Arkansas State University - Newport

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Financial Aid

Financing your life's greatest journey shouldn't be a great hassle. Let us walk you through the steps to apply for financial aid. 

Step 1: Apply for a Financial Student Aid Identification Number

Once you've applied for admission to ASUN, you need to apply for a Federal Student Aid ID number.

Apply Online for a FSA ID Number

Step 2: Complete the Free Application for Federal Student Aid (FAFSA)

Completing and submitting the Free Application for Federal Student Aid (FAFSA) gives you access to the largest source of financial aid to pay for school. 

Apply for Federal Student Aid Online

If you need assistance completing the FAFSA, please call 1-800-433-3243 or visit the Financial Aid and Scholarships office at ASU-Newport. In order for ASUN to provide assistance, you will need to provide a Tax Return Transcript. We can no longer accept copies of the federal tax return. To request a Tax Return Transcript, visit the IRS online or call 1-800-908-9946. Please allow 5-10 days for the IRS to process your request. ASUN's school code is 042034.

Tips:

  • Keep a copy of all forms and documents used to complete the application. If you are chosen for Verification, you will need to provide copies to the ASU-Newport Financial Aid office that is processing your financial aid. 
  • Don't leave any fields blank. If the answer is zero or the question does not apply to you, enter a zero. If you leave a question blank, the processor will assume that you forgot to answer. 
  • Don't forget to report all the required sources of untaxed income. These include child support and Temporary Assistance for Needy Families (TANF).
  • Report your correct marital status. If you plan to file as a married student, you must be married on or before the date that you sign your FAFSA.
  • Make sure to include your step-parent's information.
  • Include yourself in the household size. Even if you didn't live there during the previous year, you should always include yourself as part of your parent's household (if you are required to report your parent's income). 
  • Don't forget to sign the application. If you're filing as a dependent, both you and one of your parents must sign. (If you file electronically and don't use a PIN, make sure you return the signature page.)
  • Remember to file on time. Priority for programs with limited funds is often given to students who file the FAFSA early. 

Step 3: Learn about Financial Aid

Important Dates

Semester  All Financial Aid Documents Due    Must be Enrolled in Courses 
Fall May 1 by the 11th day of Fall semester
Spring September 15 by the 11th day of Spring semester
Summer I May 30

Hours added after these dates will not be eligible for federal financial aid. 
Students requesting financial aid for both Summer I and Summer II should be enrolled in both terms by May 30, 2017. Not doing so may delay disbursement of financial aid.
Financial Aid is processed on first come first served basis. 
STUDENTS WHO WERE ENROLLED 12 OR MORE HOURS BOTH FALL AND SPRING AND RECEIVED PELL WILL NOT BE ELIGIBLE FOR SUMMER PELL.

Summer II July 11 Hours added after these dates will not be eligible for federal financial aid. 
Students requesting financial aid for both Summer I and Summer II should be enrolled in both terms by May 30, 2017. Not doing so may delay disbursement of financial aid.
Financial Aid is processed on first come first served basis; therefore, please fill out and return the Summer 2016 Financial Aid form (link above) ASAP. 
STUDENTS WHO WERE ENROLLED 12 OR MORE HOURS BOTH FALL AND SPRING AND RECEIVED PELL WILL NOT BE ELIGIBLE FOR SUMMER PELL.

Failure to provide any requested information in a timely manner will delay the awarding of financial aid and hinder your capability of charging tuition, fees and books against the pending receipt of expected aid.

General Eligibility Requirements

There are several general eligibility requirements you must meet to receive federal financial aid. Many of these requirements also apply to other sources of aid. You may receive one or a combination of types of Financial Aid depending on your financial need and other eligibility factors.
 

Admission Status

You must be admitted to ASU-Newport as a regular, degree-seeking student.

Citizenship

You must be a U.S. Citizen, national or permanent resident.

Default

You may not receive aid if you are in default at any institution on a Federal Perkins Loan (formerly NDSL), FFELP loan such as Federal Stafford Loans (formerly GSL), Direct Loan or Federal Parent Loan for Undergraduate Students (PLUS). 

