Financial Aid 101

For financial aid purposes, the federal government must determine if you are required to include your parent's information when you apply for financial aid. The Department of Education will determine your dependency based upon responses entered on your Free Application for Federal Student Aid (FAFSA). If you are considered a dependent student, you will be required to enter your parent(s) information on the FAFSA. If you are considered an independent student, you will be required to enter your information on your FAFSA and information for your spouse, if applicable.

If you are filing the online FAFSA, you can sign the form electronically by using your Federal Student Aid (FSA) ID. Students and parents who have not previously applied for a FSA ID are able to apply for one within the FAFSA application.

If you filed a FAFSA in a previous year and have forgotten your FSA ID, you can request a duplicate on the website.

To complete your FAFSA online, visit: the FAFSA website. SNHU's school code is 002580.

After completing your FAFSA, print the FAFSA Confirmation Page for your records. If you have already completed a FAFSA for another school, click on "Make a Correction to a Processed FAFSA" and add SNHU's school code - 002580.

You will need your previous year tax information to fill out the current years FAFSA. With the IRS Data Retrieval Tool, the Department of Education makes it easier than ever to submit this information.

Your Student Aid Report summarizes the information you submitted when you filed the FAFSA and indicates your Expected Family Contribution (EFC). If you have filed the FAFSA electronically, you will receive an e-mail with a secure link for online access to your Student Aid Report. After receiving your Student Aid Report check it for errors. The Estimated Family Contribution (EFC) listed on your Student Aid Report will determine the amount of financial aid you may be eligible to receive.

During the Financial Aid Process, there are many times when additional information may be required to complete an application for Federal Student Aid. When SNHU receives your FAFSA information, we will review it and contact you for any additional information that we may need to review. Please respond promptly to any request from SNHU for additional documentation.

The U.S. Department of Education selects approximately 1/3 of all financial aid applicants for verification. SNHU is required by the Department of Education to request certain documents that ensure the accuracy of selected students FAFSA.

If your account is missing information or was selected for verification, SNHU will send an e-mail to you outlining missing information/requirements that may be preventing financial aid from being awarded or disbursed. Please respond in a timely manner to allow for the awarding and release of any financial aid that you may be eligible to receive. Financial aid awards will not be created until this process is complete.

Student Financial Services encourages you to review your financial award and accept the assistance needed for your individual financial plan. The types of aid may include grants, scholarships, federal work study, and/or federal direct loans.

If federal loans are involved, then SNHU encourages you to be a responsible borrower and identify what you may need to assist with your cost of education and do not just accept the amount that you are awarded. To reduce or cancel loan amount(s) which will reduce your overall student debt when entering repayment, please follow the procedure outlined in your award letter notification.

If you plan to accept your federal loans as a part of your financial aid package, there are additional steps you must take to secure that funding. To further understand entrance counseling and the Master Promissory Note requirements, please use the Activating your Direct Loans Quick Guide as you complete these steps.

Review the Financial Aid Award Terms and Conditions to ensure you fully understand your rights and responsibilities as a recipient of financial aid at SNHU.

An additional review of your financial aid award may be available due to extenuating and rare circumstances such as unusual medical expenses or a significant loss of income. You will need to complete additional information that includes clear documentation that supports your individual circumstance. Contact Student Financial Services if you feel you have a circumstance that warrants a review.

After reviewing your financial aid award and estimating your bill, you may reduce or decline the offered student loans by submitting a signed statement to Student Financial Services indicating the amount you wish to decline or reduce. Alternatively, you can print the Award Letter from mySNHU and cross off the undesired amount. Sign the letter and submit it to Student Financial Services.

Requests to decline or reduce your loans can be sent to:

Student Financial Services
Southern New Hampshire University
2500 North River Road
Manchester, NH 03106
or Fax to 603.645.9667

If you were offered federal loans as a part of your financial aid package, there are additional steps you must take to secure that funding.

1. Sign into http://www.studentloans.gov using your Federal Student Aid ID and password
2. Complete Entrance Counseling (this link is on your homepage once you login).
3. Complete the Master Promissory Note (this link is also on your homepage).

Use the Activating your Direct Loans Quick Guide as you complete these steps.

If you are admitted and registered for the appropriate number of credits and have completed all steps to accept the financial aid offered to you, within the first two weeks Federal Student Aid funds (grants and loans) are sent directly to SNHU and are applied to your tuition charges. If the financial aid applied to your account exceeds your tuition charges, you will receive a refund.

