awarded, have not returned your loan application, or have not verified the amount you want to borrow, we cannot process your loan until all these issues are settled.) Pending approval of your loan, your first loan disbursement will arrive to your account after you begin your fall classes. Your second loan disbursement will disburse after you begin your spring classes.
Will I be denied for student loans?
Approval for student loans is given by the lender and the government guarantee agency. Most students will receive loans even with poor credit history. Only those students who have had serious credit problems such as bankruptcy may be denied. If you have defaulted on previous student loans, you will be denied. You should contact your previous lender and clear the loans before attempting to receive any more student loans.
Can I get my prior loan(s) deferred?
If you are registered and attending courses, you can have previous Federal college loans deferred. Contact your previous lender for a deferment form and send it to the Registrar’s Office in Montreat. The Registrar will return it to your lender. The lender will then contact you on the decision to grant the deferment. You may contact the Registrar’s office at 828-669-8012 ext. 3735.
What happens if I withdraw from a course or the program?
You must notify the registrar if you wish to drop or withdraw from a class or withdraw from the program. If the withdrawal results in your having completed more than 60% of the current half academic year, you are eligible to keep the financial aid for that period. If the withdrawal results in your having completed 60% or less of the current half academic year, the Financial Aid Office will do a federal calculation to determine the amount of aid that must be returned. If the withdrawal is in the fall, the spring disbursements will be canceled.
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