Enrollment

You must be enrolled as a regular student in an eligible program. Some types of financial aid are restricted to full-time students; others are not restricted by enrollment status.

Loan Limits

You may not receive aid if you have borrowed more than the loan limits allowed under your current grade level. NOTE: Your school can refuse your loan application or can certify a loan for an amount less than you would otherwise be eligible for, if the school documents the reason for its action and explains the reason to you in writing. The school’s decision is final and cannot be appealed to the U.S. Department of Education.

Repayment

You may not receive aid if you owe a repayment at any institution on a Federal Pell Grant, Federal Supplemental Educational Opportunity Grant, or State Student Incentive Grant.

Satisfactory Academic Progress

You must have a minimum grade point average to receive aid, and you must make satisfactory progress toward a degree to continue to receive aid under that program. See "Step 7: Keep Financial Aid," for our complete Satisfactory Academic Progress Policy. 

Financial Need

The amount of financial aid you will be eligible to receive is determined by your financial need. This is defined as the difference between the cost of attendance at ASU-Newport and the expected family contribution (EFC). The expected family contribution is determined by a need an analysis formula applied to the information on your application. The cost of attendance at ASU-Newport includes tuition and fees, books and supplies, room and board, transportation, and personal expenses.

Scholarships

Scholarships are funds awarded to you based on a talent or skill, financial need, or your major area of study and do not have to be repaid. The federal government is the largest source of aid for ASU-Newport students. To explore more Financial Aid, visit finaid.org or fastweb.com.

For a complete list of scholarships, click here.
 

Grants

Grants are funds given to you, which do not have to be repaid. Most are based on financial need. 
 

Federal Pell Grant

A Federal Pell Grant provides a “foundation” of financial aid for many students to which aid from other federal sources may be added.

Eligibility Recipients must be Undergraduate students who have not earned a bachelor's or professional degree. You may receive funds if you are enrolled less than half-time, but you will not receive as much as if you were full time. Your school must disburse your Pell Grant funds in accordance with your enrollment status and cannot refuse to award you simply because you are enrolled less than half time.
Award The maximum award will be $5,730 per academic year. The amount awarded will depend not only on your Expected Family Contribution (EFC), but on the cost of education, enrollment status, and whether or not attendance is for a full academic year or less.
APPLY FOR FEDERAL PELL GRANT ONLINE 

Federal Supplemental Educational Occupational Grant (FSEOG)

This is a grant intended to supplement other aid received. These grants are federally funded with each school receiving a fixed amount each year. Therefore, funds are awarded to a limited number of undergraduate students with exceptional financial need.

Eligibility Undergraduate students with exceptional financial need.
Award FSEOG grants at Arkansas State University-Newport may range from $100 to $500 per academic year depending on the availability of funds.
APPLY FOR FSEOG ONLINE 

GO! Opportunities Grant

The Arkansas Higher Education Opportunities Grant (known as the GO! Opportunities Grant) is an annual award based on financial need and is intended to help low income students complete their college degree. 

Eligibility Eligibility is based on the family's adjusted gross income as reported on the Free Application for Federal Student Aid (FAFSA). For a family with one member in the household, the maximum adjusted gross income is $25,000. For each additional household member the maximum income increases by $5000, up to a maximum of $75,000.

In addition to the income requirements, applicants must meet the following:

  • be a U.S. Citizen or Permanent Resident Alien
  • be an Arkansas resident for at least the 12 months prior to application for the grant
  • be enrolled in an approved institution of higher education as a full-time or part-time student, as defined by the Department of Higher Education
  • be enrolled in a program of study that leads to or is creditable towards a baccalaureate degree. These programs include baccalaureate degree program, associate degree programs, qualified certificate programs and nursing school diplomas
  • have completed the Free Application for Federal Student Aid (FAFSA)
  • certify that they are drug-free and must pledge in writing on the application form to refrain from the use of illegal substances. This pledge includes alcohol for applicants less than twenty-one years of age.

