Student Aid Report: results of your FAFSA
Within two weeks of submitting your FAFSA, you will receive a Student Aid Report (SAR). This report will detail the information from your application and state your Expected Family Contribution (EFC). The EFC is 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
An award letter will be sent to the email address that is used to file the FAFSA. You will be required to accept or decline the awards via the financial aid portal through the link provided on the award letter. This award will be disbursed twice per academic year, and the school will use the award monies to pay tuition and fees. If there is a credit balance caused by excess loan funds, the remainder of the funds will be disbursed to you as a refund. Student financial assistance will be paid directly to your student account.
Attendance is monitored for all students at Montreat College in order to determine their eligibility for financial aid. If a student remains absent without the proper paperwork, the student must be withdrawn from the program. If a student is a financial aid recipient, an R2T4 will be completed, and federal and state funds may need to be returned. The aid will be returned based on the last day of attendance prorated by the number of days in the term. This could leave a student with a negative balance on the student account. Students are encouraged to meet with the financial aid office to determine the return of funds before withdrawing or ceasing to be enrolled.
Satisfactory Academic Progress 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 placed on financial aid waiver. If you do not meet SAP at the end of the waiver period, you will lose all financial aid and be placed on financial aid suspension. A student may apply for financial aid probation for one more semester by filing an appeal with the Financial Aid Office. A student who does not meet the requirements at the end of the following semester will lose all eligibility for federal, state, and institutional funding. There is no grace period. Financial aid waiver, suspension and probation are different from the Registrar’s academic probation and final AP.
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 SAP in his or her course study.
A student at Montreat College will, assuming that 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 is considered to be making satisfactory progress for the 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.
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.
Federal Student Financial Aid Penalties for Drug Law Violations
A student is ineligible to receive title IV, HEA program funds if the student has been convicted of an offense under any federal or state law involving the possession or sale of illegal drugs for conduct that occurred during a period of enrollment for which the student was receiving title IV, HEA program funds. Learn more about financial aid penalties for drug law violations by viewing our Drug Law Violation Policy.
Financial Aid Staff Code of Conduct
Staff members in the Montreat Financial Aid Office have always been bound to act in compliance with Montreat’s employee Code of Conduct and the National Association of Student Financial Aid Administrators. View our Financial Aid Staff Code of Conduct.
Frequently asked questions
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 Direct Student 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 Need-Based Scholarship.
Which forms will I need to complete or provide to Montreat College to apply for financial aid?
- Free Application for Federal Student Aid (FAFSA)
- Complete the Federal Direct Loan Master Promissory Note (MPN)
- Student Loan Entrance (for first-time Montreat students only)
- Verification documentation, if requested by the College
Do I need to complete the FAFSA if I have completed one for the same year at another institution?
No, just simply log on to 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 NCNBS?
The North Carolina Need-Based Scholarship (NCNBS) can be applied for by completing the FAFSA form at www.fafsa.gov. NCNBS has an eligibility threshold of 15,000 Expected Family Contribution. The expected family contribution (EFC) can be found on your Student Aid Report at www.fafsa.gov.
The student must also prove residency status, which is done by completing the state residency form. This form will be provided by Montreat College.
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
P.O. Box 1267
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.
- Your FAFSA has been processed and verified.
- The student has been accepted by Admissions.
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?
How is the Federal Pell Grant eligibility determined?
Pell is a grant offered to assist students who have excessive financial need. The exact amount of eligibility is determined by the Department of Education.
Where can I find further information on the Federal Pell Grant?
When will I receive the Pell Grant?
If you are eligible for the Pell Grant, you will receive an award letter letting you know the amount. The funds will be disbursed each semester after your attendance and schedule are confirmed.
What are the terms of a Federal Subsidized and Unsubsidized Loan?
These loans carry a variable interest rate with an 8.25 percent cap. The Federal Direct Subsidized Loan’s interest is paid by the government from the time you start school until six months after you leave or drop below half-time enrollment. The Federal Direct Unsubsidized Loan’s interest begins to accrue the day the funds are released to Montreat College and are disbursed to the student’s account. There is an option to pay on this interest while in school. For both loans there is an origination fee, which is taken out of the proceeds of the loan and is equal to 1 1 percent of your total loan amount requested.
How much money can an independent undergraduate student borrow through the Federal Direct Loan program?
Loan limits may be found at studentaid.ed.gov.
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
- You meet the federal definition of homeless
When will I receive my Federal Direct Loan money?
Once you start classes, Montreat will certify eligibility for your student loan. If you have not been awarded an amount, have not completed your Master Promissory Note (MPN) and Entrance Counseling, or have not accepted the amount you want to borrow, we cannot process your loan until all these issues are settled. Pending approval of your loan, your loan disbursement will arrive in your account after the drop/add date of each semester.
Will I be denied for student loans?
Approval for student loans is given by the government. Most students will receive loans, even with no prior credit history. Only those students who have had serious credit problems, like 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 classes, you can have previous federal college loans deferred. The Registrar will certify with the National Student Loan Clearinghouse that you are enrolled. You will want to check with your lender that they have this information. You may contact the Registrar’s office at email@example.com.
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 you completing more than 60 percent of the current academic term, you are eligible to keep the financial aid for that period. If the withdrawal results in you completing 60 percent or less of the current academic term, 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. If you completely withdraw from the program and have borrowed loans, you must complete an exit interview.