Priority for programs with limited funding (SNHU Need Based Grant) is given to students who have high financial need and who meet the March 15th priority filing date. If you file your application by March 15th we rank you with all other on-time filers according to your family contribution (lowest to highest) and award funds accordingly. If you file your application after March 15th we award from funds that remain after priority applicants are awarded.

• Students enrolled in campus and online undergraduate degree programs must maintain a minimum cumulative grade point average of 2.0 on a 4.0 scale.
• Students enrolled in campus and online graduate degree programs and the Accounting graduate certificate must maintain a minimum cumulative GPA of 3.0 on a 4.0 scale.
• Students enrolled in direct assessment programs must maintain a mastery of competencies equivalent to 67% of the total competencies attempted.

A student must have successfully completed at least 67% of all the credits or competencies he or she has attempted at Southern New Hampshire University during the entire period of enrollment. This is calculated by dividing the total credits earned by the total credits attempted.

To ensure pace towards program completion, each program within the university has a defined number of credit hours required for completion. Students must complete their program within 150% of the published credits which is defined as the maximum timeframe. All credits attempted will count towards this timeframe.

• Associate degree candidates may attempt a maximum of 90 credits.
• Direct assessment AA degree candidates in six month terms may attempt a maximum of 180 competencies. BA degree candidates may attempt a maximum of 360 competencies (including Transferred competencies).
• Direct assessment AA degree candidates in sixteen week trimesters may attempt a maximum of 90 competencies. BA degree candidates may attempt a maximum of 180 competencies (including Transferred competencies).
• Bachelor degree candidates may attempt a maximum of 180 credits.
• Graduate degree candidates may attempt a maximum of eight years of study in a specific graduate program.
• Accounting Graduate Certificate candidates may attempt a maximum of 32 credits.
• Direct assessment certificate candidates in six month terms may attempt a maximum of 90 competencies.
• Direct assessment certificate candidates in sixteen week trimesters may attempt a maximum of 45 competencies.

For example, if the program requirements are 120 credits or competencies, then the student must satisfy all requirements of his/her program without having to attempt more than 180 credits or 180 competencies.

Attempted credits are credits that a student has enrolled in as of the end of the add/drop or standard registration period.

Attempted competencies are competencies that a student has engaged in during the term regardless of the outcome.

Successfully completed credits completed are defined through the assignment of a passing grade to the courses attempted and equates to the number of credits earned. An IP grade is defined as 'in progress satisfactory' and is counted as successfully completed credits. Other successful grading includes: MA-Master, P-Passing, S-Satisfactory, and CR-Credit.

Unsuccessfully completed credits are defined through the assignment of a grade that constitute failure and non-earned credits which includes: F-Fail, U-Unsatisfactory, UF-Unearned F, and IF-Incomplete Fail.

Successfully completed competencies completed are defined through the assignment of a Mastery (MA) grade.

Unsuccessfully completed competencies are defined through the assignment of a Non-Mastery (NM) grade.

Incompletes are credits attempted but not earned until the course is completed by receiving a passing grade.

Repeated coursework is counted in the calculation as credits attempted for failures and grade improvement. Previously passed courses can be repeated once and be eligible for federal financial aid. Calculation of Satisfactory Academic Progress Grade Point Average (GPA) will follow the method used by SNHU to calculate academic GPA, specifically with reference to repeating of the same course to improve a grade. The first course grade will not be computed into the total grade-point average instead, the most recent grade will be used.

Developmental coursework will be counted as attempted credits and completed credits if successfully completed.

Audits are not attempted credits and not earned credits.

Transfer credits are considered to be credits attempted and completed toward the completion of the student's program and counted toward the maximum time frame.

Academic progress will be determined by Student Financial Services based upon the information contained on the student's academic record as of the date of the review. A student must meet both the qualitative and quantitative standards in order to be eligible and continue to receive federal financial aid. Academic reviews will include all terms of the student's attendance (including summer terms) and will coincide with the end of a payment period. Annual reviews with always occur within 52 calendar weeks.

The payment period is the academic period established for which financial aid is awarded and disbursed. It is not always aligned with the registration and billing period for a program. Students are encouraged to learn and understand their program's payment period definition.

