Financial Policies and Procedures

Academic Progress

This policy refers to graduate students who are receiving student loans and other federally-funded financial aid. In addition to meeting the standards for receiving financial aid, students must also meet the standards of their academic program at Utica College.

1. Standards for Receiving Aid:
   1. All graduate students must earn 67% credits attempted per year, complete a master’s program within 6 academic years, and maintain a cumulative GPA of 3.0 or better after their first academic year.
2. Failure to Meet Academic Standards: Students who fail to meet the criteria for federal, College, and satisfactory academic progress will be notified by the Office of Student Financial Services. Students should contact their Student Financial Services counselor to discuss their options. Students who fail to make satisfactory academic progress will lose eligibility for financial aid from federal, and College sources. Students may appeal for reinstatement of aid on the basis of physical illness or extraordinary personal difficulty, due to unusual circumstances. The Dean of Student Success and Provost will consider the student’s full history when determining if a waiver is appropriate. For further details regarding aid reinstatement, contact the Office of Student Financial Services.

Financial Aid

1. Forms of Aid:
   There are two main forms of financial assistance: grants and loans. Grants (often called graduate awards) are direct awards for which repayment is not required. Federal loans usually are guaranteed and offered at low interest; repayment usually is due after the student leaves college, or drops below half time. All forms of aid are awarded on an annual basis. Students are responsible for reapplying each year.
2. Sources of Aid:
   1. Federal Direct Unsubsidized Stafford/Ford Loans: Students make application by filing the FAFSA and completing a promissory note. The loan is submitted to the U.S. Department of Education for approval.
      1. Selection of Recipients and Allocation of Awards: To be eligible for a Federal Direct Stafford/Ford Loan, a student must be: (1) a U.S. citizen or permanent resident alien; and (2) enrolled in or admitted as a matriculated student, at least half-time, at Utica College. (3) An approved needs test must be on file in the Utica College Office of Student Financial Services.
      2. Loan Schedule: Graduate students may borrow up to $20,500 per academic year. Borrowers are responsible for payment of the interest that accrues on unsubsidized loans while they are in school. The rate is subject to change annually. Interest may be capitalized.
         Loan fees are deducted from the loan prior to disbursement of funds. The interest rate is fixed and changes annually on July 1.
      3. Rights and Responsibilities of Recipients: Students may borrow at a relatively low interest rate, with no repayments as long as they remain enrolled at least half-time and for the grace period after they cease to be at least a half-time student. Refer to the statement of borrower’s rights and responsibilities on the promissory note for further details.
3. Application Procedures for Financial Aid (2014-2015):
   1. Students must file 2014-2015 FAFSA at www.fafsa.gov.
   2. Students must provide documentation of all income by the deadline, if requested, to the Office of Student Financial Services. Documentation includes, but is not limited to, IRS tax transcripts, 1099 forms, and letters from sources such as social security, welfare, pension, etc.
   3. Students only need to return the award letter if they are declining any portion of aid offered.
4. Appeal Procedure:
   Students who feel that they have been given an inappropriate financial aid award may do the following:
   1. Submit a letter of appeal and a complete application form to the Office of Student Financial Services.
   2. If the student remains dissatisfied with the award, the student may request in writing a review by the Admissions and Financial Aid Committee. The committee will not review requests for changes of an individual award that entail a revision of general policies.

Return of Title IV

Utica College follows prescribed regulations when determining the amount of Title IV aid that will be returned to the Federal Processor if a student receiving aid officially withdraws from all courses, drops out, or is expelled from the College on or after his or her first day of classes. Additionally, students who unofficially withdraw from Utica College are also subject to a Return of the Title IV funds.

Tuition and Expenses

All students are responsible for any College debts they have incurred, including library fees, parking fines, tuition, fees, monetary penalties, fines, and any changes in their financial aid packages. A student will not receive a transcript until all bills, including the graduation fee, have been paid. A student who is graduating will not receive a diploma and will not be able to obtain transcripts until all outstanding debts have been paid.

For a list of current tuition rates, fees, and other expenses, contact the Office of Student Financial Services at (315) 792-3179 or www.utica.edu/enrollment.

Tuition charges and fees are subject to change, please refer to the Utica College website for the most up-to-date information.