Section IV: Expenses and Financial Assistance

Scholarships and Student Financial Aid
The Office of Financial Aid is located in Gardiner Hall. To reach the Office of Financial Aid by phone, please call 304/876-5470 or 800/344-5231, or visit the Web www.shepherd.edu/faoweb/.
The Office of Financial Aid at Shepherd University is committed to helping students and their families pay for a University education. Financial assistance is available on the basis of scholastic achievement, special talents and abilities, and financial need. Awards are given for a period of one academic year, and students must apply for financial aid and scholarships each year, except for those few that are automatically renewed. The financial aid year runs from July 1 to June 30. The following sections describe financial aid programs and guidelines.

Application Process
Any student who wishes to be considered for federal or state financial assistance or scholarships must submit the Free Application for Federal Student Aid (FAFSA). The priority filing date is March 1 for maximum consideration for aid, and awards will be made only to students who have been admitted to Shepherd University. Students are urged to begin the financial aid application process as early as possible after January 1. Students should notify the Office of Financial Aid if their circumstances change after they submit their FAFSA (i.e., a change of income, divorce or separation, etc.). Grants, scholarships, and work-study are awarded first, and then student loans are automatically packaged for the maximum eligible loan amount for those students who indicate an interest in loans on the FAFSA. The U.S. Department of Education randomly selects 30 percent of all FAFSAs for a process called verification. These applicants are required to submit specified documentation, including signed copies of tax returns.

Shepherd University Scholars Program
Privately-funded financial support is provided through the Shepherd University Scholars Program to attract academically talented students from Shepherd's regional service area, both in West Virginia and out of state, to attract a student body that is culturally diverse, and to attract top level scholars to the University Honors Program. Each year the Shepherd University Scholars Program provides over 350 scholarships and awards with a total value in excess of $600,000. These scholarships are made available through the Shepherd University Foundation and the Shepherd University Alumni Association. A limited number of institutional tuition and fee waivers and other types of financial aid grants and loans also are available. The application deadline for all is February 1 and most are renewable for eight semesters.

Shepherd University Foundation Scholarships
The Shepherd University Foundation Scholarships, funded by gifts from the Ruby Clyde McCormick estate and the Ralph and Margaret Burkhart estate, are awarded to four incoming students each year, with at least two of them chosen from the Honors Program. Awards are based on academic achievement, leadership potential, high school and community involvement, and interviews with a selection committee.

Shepherd University Alumni Association Scholarships
The Shepherd University Alumni Association Scholarships, made available by gifts from the Alumni Association, are awarded to two West Virginians and two out-of-state residents. High school and community involvement are considered in selection decisions, in addition to academic achievement and leadership potential.

Presidential Scholarships
Presidential Scholarships are funded by gifts from individuals, corporations, and foundations. Some of the Presidential Scholarships may consider financial need as part of the selection criteria, but the potential for academic excellence is the primary criteria for selection. This scholarship is available to both residents and nonresidents of West Virginia. Thirty-two Presidential Scholarships are awarded each year, with at least eight awards being made to first-time freshmen.

Governor's Honors Academy Scholarships
Governor's Honors Academy Scholarships are available to each high school student who is a graduate of the Governor's Honors Academy who elects to attend Shepherd University and who meets the high school GPA and ACT/SAT requirements. The scholarship is awarded to West Virginia residents only.

Eligibility
If a student is eligible for more than one scholarship from Shepherd University, the student will be awarded the scholarship with the highest dollar value. To retain scholarships for subsequent years, all scholars are required to meet minimum specific cumulative grade point averages and to complete a minimum of 24 semester hours. For further information about the Shepherd University Scholars Program, including details about scholarship requirements, contact the Office of Financial Aid. Anyone interested in establishing an endowed scholarship fund through the Shepherd University Scholars Program should contact the Shepherd University Foundation at 304/876-5391 or 800/344-5231, ext. 5391.

Federal and State Grant Programs
Federal Pell Grant: A federal grant available for either full-time or part-time entering undergraduate students. The amount of the grant is based on family size and income and other factors determined by FAFSA. Federal SEOG: A federal grant given to students demonstrating exceptional financial need. Award levels are determined by individual schools. West Virginia Grant Program: A need-based grant program for West Virginia residents administered by the Higher Education Policy Commission. The grant currently pay 70 percent of tuition and fees at Shepherd. Only available to those students whose FAFSA is filed before March 1. Higher Education Adult Part-time Student Grant (HEAPS): A state grant for part-time West Virginia residents who are in a degree, diploma, or certificate program. The award amount is determined by individual schools.

Student Employment
Work opportunities for students are offered in almost all areas of the University community. Students interested in student employment must submit the Free Application for Federal Student Aid (FAFSA). Work study funds are limited and are awarded to the first students meeting all application and need requirements. Only students with financial need as determined by the FAFSA may receive Federal Work Study. Regular student employment is available in some departments for students who do not qualify for work study. Both Federal Work Study and regular student employment positions pay above the federal minimum wage; some positions require special skills and are paid accordingly. Student work earnings will be paid by check twice each month.

