Financial Policies and Procedures

Financial Aid

1.  Forms of Aid:

There is one form of financial assistance: loans. Federal loans usually are guaranteed and offered at low-interest; repayment usually is due after the student leaves college, or drops below halftime. All forms of aid are awarded on an annual basis. Students are responsible for reapplying each year.

2.   Sources of Aid:

• Federal Direct Unsubsidized Stafford/Ford Loans: Students make application by filing the FAFSA and completing a promissory note and entrance counseling at www.studentloans.gov
  • 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.
  • 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.
  • 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.  Refer to the statement of borrower’s rights and responsibilities on the promissory note for further details.
• Application Procedures for Financial Aid:
  • Students must file FAFSA at www.fafsa.gov.
  • 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.
  • Students have to actively accept or decline offered awards through Bannerweb.

Graduate Students

• Direct Unsubsidized Loan

Eligibility for Direct Unsubsidized loans is determined using the FAFSA.

This type of loan accrues interest while the student is enrolled. Students can choose to pay the interest each month while in school or allow the interest to accumulate. 

Borrowing limits are a maximum of $20,500 per academic year.

• Graduate PLUS Loan

Eligibility for Graduate PLUS loans is determined using the PLUS loan application found on www.studentloans.gov.

The Graduate PLUS loan is based on a credit check and the student may borrow up to the cost of attendance less any other aid received. 

Graduate students are required to complete the Free Application for Federal Student Aid (FAFSA) in order to use the Direct Graduate PLUS loan program.

This type of loan accrues interest while the student is enrolled. Students can choose to pay the interest each month while in school or allow the interest to accumulate.

Interest rates

• Direct Unsubsidized Loan:

The interest rate for a Federal Direct Unsubsidized Loan is fixed for the life of the loan and is effective each year on July 1.  Each loan disbursement will have a net fee deducted from each disbursement. The net fee changes annually on October 1.

No credit check is required. If a student is not in default on a prior educational loan, does not owe a repayment of federal grant funds, and meets federal aid eligibility requirements, a student will be approved to borrow the Direct Unsubsidized Loan.

• Federal Direct Graduate PLUS Loans 

The interest rate for a Federal Direct Unsubsidized Loan is fixed for the life of the loan and is effective each year on July 1.  Each loan disbursement will have a net fee deducted from each disbursement. The net fee changes annually on October 1.

A credit check is required for this loan. If adverse credit history is present, a credit-worthy co-signer is needed.

Federal Satisfactory Academic Progress

Policy for Graduate Financial Aid Applicants

Federal regulations (General Provision CRF 668.1) require that Utica College review the academic progress of students who apply for and/or receive financial assistance. Satisfactory academic progress is comprised of three areas as required by federal regulations. Students must complete their degree within a specified period, demonstrate they are making progress towards the completion of their degree by earning a minimum number of credits hours each semester and achieve a GPA that is consistent with meeting graduation requirements. This regulation applies to each financial aid applicant, whether a previous recipient or not.

This policy on satisfactory academic progress relates specifically to graduate students who apply for and/or receive federal financial aid and/or Utica College scholarships and grants. In addition to meeting the standard for receiving financial aid, students must also meet the academic standards of Utica College. 

Financial Assistance Programs Affected

Annual Evaluation

Annual financial aid Satisfactory Academic Progress (SAP) evaluations will be completed at the end of each academic year and cannot take place until final grades have been posted. This review will determine academic eligibility for the upcoming summer, fall, and/or spring terms. Every student who applies for financial aid must be making Satisfactory Academic Progress, regardless of whether they are a first-time applicant or have received financial aid in the past. Any financial assistance offered for the year ahead is subject to cancellation if the minimum standards of satisfactory academic progress were not met in the year prior.

Incoming graduate students will be considered for financial aid for one academic year prior to the evaluation of Satisfactory Academic Progress. At the end of the first academic year of attendance at Utica College, all students will be evaluated based on the standards of their designated academic level. They will then be reviewed annually until graduation. 

Each student’s record will be reviewed under the direction of the Senior Associate Director of Student Financial Counseling. Students will be notified of their failure to meet the SAP guidelines via a letter from the Office of Student Financial Services.

Federal/Institutional Standards

Students must earn a prescribed number of credits by the end of each academic year in order to continue to receive federal/institutional aid. An academic year is defined as the fall and spring semesters. Summer may be used to make up deficiencies but students will receive no aid consideration if they have not made satisfactory progress by May (or spring term’s end).