The grant shall be awarded for one academic year. If sufficient funds are available, the grant may be renewed annually. The grant will be renewed only if the recipient: 

  • maintains a 2.0 cumulative grade point average on a 4.0 scale
  • maintains satisfactory academic progress, as defined by the school and ADHE
  • demonstrates continuing financial need, as determined by the FAFSA. For each year that a grantee is awarded Go! Grant funds, he/she must file a FAFSA.
Award
  • $1,000 for full-time students (12 semester credit hours for the first fall semester and 15 semester credit hours thereafter)
  • $500 for part-time students (less than full time but at least 6 semester credit hours)
  • No student shall receive more than $4,000 in GO! Grant funds in his/her lifetime.
Application Due
  • June 1 for applicants enrolling in the fall term
  • November 1 for applicants enrolling in the spring term
APPLY For more information, contact the ADHE financial aid division at 1-800-547-8839 or (501) 371-2050.

Loans

Loans are borrowed funds that must be repaid, usually with interest, after you cease attending school at least half-time. 
 

ASUN Student Loan Code of Conduct

The purpose of the federal student loan program is to provide the best possible loan terms for students and parents who borrow to help finance higher education. ASUN students and families receive trustworthy, reliable guidance from our institution about financial aid. The following guidelines are a framework to provide the best possible loan servicing for the students served by ASUN and to avoid conflicts or the appearance of conflicts of interest.

  1. ASUN is prohibited from receiving anything of value from any lending institution in exchange for any advantage sought by the lending institution. This prohibits any inappropriate financial arrangements between lenders and the university and specifically prohibits “revenue sharing” arrangements. Lenders cannot pay to be cited on the university’s lender list.
  2. ASUN employees are prohibited from accepting anything of more than nominal value from any lending institution. This includes a prohibition for financial aid officers and other university officials from trips, catered meals, golf outings, etc. paid for by lenders.
  3. Financial Aid personnel do not participate on lender advisory boards, but may certainly discuss student loan services and products for ASUN students and parents with lenders.
  4. For assistance with choosing a lender, ASUN provides a list of lenders that ASUN students have used during the past two years. This list is prominently displayed on the institutional website.
  5. The process by which lenders are selected must be fully disclosed to students. The process should be prominently displayed on the institutional website. Students should also be informed that they have the right to use a lender of their own choosing. ASUN students are required to write the name of their chosen lender on the ASUN loan request form.
  6. The university must ensure that employees of lenders never identify themselves to students as employees of the university. No employee of a lender may ever work in or provide staffing assistance to the university’s financial aid office.
  7. ASUN employees with responsibilities with respect to education loans are informed annually of the provisions of the code of conduct.

Direct Student Loan

ASU-Newport does not automatically award student loans to students. Students who want a student loan must complete a Student Loan Request Form below and submit to the Financial Aid Office. 

Eligibility
  • Be seeking a degree or technical certificate at ASU-Newport.
  • Be enrolled in at least six hours.
  • Before a direct student loan can be disbursed, ALL students must complete student loan entrance counseling. First time student loan borrowers must also complete a Master Promissory Note (MPN). To complete both, go to www.studentloans.gov. Once you have signed in, be sure to click on “Direct Loan Entrance Counseling”.
  • Previous borrowers only - If you previously received student loans, you must submit a statement from National Student Loan Data System (NSLDS) showing your loan balance. Go to www.nslds.ed.gov and click Financial Aid Review. 
Award Amount varies according to need.
DOWNLOAD FALL/SPRING REQUEST FORM 
DOWNLOAD SUMMER REQUEST FORM 

PLUS Loan

PLUS loans are federal loans that graduate or professional degree students and parents of dependent undergraduate students can use to help pay education expenses. Please contact Financial Aid Office personnel for PLUS Loan Request Form. 
 

Employment

Arkansas State University offers Federal Work Study programs to help students pay for tuition and fees. 
 

What is Federal Work Study (FWS)

This program provides jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay for college expenses.

How much can I earn on FWS?

Earnings will be at least the current federal minimum wage. The total amount that you earn will depend on the number of hours that you work each week. Most students work between 10 and 20 hours per week, and are paid every two weeks. You will be notified by the Financial Aid Office concerning your FCWS assignments.

How is it determined where I will be assigned to FWS?