Student and Parent Loans
The Office of Financial Aid at Shepherd University processes student and parent loans through the William D. Ford Direct Loan Program funded by the U.S. Department of Education. Students must be enrolled in a minimum of six credit hours to qualify for a Direct Loan. Federal regulations require that a three percent origination fee, based on the loan amount, be deducted from every Direct Subsidized and Direct Unsubsidized Loan processed. The percentage is four percent for parent loans. An up-front rebate of a percentage of the fee is currently in effect.

Federal Direct Loans
Any student indicating his/her interest in loans either on the FAFSA or by contacting the Office of Financial Aid is processed for the amount of student loan for which he/she is eligible. Any student who wants a lower amount need only indicate that amount on the award letter when the loan is accepted.
The amount any student may borrow each academic year is based on:
1) Grade level
2) Length of academic program
3) Dependent or independent status
Listed below are maximum amounts per year and cumulative maximum amounts a student may borrow under the Direct Loan Program as an undergraduate.

Grade Level	Dependent	Independent
Freshman	$2,625	$6,625
Sophomore	$3,500	$7,500
Junior	$5,500	$10,500
Senior	$5,500	$10,500
Cumulative	$23,000	$46,000

The amount and type of loan a student may receive varies by his/her total cost of education and the amount of other financial aid received. Any student borrowing under the Direct Loan Program for the first time is required to complete an entrance interview electronically. After the first student loan is processed, the student will complete a promissory note prior to monies being disbursed to the student's account. All loan monies are applied to any outstanding obligations to the University before the student receives a refund. Visit the financial aid Web site www.shepherd.edu.faoweb for links.

Direct Parent Loan for Undergraduate Students (PLUS)
Applications for the Parent Loan for Undergraduate Students (PLUS) are available through the Office of Financial Aid. Parent loans are processed based on amount requested and the student's cost of education. A credit check by the Federal Loan Servicer is required for processing.

Federal Perkins Loans
The Federal Perkins Loan Program (formerly National Direct Student Loan) is administered at the campus level and awarded based on availability of funds. This loan program offers up to $1,500 per year to needy students and is awarded to early applicants until funds are exhausted.

Alternative Loans
Other loans may be available to students with demonstrated need or special situations. These are made by outside lenders such as SallieMae and Citi Assist. Credit worthiness or a co-borrower is required.

Loan Repayment Information
William D. Ford Direct Loan funds do not have to be repaid until six months after the student graduates or ceases attending on at least a half-time basis. Any student who drops below six hours of enrollment must begin repaying his/her loan six months from that time. Only one six month grace period is granted to each student.
Repayment for parent loans begins approximately 60 days after the last disbursement for the year, usually in March if the loan is for two semesters.
Repayment for the Federal Perkins Loan begins nine months after graduation or when the student ceases attending on at least a half-time basis. Again, only one nine-month grace period is permitted for each student.
Students utilizing loan funds to assist with their education should be aware that borrowing under both the Direct Loan Program and the Federal Perkins Loan Program will each require a minimum payment per month and current minimum amounts are $50 for each program, depending on repayment plan. Several repayment plans exist for all loan programs.
An exit interview must be completed by any student with federal loans prior to graduation or leaving Shepherd. Holds will be placed on academic transcripts until this requirement is completed.

Other Types of Assistance
Veteran's Re-Education Act
Eligibility for funding by the Veteran's Re-Education Act is determined by the West Virginia Department of Veterans Affairs, and awards are given to West Virginia residents who have exhausted all other veteran's benefits. Applications may be obtained from the Office of Financial Aid.

Military and Veterans Administration Education Assistance
The Veterans Administration administers a number of programs for veterans and service personnel seeking assistance for education and/or training. Please contact your local Veterans Administration Office to inquire about available assistance. Additional information may be obtained from the veteran's coordinator in the Office of Student Affairs.

Vocational Rehabilitation
Students with physical or learning disabilities may be eligible for assistance with education expenses through their state departments of vocational rehabilitation. Students should contact local offices to inquire about programs available.

Academic Common Market Options for Out-of-State Students/Reciprocity
A student must apply to his/her home state to be certified as eligible to be considered for Common Market status and pay West Virginia in-state tuition rates. The certification must be received by the Office of the Registrar by the first Friday in August to be considered for Common Market status for the previous summer terms, by the third Friday in September to be considered for that fall semester, and by the third Friday in February to be considered for that spring semester.
If a student comes to Shepherd under the Common Market and has been certified by the corresponding state agencies as a bona fide resident of Maryland or Virginia or any other state with which Shepherd may have a Common Market agreement, the Common Market status is retained, provided that the student remains in the program which was certified and maintains continuous enrollment at Shepherd University. This status will hold even if the student's legal or permanent residence changes to another state.
Further information and applications forms may be obtained for the photography/computer imagery program from Rick Bruner (304/876-5372); for the recreation and leisure studies program from Ernie McCook (304/876-5442); and for the resource management option in the environmental studies program from Ed Snyder (304/876-5428) or from the Admissions Office.
A Common Market student must show steady progress in taking courses specific to the allowed program. If in the judgment of the registrar the student has not made such progress, based on the Shepherd University Advisor's Handbook, the status will be changed to out-of-state. If a Common Market student stays out a year, he/she will have to reapply to Shepherd University and must resubmit an application for Common Market status.

