James Madison University - Financial Aid: Terms and Conditions

James Madison University – Financial Aid and Scholarships

Financial Aid, Scholarships and Student Employment

The Office of Financial Aid and Scholarships helps certified students safe a monetary assist bundle designed to satisfy their monetary wants. An award bundle could include grants, scholarships, loans and work-study. Students enthusiastic about info on monetary help applications ought to go to the monetary assist web site at http://www.jmu.edu/financialaid, contact the Office of Financial Aid and Scholarships on the above handle or ship an electronic mail to [email protected] The web site features a hyperlink to JMU Terms and Conditions for Financial Aid – Consumer Information, which gives info concerning common monetary assist guidelines and required disclosures.

Application Procedures and Deadlines

All monetary assist candidates should endure a standardized federal “needs analysis” by finishing the Free Application for Federal Student Aid (FAFSA). To obtain precedence consideration, it’s important that candidates guarantee their FAFSA has reached the federal authorities by March 1 previous to the educational 12 months for which they’re searching for monetary help. Failure to use by the precedence submitting date could trigger delays in receiving assist and may end up in much less engaging assist packages.

A student should full a FAFSA earlier than monetary assist eligibility will be decided for the next sources of assist:

  • Federal Pell Grant
  • Federal Supplemental Educational Opportunity Grant
  • Commonwealth Award
  • Virginia Guaranteed Assistance Program
  • Federal Subsidized Direct Loan
  • Federal Unsubsidized Direct Loan
  • Federal Perkins Loan
  • Federal Parent PLUS Direct Loan
  • Federal Work-Study Program
  • Need-based JMU Foundation Scholarships
  • University Grant

When students file the FAFSA, the federal processor calculates their Expected Family Contribution (EFC). The EFC is an estimate of the household’s capability to contribute to the student’s total instructional bills for one 12 months. JMU calculates the student’s monetary “need” by subtracting the EFC from the Cost of Attendance (described later). Due to restricted funding, grants are awarded to students who’ve the very best monetary want, and in lots of circumstances to those that met the precedence FAFSA submitting date.

Financial assist recipients should full the FAFSA every college 12 months. Amounts and sorts of help could range from 12 months to 12 months. If funds can be found, the Office of Financial Aid and Scholarships continues to help students who meet the next situations:

  • Complete the FAFSA, with precedence given to those that apply by the precedence submitting date of March 1, previous to the educational 12 months for which they’re searching for monetary help.
  • Meet common eligibility necessities for assist as outlined by the FAFSA.
  • Maintain Satisfactory Academic Progress.

The monetary assist workplace sends an digital notification to students supplied monetary help by JMU. The assist discover has vital info, so the recipient ought to comply with all directions to make sure the completion of required kinds. Students can discover client info concerning the monetary assist course of, together with pertinent guidelines and rules, via the monetary assist web site. If any of the data included within the monetary assist bundle or award notification is inaccurate, the student ought to instantly notify the Office of Financial Aid and Scholarships. Financial assist is awarded based mostly on FAFSA info, in addition to the student’s standing at JMU (e.g., tutorial degree, enrollment standing and residency).

Parents of dependent undergraduate students could qualify for a Federal Parent PLUS Direct Loan. For these eligible to use for the Parent PLUS, the monetary assist workplace sends award notifications to folks with directions for making use of. The dad or mum award discover doesn’t embrace any details about student awards.

Federal and state rules additionally require the Office of Financial Aid and Scholarships to think about any outdoors sources of help when awarding monetary assist. These outdoors sources will be JMU scholarships, non-public scholarships, veteran’s advantages, tuition waivers, and so on. The student’s monetary assist bundle could fluctuate all year long based mostly on adjustments in FAFSA info, JMU standing or the receipt of extra assist. Financial assist notices are often despatched to returning students in early summer time. New students could obtain assist notices within the spring previous to enrollment.

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Cost of Attendance

An vital a part of figuring out a student’s eligibility for monetary assist is calculating a Cost of Attendance. In accordance with federal rules, JMU has developed a Cost of Attendance (i.e., funds) for anticipated bills a student could incur throughout the present college 12 months. These bills embrace tuition, room, board, books and provides, journey and private. Room and board can discuss with both residence corridor or off-campus residing bills, relying upon a student’s response on the FAFSA. Expenses are additionally thought-about for students who stay at house with dad and mom or kinfolk, however the Cost of Attendance is decrease than for these residing elsewhere. Travel bills embrace objects corresponding to gasoline, automobile upkeep and insurance. Personal bills embrace laundry, clothes and leisure. Many of the weather within the Cost of Attendance are estimates, so it’s potential for a student to spend kind of than anticipated throughout any given 12 months.