The college work study job openings will be sent to the ASU-Newport community via email.  Students will be required to attend a student employee orientation session before they may interview for work study jobs. To interview, you must have your copy of your award letter with you. You must also bring your copy of the award letter to the employment orientation session.

What are my responsibilities as a FWS worker?

As a student worker, it is your responsibility to be willing to work and perform your assigned duties to the best of your ability. You must be dependable, prompt and reliable in attendance and work the required period of time. If you must be absent from work, your supervisor should be notified prior to your scheduled work time. You should not expect to be allowed to study while at work.
 

For more information about federal work study, please contact Ronda McGrew at ronda_mcgrew@asun.edu. 

Step 4: Fill Out Required Forms

Title IV Policy

Withdrawal and Return to Title IV Funds 

Federal Regulations mandate that students who receive federal financial aid, which may include Pell Grant, Supplemental Grant, ACG, Smart Grants, Subsidized Student Loans, Unsubsidized Student Loans and Parent Plus Loans and withdraw from the university during the first 60% of the semester should be aware that a portion of these funds may have to be repaid. A student who remains enrolled and in attendance beyond the 60% point is considered to have earned all of their financial aid for the semester.

If the amount of aid disbursed to the student is greater than the amount the student earned, unearned funds must be returned to the federal programs. If the amount of aid disbursed to the student is less than the amount the student earned and for which the student is otherwise eligible, the student will receive a post-withdrawal disbursement of earned aid.

ASU-Newport will determine the withdrawal date based on the date the Admissions Office receives information that the student plans to withdraw.

When a student ceases to attend classes but does not complete the official withdrawal process they are considered to have unofficially withdrawn. In the case of an unofficial withdrawal, the mid-point of the semester will be used for the calculation of a Title IV refund unless otherwise documented.

ASUN will return all unearned funds for which it is responsible within 45 days from the date the student is determined to have withdrawn. After the return of funds to Title IV financial aid is adjusted per the calculation, a balance may be owed on institutional charges. The ASUN Business Office will notify the student of any balances owed to ASUN and it will be the student’s responsibility to pay any balance owed.

The order the funds must be returned to Title IV programs is as follows:

  1. Unsubsidized Student Loan Funds
  2. Subsidized Student Loan Funds
  3. PLUS Parent Loans
  4. Pell Grants
  5. FSEOG

The amount of repayment can be calculated manually using the US Department of Education’s Return to Title IV Funds Worksheets. Click on the appropriate link below to download the worksheet:

Credit Hour Courses

Clock Hour Courses

If you have questions or need additional information contact Student Services/Financial Aid Office personnel at (870) 512-7835. 
 

Step 5: Provide Verification

The U.S. Department of Education and/or the ASU-Newport Financial Aid/Student Services Office may select an application each year for a process called verification. You will have to prove that the information you reported on your student financial aid application is correct. You will be asked to verify such information as follows:

  • income (wages, tips, etc.)
  • federal income taxes paid
  • household size
  • number of family members enrolled in college at least half-time excluding a parent
  • certain untaxed income and benefits

As part of the verification process, you may be asked to provide the following documents/information to the ASU-Newport Financial Aid/Student Services Office:

You should provide all applicable information as soon as possible. The sooner you verify the information requested, the sooner you will be able to receive financial aid, if you are eligible. 
 

Step 6: Awards Disbursement

Award Notification

Students will receive an award notification via their ASU-Newport student email account. The award notification will prompt students to log into mycampus.asun.edu accounts to view their financial aid awards. 

Information on the financial aid section of mycampus.asun.edu are described below:

  1. The award(s) will be listed by type and amount of aid per semester. You may accept or decline each award separately. You should carefully read the terms and conditions of each award before you accept any award. The amount of each award is based on your enrollment status as a full- time or part-time student; if you do not enroll in the number of hours for which your award was calculated, your award(s) will be adjusted appropriately.

Students who have financial aid awards and remaining funds after tuition and fees are deducted will be able to charge books at least three business days prior to the first day of classes. .