Standards for Receiving Aid:

a. All graduate students must earn 67% credits attempted per year and;
b. Maintain a cumulative GPA of 3.0 or better after their first academic year and beyond; and
c. Complete a master’s program within six (6) academic years.

Earned credit hours include:

• Grades of A through C or S (with credit)
• Transferred credits - provided they meet degree requirements
• Credits earned from a Consortium Agreement or Study Abroad Program

Attempted credit hours include:

• Completed credits - Passed (A through C), Satisfactory (S)
• Billed course hours
• Repeated courses - both attempts
• Withdrawals
• Failures - Failed (F), Unsatisfactory (U)
• Incompletes (It is the responsibility of the student to notify the Office of Student Financial Services when the incomplete grade is changed to a letter grade.)
• All accepted transfer credits (including consortium agreements and Study Abroad courses) toward the degree program

Maximum Time Frame for Degree Completion

Federal law limits the maximum timeframe for which a student can receive federal financial aid, including student loans. All graduate and professional students are expected to complete their degree program within the maximum time frame of 6 academic years. 

Failure to Meet Satisfactory Academic Progress

Students failing to meet Satisfactory Academic Progress standards will lose their financial aid eligibility. They will be notified in writing of their status by the Office of Student Financial Services.

Students terminated from receiving financial aid can re-establish eligibility by successfully completing the required number of credit hours and by attaining the overall required grade point average by the end of the next semester. Neither paying for one’s classes nor sitting out a semester is sufficient to re-establish the financial aid eligibility of a student who has failed to meet SAP. If an unusual or extraordinary circumstance contributed to a student’s lack of satisfactory academic progress, the student may appeal the denial of financial aid.

Appeal Process

The letter of denial from the Office of Student Financial Services will describe the appeal process and a SAP appeal application will be provided. Examples of unusual or extraordinary circumstances are a personal injury or illness, the death of a relative, or other personal circumstances. Unusual or extraordinary circumstances do not include: withdrawing from classes to avoid failing grades, not buying books and/or supplies, pursuing a second major or degree, etc. The appeal must explain how the unusual circumstances have been resolved so that the student will now be able to complete the required number of credit hours or attain the required grade point average.

The appeal must be submitted to the Office of Student Success for evaluation. The Executive Director of Student Success will respond to the appeal in writing.

If the appeal is approved, the student’s financial aid will be reinstated for the next academic year. By the end of that academic year, the student must have successfully completed the required number of credit hours and attained the overall required grade point average. Students who fail to make SAP by the end of that academic year will have their future financial aid eligibility terminated. They will be notified in writing of their status by the Office of Student Financial Services. 

If a student fails to have their SAP appeal approved before the last day of a semester, he/she is not eligible for federal aid for that semester. For example, a student needs to complete a SAP appeal for the fall semester but fails to submit it to the Office of Student Success until a week after the last day of the semester. If the appeal is approved, the student may only have federal aid reinstated for the spring semester.

There is no limit to the number of appeals a student can submit if the student can document there are new circumstances preventing the student from making SAP.

Glossary of Satisfactory Academic Progress (SAP) Terms

• Attempted credits -  any hours attempted by the student (includes completed credits, billed course hours, repeated courses, withdrawals, failures, incompletes, and all accepted transfer credits)
• Billed course hours - most billable course hours can be considered attempted of hours if not retaking a course with a passing grade.
• Credits completed - hours completed with a grade of A, B, C, F, or Pass.
• Credits accrued - hours completed with a passing grade of A, B, C, or Pass over the student’s college career.
• Cumulative Grade Point Average - grade point average over the student’s career at Utica College.
• Withdrawals - are considered in the charts as attempted, completed, or accrued credits.
• Repeated courses - are considered as the credits enrolled and completed for a course previously failed. A withdrawal from the repeated course will increase the accrued credit hours.
• Retaken courses - are considered as the credits enrolled and completed for a course previously passed. The retaken course will not increase the accrued credit hours.
• Non-credit courses - are not evaluated on the academic progress charts.
• Incomplete - are not considered hours completed and are assumed to be an F until requirements are met.

Loan Repayment

For graduate students, your Federal Direct Loan will be placed into deferment while you are enrolled at least half-time and for an additional six months after you cease to be enrolled at least half-time. 