Repeating Coursework

For info on how repeat programs could have an effect on a student’s monetary assist, go to: http://www.jmu.edu/financialaid/terms-and-conditions.shtml#Set-1-A-section14

Satisfactory Academic Progress

Website: http://www.jmu.edu/financialaid/learn/sap/index.shtml

In order to qualify for monetary help, federal rules point out {that a} student should meet sure tutorial necessities as decided by the Office of Financial Aid and Scholarships. State, federal and a few institutional assist applications are topic to the Satisfactory Academic Progress (SAP) coverage. For a whole description of the coverage, discuss with the SAP web site.

Understanding Satisfactory Academic Progress (SAP)

According to federal rules, the Office of Financial Aid and Scholarships should be sure that students meet each qualitative (grade-based) and quantitative (time-related) necessities earlier than certifying eligibility for monetary assist. The time period qualitative refers to grade level common (GPA). Quantitative elements embrace each tempo and most time. Refer to the pertinent sections under for an in depth description of every SAP part.

Students who haven’t accomplished the required variety of hours or achieved the required cumulative GPA should not eligible to obtain monetary assist till such time that they meet the necessities. If extenuating circumstances contributed to students’ lack of ability to satisfy SAP necessities, they could request reconsideration by submitting an Appeal Form with applicable supporting documentation. This type is out there on the SAP web site.

Refer to the monetary assist web site for extra info on how repeating programs could have an effect on monetary assist.

GPA Requirement

Students should fulfill GPA necessities as described by the educational suspension coverage within the present JMU catalog. For extra info, discuss with Academic Policies and Procedures.

Pace Requirement

Undergraduate students have to be making passable progress towards diploma necessities by incomes passing grades in no less than 80 p.c of the lessons tried. The Office of Financial Aid and Scholarships consists of switch credit, course withdrawals, incompletes and use of the “repeat forgiveness” choice within the calculation of tried hours.

Maximum Time Requirement

Undergraduate students who’ve tried greater than 150 credit hours should not eligible for monetary assist. The Office of Financial Aid and Scholarships consists of switch credit, course withdrawals, incompletes and use of the “repeat forgiveness” choice within the calculation of tried hours.

Evaluation Process

All undergraduate students who file a Free Application for Federal Student Aid (FAFSA) are topic to the SAP coverage. Upon receipt of the outcomes of a student’s FAFSA every year, the Office of Financial Aid and Scholarships will consider the student’s SAP standing earlier than awarding monetary help. If students had been unable to satisfy SAP necessities throughout their earlier enrollment, they are going to obtain notification concerning their space(s) of deficiency. Students who don’t meet SAP requirements can’t obtain monetary assist.

Appeals Process

If extenuating circumstances contributed to students’ lack of ability to satisfy SAP necessities, they could request reconsideration by submitting an Appeal Form with applicable supporting documentation. This type is out there on the SAP web site. Students who want to attraction should achieve this by a prescribed deadline.

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2016-17 Appeal Deadlines

  • Summer 2016 – Monday, June 27, 2016
  • Fall 2016 – Monday, September 12, 2016
  • Spring 2017 – Monday, January 23, 2017

Students selecting to not attraction could turn out to be eligible for future help by attending with out monetary assist and resolving their tutorial deficiency.

Federal Pell Grant

Pell grants are typically awarded solely to undergraduate students who’re searching for their first bachelor’s diploma and whose Expected Family Contribution (EFC) falls inside the federally prescribed vary.

Federal Supplemental Educational Opportunity Grant

SEOG is awarded to Pell-eligible students with the very best monetary want so long as funds proceed to be obtainable.

Commonwealth Award

The Commonwealth Award is a need-based grant for Virginia residents who’re searching for an undergraduate diploma. The most award won’t exceed the price of tuition and charges. Awards will probably be made so long as funds can be found, with precedence given to those that met the FAFSA precedence submitting date.

Virginia Guaranteed Assistance Program

VGAP is a need-based grant for undergraduate, full-time, dependent, Virginia residents who graduated from a Virginia highschool with no less than a 2.5 GPA. The most award won’t exceed the price of tuition, charges and an allowance for books. Awards will probably be made so long as funds can be found, with precedence given to those that met the FAFSA precedence submitting date.

University Grants

These institutional grant applications are primarily obtainable to undergraduate students. The FAFSA is used to find out every student’s want degree, and grants are awarded accordingly. Awards are made so long as funds proceed to be obtainable.

Federal Perkins Loan

Perkins is a need-based federal loan.  Refer to www.jmu.edu/financialaid for extra details about the eligibility standards of this loan program.  The rate of interest is fastened at 5 p.c, and the student doesn’t start repaying the loan till 9 months after he/she graduates or drops under half-time standing.  Awards will probably be made so long as funds can be found. 