A STUDENT MUST BE ENROLLED AND ATTENDING CLASSES BEFORE FINANCIAL AID IS RELEASED.  No funds will be released until after the 11th day of classes each semester. Summer money will be released no earlier than the second week of classes in both the first and second summer terms. For those students who will be receiving a stipend (excess financial aid monies), there are three methods in which the can be released to the student. 
 

Payment of Fees

Fees owed to the university will be recovered in full from a student’s financial aid prior to the release of additional funds to the individual. Following the institutional payment for tuition and fees, remaining financial aid funds will be processed and released to assist the student in paying for other related educational expenses.
 

  1. Before a payment is made to a student, that student’s records are reviewed to determine that the student has been making Satisfactory Academic Progress and is still eligible for this award.
  2. In addition, no disbursements of Pell Grants will be made until a student’s financial aid is complete and all conflicting documentation has been resolved. If verification results in a change in expected family contribution, a correction will be submitted to the Central Processor and received by ASU-Newport before any disbursement is given.
  3. According to Section 690.3 of the Federal Regulations, a payment period for an institution that uses semesters is the semester. Arkansas State University-Newport’s enrollment period is a semester and, therefore, uses a semester as a payment period.
  4. Federal regulations require multiple disbursements of Federal Loans. No installment amount will exceed more than one-half of the loan proceeds. The second disbursement will not be made until at least one-half of the enrollment period has elapsed. If the first disbursement occurs on or after the time scheduled for a second disbursement, the proceeds can be delivered by the lender in a single check.
  5. Students must be enrolled in at least 6 hours to receive loan proceeds. 
     

Step 7: Keep Financial Aid

Federal regulations require all recipients of student financial aid to make Satisfactory Academic Progress (SAP) towards an eligible degree or certificate program. Students applying for assistance through the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), Federal Work Study, Direct Subsidized Loan, Direct Unsubsidized Loan, Direct Parent PLUS Loan and other programs as determined by the Financial Aid Office must meet the requirements in the policies listed below to maintain their financial aid eligibility at ASU-Newport, including the Jonesboro and Marked Tree sites. Being financially eligible according to results from the Free Application for Federal Student Aid (FAFSA) does not mean the student is eligible for federal aid at ASUN. Rules are applied uniformly to all students whether or not aid has been previously received. 
 

The Financial Aid Office (FAO) monitors SAP at the end of each semester, including summer, for financial aid recipients. In reviewing SAP, FAO personnel evaluate GPA, completion rate and maximum timeframe. At the conclusion of each semester, students who do not meet the minimum SAP requirements are notified and either placed on Financial Aid warning (FA Warning) or Financial Aid Suspension (FA Suspension). Please note: students on FA Warning have one semester to meet SAP eligibility or will be placed on FA Suspension the next semester. 

  • Students placed on FA Warning are eligible for financial aid consideration and do not need to appeal, but will be required to sign an academic plan. 
  • Students placed on FA Suspension are no longer eligible for financial aid and may submit a SAP appeal to be considered for financial aid for one semester. 

Students enrolled in clock hour programs (such as Cosmetology and Cosmetology Instructor Trainee) will have SAP reviewed at the end of each payment period. 

Satisfactory Academic Progress Policy - Credit Hour Programs
Satisfactory Academic Progress Policy - Clock Hour Programs
Satisfactory Academic Progress Appeal Form
 

Resources

Net Price Calculator

A calculator is intended to provide estimated net price information (defined as estimated cost of attendance — including tuition and required fees, books and supplies, room and board (meals), and other related expenses.

Student Rights

Equal Determination of Awards

Student financial aid at ASU-Newport is awarded on the basis of a uniform method of determining need and in accordance with federal rules, regulations, and laws governing the financial aid programs. Each student is given equal and individual treatment in determining eligibility. You are encouraged to contact the Financial Aid Office that is processing your financial aid with any questions about eligibility determination.

Reconsideration Form

 

Reconsideration Form

Appeal Procedure

If you have questions about your financial aid or think you have not been given adequate consideration, please come to the Financial Aid/Student Services Office and discuss this with the staff. Appeals concerning Satisfactory Progress should be submitted in writing within fourteen (14) days of the beginning of each semester or receipt of a satisfactory progress letter, whichever occurs last and will be forwarded to the appeal committee.