• Undergraduate and graduate campus and online students are reviewed annually within 52 calendar weeks except:
  • Online direct assessment students are reviewed at the end of each term; and
  • Graduate students enrolled only in the Accounting graduate certificate are reviewed at the end of each term.
• All students on approved academic plans will be reviewed at the end of every payment period.
• Prior to an SNHU continuing student receiving federal aid for the first time.

Satisfactory academic progress reviews result in a status for Title IV eligibility. One of the following results will occur upon an academic review for satisfactory academic progress:

• Satisfactory: Students are placed on this status upon review that determines the student is achieving the qualitative and quantitative standards required for satisfactory academic progress and can continue.
• Financial Aid Warning: Students enrolled in the College for America (CfA) programs and the Accounting graduate certificate are placed on financial aid warning for the subsequent term of enrollment who fail to meet the qualitative and/or quantitative standards for satisfactory academic progress upon review. Notification is provided when the student is placed on this status and the student's eligibility for aid is considered to be reinstated for the subsequent term of enrollment only.
• Financial Aid Suspension: Failure to meet either the qualitative or quantitative standards for satisfactory academic progress will result in the student being placed on unsatisfactory status that suspends financial aid eligibility until the next evaluation period. Notification is provided when placed on this status and the student is not be allowed to continue to receive financial aid. Students may continue to take coursework without the use of financial assistance until eligibility is reinstated by achieving the required SAP standards.

Students who are on financial aid suspension can:

• Submit a financial aid satisfactory academic progress appeal form; or
• Continue to enroll in coursework towards their degree without using federal student aid to assist with the cost. Students will have their Title IV eligibility reinstated upon successful achievement of the satisfactory academic progress standards.

Students are encouraged to work with their advisors to submit their appeal as soon as possible. Students cannot appeal a financial aid suspension due to reaching the maximum timeframe to obtain a degree. This appeal must include the following criteria to be considered:

1. Reason why the student failed to maintain Satisfactory Academic Progress, and
2. Explain what has/will change that will allow the student to make Satisfactory Academic Progress at the next evaluation period; and
3. As appropriate, an academic plan developed and in place with their academic advisor or learning coach that is signed by the student which will ensure the achievement of the minimum SAP standards by a specific point in time.

Appeals are reviewed and decided upon through a committee. Students will be notified of their appeal decision through Student Financial Services. Students who have an appeal approved will have their status updated to financial aid probation.

• Financial Aid Probation: Students who have been initially placed on unsatisfactory status but have an approved appeal are placed on financial aid probation and have their Title IV aid eligibility reinstated.

Students on approved academic plans will be reviewed after each payment period or academic term to ensure progress and achievement of the agreed terms and conditions of their academic plan. Students who are not meeting their requirements will have their Title IV eligibility suspended and all current and future aid will be canceled immediately, regardless of current enrollment. Students who are suspended as part of this process may appeal this decision.

Appeal

A formal request to have a financial aid administrator review your aid eligibility and possibly use Professional Judgment to adjust the figures.

Cost of Attendance (COA)

The total amount it should cost the student to go to school, including tuition and fees, room and board, allowances for books and supplies, transportation, and personal and incidental expenses.

Default

A loan is in default when the borrower fails to pay several regular installments on time or otherwise fails to meet the terms and conditions of the loan.

Deferment

Occurs when a borrower is allowed to postpone repaying the loan.  The most common type of deferment is a in-school deferment.

Dependency Status

Determines to what degree a student has access to parent financial resources.

Entrance Loan Counseling (ELC)

Students with educational loans are required to complete entrance loan counseling before they receive their first loan disbursement. 

Exit Loan Counseling

If a student graduates or is no longer enrolled at SNHU, they are required to complete exit loan counseling.  

Expected Family Contribution (EFC)

The Expected Family contribution (EFC) is the minimum amount of money that the family is expected to be able to contribute to the student's education, as determined by the Federal Methodology need analysis formula approved by Congress.  The EFC is calculated by results that are reported on the Free Application for Federal Student Aid (see below).

Free Application for Federal Student Aid (FAFSA)

Form used to apply for Pell Grants and all other need-based aid. As the name suggests, no fee is charged to file a FAFSA.

Federal Methodology

The need analysis formula used to determine the EFC. The Federal Methodology takes family size, the number of family members in college, taxable and nontaxable income and assets into account.

Federal Processor

The organization that processes the information submitted on the Free Application for Federal Student Aid (FAFSA) and uses it to compute eligibility for federal student aid.

Federal Verification

Verification is a review process in which the FAO determines the accuracy of the information provided on the student's financial aid application.