Federal Direct Loan Program

The Direct Loan (sponsored and unsubsidized) is a long-term, low-interest loan, for which undergraduate students could apply. Interest charges for Direct Loans disbursed on or after July 1, 2015 – June 30, 2016 are as follows:

  • Undergraduate Subsidized Direct Loans = 4.29%
  • Undergraduate Unsubsidized Direct Loans = 4.29%

Once disbursed this rate of interest is fastened over the lifetime of the loan.  Interest charges on new loans will change on an annual foundation every July 1st.  Visit the monetary assist web site for up-to-date info and rates of interest.

For a sponsored loan, the federal government pays the curiosity whereas the student is in class. For an unsubsidized loan, the student can both pay the curiosity whereas in class or have it capitalized (i.e., added to the precept). Payments on the precept quantity don’t start till six months after the student graduates or drops under half-time standing.

Students have to be making passable tutorial progress and be enrolled no less than half time for the interval lined by the loan. Each 12 months, dependent undergraduate students could borrow as much as $5,500 on the first-year degree (not more than $3,500 sponsored), as much as $6,500 on the sophomore degree (not more than $4,500 sponsored) and as much as $7,500 on the junior and senior ranges (not more than $5,500 sponsored). Independent undergraduate students could borrow not more than $9,500 on the first-year degree, as much as $10,500 on the sophomore degree and not more than $12,500 on the junior and senior ranges.

Dependent undergraduate students could not borrow greater than $31,000 in Direct Loan funds throughout their undergraduate profession (not more than $23,000 sponsored). Independent students could borrow not more than $57,500 throughout their undergraduate profession (not more than $23,000 sponsored). For students who acquired prior Federal Stafford Loans at JMU or one other establishment, the profession complete is the sum of all Direct and Stafford Loans.

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Federal Parent PLUS Direct Loan

Biological dad and mom, adoptive dad and mom or any stepparent of a dependent undergraduate student listed on the FAFSA could apply for a loan via the Parent PLUS Direct Loan program. The borrower have to be a citizen or everlasting resident of the United States. In addition, the student have to be making passable tutorial progress and be enrolled no less than half time for the interval lined by the loan. A student should full a FAFSA earlier than Parent PLUS Direct Loan eligibility will be decided.

Parent PLUS debtors could apply for an quantity as much as the Cost of Attendance minus some other monetary assist acquired by the student for that tutorial 12 months. The rate of interest on the Parent PLUS disbursed after July 1, 2015 – June 30, 2016 is 6.84%. Once disbursed this rate of interest is fastened over the lifetime of the loan.  Interest charges on new loans will change on an annual foundation every July 1st.  Visit the monetary assist web site for up-to-date info and rates of interest.

Interest begins to accrue on the date of the primary loan disbursement. The first fee is due after the final disbursement for the loan interval. Parents who want to delay compensation on the PLUS loan ought to contact the Direct Loan Servicing Center.

Alternative/Private Loans

Some banks supply credit-based various loans to students and fogeys who both don’t qualify for the Direct or PLUS Direct loans or can’t obtain sufficient cash via these loan applications to cowl their instructional bills. Terms of those non-public loans range. Undergraduate debtors are sometimes required to have a credit-worthy co-signer. The monetary assist workplace strongly encourages students and fogeys to exhaust different sources of assist earlier than pursuing an alternate loan. Interested people could get hold of extra details about various loan choices from the monetary assist web site.

Website: http://www.jmu.edu/scholarships/

Many scholarships for students are established via the JMU Foundation and particular person college departments. Scholarships are awarded both via the Office of Financial Aid and Scholarships or by the suitable school or division in accordance with established standards. Awards are based mostly upon benefit and/or want. To be thought-about for need-based scholarships, students should full the FAFSA. For info on particular scholarships, students ought to go to the scholarships web site.

Private off-campus scholarships embrace these awarded to students by outdoors (non-JMU) organizations. These scholarships are credited to the student’s account upon receipt of the funds. If this sort of scholarship is for use to pay tuition and charges, the funds have to be acquired previous to the fee due date for that semester.

Mail all off-campus scholarship checks to:

James Madison University Business Office
Student Success Center
738 South Mason Street
MSC 3516
Harrisonburg, VA 22807

The student is liable for compliance with the provisions of the scholarship (i.e., grade reporting, verification of attendance, and so on.).

Virginia Military Survivors and Dependent Education Program (VMSDEP)

This program gives eligible students, as confirmed by the Virginia Department of Veterans Services (DVS), with waiver of all tuition and necessary charges at a Virginia public school or college. In addition, as funds can be found, eligible students could obtain a stipend to offset different instructional bills, corresponding to room and board.

Virginia Line of Duty

Students whose dad or mum or partner was disabled or killed within the line of obligation whereas employed or serving as a public security officer or firefighter with the Commonwealth of Virginia or considered one of its political subdivisions shall be entitled to free undergraduate tuition and the fee of required charges beneath sure situations.

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