Disbursements/Refunds
Disbursement of Funds
Financial aid is awarded for the full academic year; half is available for the fall semester and half for the spring semester. Student payment for tuition and fees, room and board, and books and supplies is due prior to the start of each semester. Students receiving financial aid to assist with these expenses will have that aid available as a credit toward institutional charges. Purchase of books and supplies at the University Bookstore may be billed directly to the student account if the student has a credit balance.

Refund of Excess Financial Aid
All financial aid, including loans, is applied to the student account to cover institutional costs. No refund is given to the student until all obligations to the University are met. All Title IV funds awarded (Federal Pell Grant, Federal SEOG, Direct Loans, Federal Perkins Loan, and Federal Work Study) are refundable according to program regulations. Refund checks for excess financial aid are normally available at the Business Office five days prior to the first day of classes and on a weekly basis thereafter.

Refunds/Returns Due to Withdrawal
Students receiving financial aid funds who withdraw during the semester are subject to institutional and federal refund/return policies. No monies will be refunded to withdrawing students until institutional and federal return requirements are met. In most cases, any refund generated due to a withdrawal by a student receiving financial aid will be returned to an aid program. A student withdrawing who has received any type of tuition waiver will have that waiver adjusted to the actual amount of tuition and fees charged.
The Office of Financial Aid is required by federal statute to recalculate federal financial aid eligibility for students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60 percent of a payment period or term. If a student leaves the institution prior to completing 60 percent of a payment period or term, the Office of Financial Aid recalculates eligibility for Title IV funds. Recalculation is based on the percentage of earned aid using the following Federal Return of Title IV Funds formula: Percentage of payment period or term completed = the number of days completed up to the withdrawal date divided by the total days in the payment period or term. (Any break of five days or more is not counted as part of the days in the term.) This percentage is also the percentage of earned aid. Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula: Aid to be returned = (100 percent of the aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period or term.
If a student earned less aid than was disbursed, the institutions would be required to return a portion of the funds and the student would be required to return a portion of the funds. Keep in mind that when Title IV funds are returned, the student borrower may owe a debit balance to the institution. If a student earned more aid than was disbursed to him/her, the institution would owe the student a post-withdrawal disbursement which must be paid within 30 days of the student's withdrawal.
Unsubsidized Federal Stafford Loan
Subsidized Federal Stafford Loan
Federal Perkins Loan
Federal Parent (PLUS) Loan
Federal Pell Grant
Federal Supplemental Opportunity Grant
Other Title IV assistance
Other State, Private, and Institutional Aid
The Student

Satisfactory Academic Progress Policy
The Policy for Satisfactory Academic Progress is effective as of May 2005 and supersedes any previous policy. Any student receiving Title IV financial aid is required to maintain satisfactory academic progress according to the Compilation of Financial Aid Regulations (34 CFR, through 12/31/95 as published by the U.S. Department of Education, section 668.34).
Every student is required to complete a certain number of hours attempted to show that he/she is progressing toward a degree in his/her program of study. Each student must also maintain a grade point average consistent with the regulations governing satisfactory academic progress.
Satisfactory academic progress is required for students to receive financial aid in any of the following programs: Federal Pell Grant, Federal Supplemental Educational Opportunity Grant, Federal Work-Study, Federal Perkins Loan, Federal Direct Loan or Parent Loan for Undergraduate Students (PLUS), Federal Student Nursing Loan, and State Grant Programs including the West Virginia Higher Education Grant Program.

Standards Measured by Grade Point Average
1) All bachelor's degree students must maintain a minimum of 2.0 GPA as of their 25th attempted hour of course work.
2) Any student admitted or readmitted on academic probation who does not meet grade point average standards may appeal to the Scholarship and Financial Aid Committee.

Standards Measured by Hours Attempted
1) Any student in a program leading to a bachelor's degree must complete his/her program within 192 attempted hours of course work.
2) As a student progresses through his/her program, he/she must pass 70 percent of all hours attempted.
3) Attempted hours for courses with a grade of failure (F), incomplete (I), incomplete/failure (IF), withdrawal (W), or repeat (R) are counted as hours attempted and combined with all passing grades in determining progress. The committee strongly recommends that students limit their withdrawals from classes.

General Information
All student progress is measured once per year at the end of the spring semester. Any student not in compliance with the standards will be notified in writing. Any student who wishes to appeal must submit his/her appeal and supporting documents to the Office of Financial Aid. Circumstances considered in the appeal process include, but are not limited to, death of a close relative or injury/illness of the student. All appeals are considered on a case-by-case basis. For more information visit www.sheperd.edu/faoweb.

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