Financial Aid Package

The complete collection of grants, scholarships, loans and work study employment from all sources (federal, state, institutional and private) offered to a student to assist them with attending a college or university.  See Reviewing & Understanding your Financial Aid Award.

Financial Need

The difference between the COA and the EFC is the student's financial need, and is used in determining the student's eligibility for need-based financial aid.

Grant

A grant is a type of financial aid based on financial need that the student does not have to repay.

Perkins Loan

The Perkins Loan is a federally-subsidized (no interest while in school), fixed low interest (5%) loan that is offered to full-time undergraduate day students.

PLUS Loan Program

The PLUS loan is a non-need credit based loan similar to a private student loan with the benefit of having a fixed interest rate and federal guarantee.

Promissory Note

A promissory note is a binding legal document that must be signed by the student borrower before loan funds are disbursed by the lender.

Scholarships

Scholarships are a form of financial aid given to students to help pay for their education that do not have to be paid back.

Selective Service

Male students who are US citizens and have reached the age of 18 and were born after December 31, 1959 must be registered with Selective Service to be eligible for federal financial aid. If the student did not register and is past the age of doing so (18-25), and the school determines that the failure to register was knowing and willful, the student is ineligible for all federal student financial aid programs. The school's decision as to whether the failure to register was willful is not subject to appeal. Students needing help resolving problems concerning their Selective Service registration should call 1.847.688.6888.

Student Aid Report (SAR)

Your SAR summarizes the data from your FAFSA and indicates your official Expected Family Contribution.

Student Aid FSA ID

The Federal Student Aid ID is used to e-sign the Free Application for Federal Student Aid (FAFSA).

Student Academic Progress(SAP)

A student must maintain satisfactory Student Academic Progress in order to continue receiving federal aid.

Subsidized Loan

With a subsidized loan, such as the Perkins Loan or the Subsidized Direct Loan, the government pays the interest on the loan while the student is in school, during the grace period.

Unsubsidized Loan

A loan for which the government does not pay the interest. See Direct Loan information.

Veteran

For Federal financial aid purposes such as determining dependency status, a veteran is a former member of the US Armed Forces (Army, Navy, Air Force, Marines or Coast Guard) who served on active duty and was discharged other than dishonorably (i.e., received an honorable or medical discharge). You are a veteran even if you serve just one day on active duty - not active duty for training - before receiving your DD-214 and formal discharge papers. (Note that in order for a veteran to be eligible for VA educational benefits, they must have served for more than 180 consecutive days on active duty before receiving an honorable discharge.

• SNHU will not enter into a revenue-sharing arrangement, which is defined as an arrangement between a school and a lender under which the Lender pays a fee or provides other material benefits, including revenue or profit sharing to the school, an officer or employee of the school, or an agent and in exchange, the school recommends the lender or the lender's loan products to the students and parents of the students attending the school.
• All SNHU employees and agents who have responsibilities with respect to student loans are prohibited from soliciting or accepting any gift from a lender, guarantor, or servicer of education loans. A gift is defined as any gratuity, favor, discount, entertainment, hospitality, loan, or other item having a monetary value of more than a de minimus amount.
• All SNHU employees or agents who have responsibilities with respect to education loans shall not accept any fee, payment, or other financial benefit (including the opportunity to purchase stock) as compensation from any lender or affiliate for any type of consulting arrangement or other contract to provide services to the lender or on behalf of the lender with regard to education loans.
• SNHU does not request or accept any assistance from any lender with call center or Student Financial Services staffing. However, professional development training for financial aid administrators, educational counseling/financial literacy/debt management materials for borrowers that disclose the identification of the lender that assisted in preparing and providing the materials, or staffing services on a short-term, non-recurring basis during State or federally declared natural disasters, federally declared national disasters, and other localized disaster and emergencies identified by ED are not prohibited.
• Any SNHU employee, in the Office of Student Financial Services or with responsibilities regarding education loans or financial aid, who serves on an advisory board, commission, or group established by a lender, guarantor, or group of lenders or guarantors shall be prohibited from receiving anything of value from the lender, guarantor, or group of lenders or guarantors. However, the employee may be reimbursed for reasonable expenses incurred in serving on the advisory board, commission, or group.

The primary goal of the financial aid professional is to help students achieve their educational goals through financial support and resources.  National Association of Student Financial Aid Administrator (NASFAA) members are required to exemplify the highest level of ethical behavior and demonstrate the highest level of professionalism. The following guidelines were last updated by NASFAA's Board of Directors in March 2014. 