Satisfactory Academic Progress Appeal Form

Appeal Deadlines

Summer I 2017: 

Summer II 2017:

Fall 2017:

Student Responsibilities

Tuition and Fees

Upon registration, students are responsible for all tuition and fees.

Cancellation of Aid

Your student aid will be canceled and future applications refused consideration if you do any of the following:

1. knowingly provide false data;
2. fail to return the signed Award Letter;
3. fail to fulfill the satisfactory academic progress requirement;

Change of Address

You must notify the ASU-Newport Financial Aid Office if your address changes while you are attending ASU-Newport. Also, if you are a loan recipient, it is your responsibility to notify ASU-Newport Financial Aid and the lender of any address change while you are repaying the loan, even if you are no longer attending ASU-Newport.

Loan Repayment

It is your responsibility to repay all loans received for attendance at ASU- Newport. You should carefully read all promissory notes before signing them.

Management of Funds

Student financial aid is normally awarded for an academic year, and you will receive your funds for each semester at the beginning of that semester. (Note: Student Loans will be disbursed in two payments.) You will need to manage your financial aid funds carefully so they will last the entire semester.

Overaward

If you receive more financial aid than is needed to cover your educational costs, this is called an overaward. Failure to tell the Financial Aid Office about outside financial resources or help may result in your receiving an overaward. If you receive an overaward, you will be responsible for repaying part or all of the financial aid received from the university. Be sure you include all of your financial resources on your Data / Title IV Authorization form and notify the Financial Aid Office of new financial resources after the award has been made so you can avoid an over award. 

Student Aid Program Requirements

Each financial aid program has specific conditions, and it is your responsibility to carefully study and learn these conditions. Specific conditions for eligibility and receipt of funds from each program are in this guide and in your award letter.

Withdrawal from the University

You must complete an official withdrawal in writing if you voluntarily withdraw from the university. Official withdrawal forms are available in the Admissions Office. ASUN has an institutional refund policy listed in the 2016-2017 catalog. There are additional requirements for federal funds and extended dates in which a student may be responsible for repaying federal funds. A student receiving federal funds who withdraws during the institutional refund period will have any refund applied to a federal account. A student may be responsible for repaying federal and/or institutional funds due to withdrawing from the institution or due to receiving all “F’s” for not attending class. Federal fund recipients whose transcripts reflect all F’s for a semester will have repayment calculated at 50% (unless proof of attendance after the 50% date is received). Failure to officially withdraw from a course or the university will cause a failing grade of “F” to appear on your transcript for the course or courses not dropped. Withdrawal from the university may result in suspension of financial aid under ASU-Newport’s Satisfactory Progress requirements. Unsatisfactory attendance may result in an adjustment or loss of financial aid as well. 
 

Definition of Terms

This glossary contains basic definitions and acronyms for many of the financial aid terms used in this site. Full definitions and explanations can be obtained at the ASU-Newport Financial Aid/Student Services Office.
 

Academic Year

A period of time, usually nine months, during which a full-time student is expected to complete the equivalent of at least two semesters.

Adjusted Gross Income (AGI)

All income that must be reported to the Internal Revenue Service and on which taxes must be paid.

Arkansas Assistance Grant

A need-based grant funded through the Arkansas Department of Higher Education.

ASU-Newport Data/ Title IV Authorization Form

The information form provided to each student and used by ASU-Newport to collect needed data.

Assets

Cash on hand in checking and savings accounts; trusts, stocks, bonds, other securities; real estate, houses, income-producing property; business equipment and inventory.

Award Letter

A letter notifying eligible financial aid applicants of the types and amounts of aid awarded student responsibilities, and the conditions governing the award.

Budget

See Cost of Attendance.

System-Based Programs

The university administers federal student financial aid programs that, including Federal Supplemental Educational Opportunity Grant, and Federal Work-Study.

Cost of Attendance

The estimated cost of attendance, including tuition and fees, books and supplies, room and board, transportation, and personal expenses.

Dependent Student

A student who is required to list parents’ or guardians’ income in calculating financial need (see the section on Dependent or Independent in this guide).

Direct Parent Loan (PLUS)

A long-term loan guaranteed by the federal government and made to the parent of a dependent student.

Direct Student Loans

Low-interest loans for students and parents to help pay for the cost of a student’s education after high school. The lender is the U.S. Department of Education (the Department) rather than a bank or other financial institution

Disbursement

The process by which financial aid funds are given to students for use in meeting education-related expenses.

Documentation

Written statements and forms explaining the logic or steps followed in specific actions or providing proof or validation of specific actions, e.g., income tax returns, legal papers, etc.

Enrollment Status

Students are defined as less than half time, half time, three-quarter time, or full-time depending on the number of credit hours taken each semester.

Expected Family Contribution (EFC)

The amount a student, spouse, and parents (if dependent) are expected to pay toward the student’s cost of attendance (estimated by a standard formula).

Federal Pell Grant

A federal program to provide basic education funding for undergraduate students who demonstrate financial need.

Federal Supplemental Educational Opportunity Grant (FSEOG)

A system-based federal grant program available to undergraduate students with exceptional financial need.

Federal College Work Study (FCWS)

A federal, system-based, part-time employment program that provides on-site jobs for undergraduate and graduate students who show financial need.

Financial Aid Award

The financial assistance offered to a student who has been determined eligible.

Financial Aid Package

A financial aid award that includes one or a combination of types of financial aid.

Financial Need

The difference between the cost of attendance and the amount the student (and parents, if dependent) can pay (EFC).

Free Application for Federal Student Aid (FAFSA)

A financial aid application form completed by students (and their parents, if dependent) to determine eligibility for financial aid programs.

Full-Time Student

An undergraduate student taking a minimum of 12 course hours per semester.

Grade Point Average (GPA)

A numerical value calculated by a standard formula from your letter grades and credit hours and used to measure your academic progress for financial aid, academic standards, and graduation requirements.

Grant

A type of financial aid, usually based on financial need that does not have to be repaid. Half-Time Student. An undergraduate student taking 6-8 credit hours per semester.

Independent Student

A student who is not required to list parents’ or guardians’ income in calculating financial need (see the section on Dependent or Independent in this guide).

Indirect Costs

Expenses related to room and board, personal costs, transportation, and other education-related expenses.

ISIR

An electronic SAR generated by the Federal processor.

Legal Guardian

An individual appointed by a court to act as a legally responsible party for, and to provide financial support for, another person.

Less Than Half-Time Student

An undergraduate student taking less than 6 credit hours per semester.

Loan

Money advanced to a person under a legal contract (promissory note) requiring the person to repay the money, usually with interest, under a schedule and conditions stated in the contract.

Need Analysis

A system using a standard formula to estimate an applicant’s need for financial help in meeting education-related expenses. The primary elements of need are the Expected Family Contribution and education-related expenses. 

Nontaxable Income

Income on which the Internal Revenue Service does not require you to pay taxes.

Refund

Money paid for tuition, which is returned to a student or to a financial aid program account when the student withdraws from the university or a course before the scheduled dates for no refund.

Remedial Courses

Courses required for students who score below a designated point on entrance tests. These courses do not count as credit and are not included in grade point computations.

Regular Student

A student enrolled at ASU-Newport who has fulfilled all admission requirements and is pursuing a degree.

Repayment

Excess money paid to a student who fails to complete a period of enrollment. The student must return this money to the program from which it originated.

Satisfactory Academic Progress

The progress required of a financial aid recipient in credit hours taken per semester, grade point average maintained, and other criteria. (See pages 4-6).

Student Aid Report (SAR)

Document sent to a student aid applicant reporting the results of Pell Grant processing of the student’s application.

Three-Quarter Time

An undergraduate student taking 9-11 credit hours per semester. Undergraduate Student. A student who does not have a baccalaureate or first professional degree.

Verification

A process that requires the applicant to provide information such as federal income tax return transcripts to verify reported information. All requested documents must be submitted within 30 days. 

For more information, contact ASUN Financial Aid personnel. 

Financial Aid - Newport
(870) 512-7835