We, financial aid professionals, declare our commitment to the following Statement of Ethical Principles.

Financial aid administrators shall:

Advocate for students

• Remain aware of issues affecting students and continually advocate for their interests at the institutional, state and federal levels.
• Support federal, state and institutional efforts to encourage students, as early as the elementary grades, to aspire to and plan for education beyond high school.

Manifest the highest level of integrity

• Commit to the highest level of ethical behavior and refrain from conflict of interest or the perception thereof.
• Deal with others honestly and fairly, abiding by our commitments and always acting in a manner that merits the trust and confidence others have placed in us.
• Protect the privacy of individual student financial records.
• Promote the free expression of ideas and opinions, and foster respect for diverse viewpoints within the profession.

Support student access and success

• Commit to removing financial barriers for those who want to pursue postsecondary learning and support each student admitted to our institution.
• Without charge, assist students in applying for financial aid funds.
• Provide services and apply principles that do not discriminate on the basis of race, gender, ethnicity, sexual orientation, religion, disability, age, or economic status.
• Understand the need for financial education and commit to educate students and families on how to responsibly manage expenses and debt.

Comply with federal and state laws

• Adhere to all applicable laws and regulations governing federal, state, and institutional financial aid programs.
• Actively participate in ongoing professional development and continuing education programs to ensure ample understanding of statutes, regulations, and best practices governing the financial aid programs.
• Encourage colleagues to participate in the financial aid professional associations available to them at the state, regional, or national level and offer assistance to other aid professionals as needed.

Strive for transparency and clarity 

• Provide our students and parents with the information they need to make good decisions about attending and paying for college.
• Educate students and families through quality information that is consumer-tested when possible. This includes (but is not limited to) transparency and full disclosure on award notices.
• Ensure equity by applying all need-analysis formulas consistently across the institution's full population of student financial aid applicants.
• Inform institutions, students, and parents of any changes in financial aid programs that could affect their student aid eligibility.

Protect the privacy of financial aid applicants

• Ensure that student and parent private information provided to the financial aid office by financial aid applicants is protected in accordance with all state and federal statutes and regulations, including FERPA and the Higher Education Act, Section 483(a)(3)(E) (20 U.S.C. 1090).
• Protect the information on the FAFSA from inappropriate use by ensuring that this information is only used for the application, award, and administration of aid awarded under Title IV of the Higher Education Act, state aid, or aid awarded by eligible institutions.

The following Code of Conduct was last updated by NASFAA's Board of Directors in March 2014. Institutional members of NASFAA will ensure that:

1. No action will be taken by financial aid staff that is for their personal benefit or could be perceived to be a conflict of interest.
   1. Employees within the financial aid office will not award aid to themselves or their immediate family members. Staff will reserve this task to an institutionally designated person, to avoid the appearance of a conflict of interest.
   2. If a preferred lender list is provided, it will be compiled without prejudice and for the sole benefit of the students attending the institution. The information included about lenders and loan terms will be transparent, complete, and accurate. The complete process through which preferred lenders are selected will be fully and publically disclosed. Borrowers will not be auto-assigned to any particular lender.
   3. A borrower's choice of a lender will not be denied, impeded, or unnecessarily delayed by the institution, even if that lender is not included on the institution's preferred lender list.
   4. No amount of cash, gift, or benefit in excess of a minimum amount shall be accepted by a financial aid staff member from any financial aid applicant (or his/her family), or from any entity doing business with or seeking to do business with the institution (including service on advisory committees or boards beyond reimbursement for reasonable expenses directly associated with such service).
2. Information provided by the financial aid office is accurate, unbiased, and does not reflect preference arising from actual or potential personal gain.
3. Institutional award notifications and/or other institutionally provided materials shall include the following:
   1. A breakdown of individual components of the institution's Cost of Attendance, designating all potential billable charges.
   2. Clear identification of each award, indicating type of aid, i.e. gift aid (grant, scholarship), work, or loan.
   3. Standard terminology and definitions.
   4. Renewal requirements for each award.
4. All required consumer information is displayed in a prominent location on the institutional web site(s) and in any printed materials, easily identified and found, and labeled as "Consumer Information."
5. Financial aid professionals will disclose to their institution any involvement, interest in, or potential conflict of interest with any entity with which the institution has a business relationship.