Alternative Educational Loans
Alternative loans are another option to fill in the gap between the offered aid and the total cost of attendance. 

Students who wish to find out more information about alternative loan programs, please select the link below. By doing so, students will have access to a list of several alternative loan lenders.
www.utica.edu/loan-compare

Return to Title IV Federal Refund Policy

This policy is for all students receiving Federal and Institutional aid who completely withdraw from classes or students who unofficially withdraw by ceasing to attend classes.

Federal financial aid (Title IV funds) is awarded to a student under the assumption that the student will attend school for the entire period for which the assistance is awarded. When a student withdraws or stops attending all of their classes before completing more than 60% of the enrollment period, the student may no longer be eligible for the full amount of federal financial aid the student was originally awarded.

A student who withdraws or stops attending a class that only meets for part of the term and who is not attending another class at that time may provide a written statement to the college indicating their intent to attend the future class within that term. If the student does not submit the statement or submits the statement and doesn’t actually attend, the student is considered a withdrawal and a Return to Title IV calculation must be completed.

A student’s federal aid must be recalculated based on the number of days the student actually attended classes. This return calculation is not the same as the College’s tuition refund policy.

A simple equation to explain the process is:

(% of term completed) x (total aid awarded) = earned   aid

(Total aid awarded) ­ (earned aid) = unearned aid to be returned to federal government

If you are considering dropping or withdrawing from your courses, please contact the Office of Student Financial Services immediately regarding the financial implications of this decision.

Return to Title IV Federal Refund Policy for Programs Offered in Modules

A program is considered to be offered in modules if a course or courses in the program do not span the entire length of the payment period or period of enrollment.  For example, for online programs at Utica, each semester is 16 weeks, but each course is only 8 weeks. This means that our online programs are considered modular programs.

As defined in the October, 29, 2010 final regulations, for all programs offered in modules, a student is a withdrawal for Title IV purposes if the student ceases attendance at any point prior to completing the payment period or period of enrollment unless the institution has written confirmation from the student that they will attend a module that begins later in the same enrollment period.

The regulations require the institution to determine whether Title IV funds must be returned based on the number of days actually completed versus the number of days the student was scheduled to attend during the payment period.  The new regulations prevent students from enrolling in modules spanning the period, completing a portion of the period, and retaining all aid for the period.

Schools can determine whether a student enrolled in a series of modules is a withdrawal by asking the following questions:

1. After beginning attendance in the payment period or period of enrollment, did the student ceases to attend, or fail to begin attendance in a course s/he was scheduled to attend?

If the answer is NO, this is not a withdrawal.

If the answer is YES, go to question 2.

2. When the student ceased to attend or failed to begin attendance in a course s/he was scheduled to attend, was the student still attending any other courses?

If the answer is YES, this is not a withdrawal; however other regulatory provisions concerning recalculation may apply.

If the answer is NO, go to question 3.

3. Did the Student confirm attendance in a course in a module beginning later in the period (for non-term and nonstandard term programs, this must be no later than 45 calendar days after the end of the module the student ceased attending)?

If the answer is YES, this is not a withdrawal, unless the student does not return.

If the answer is NO, this is a withdrawal and the Return to Title IV Funds requirements apply.

Payment Options

Loan Options

Grad (PLUS) Loan

A Grad (PLUS) Loan is a federal loan that is available to graduate students. The Grad (PLUS) Loan is taken out for the entire academic year (Summer/Fall/Spring, if applicable).

If you would like to apply for a Grad (PLUS) Loan, please visit www.studentloans.gov to complete an application. Please be advised, only one application may be submitted and changes cannot be made to an application after its submission. If you would like to make changes to the Grad (PLUS) Loan, please contact your Student Financial Services Counselor.

A credit check is required for a Grad (PLUS) loan. You will receive notification of approval shortly after you submit the application. If the Grad (PLUS) Loan is not approved, you have the option to appeal this decision to the Direct Loan Program Center or obtain a credit-worthy endorser. If you chose the endorser option, they will need to complete an addendum online at www.studentloans.gov. 

Private/Alternative Education Loan

An Alternative Education Loan is an education loan in the student’s name. It is not a guaranteed federal loan and must go through an approval process that usually requires a credit-worthy co-signer. We encourage you to research various private loans. New York State provides a useful private loan comparison tool at www.utica.edu/loan-compare. 

Once you have decided on a loan product you should apply directly through the lender. Borrowers will be required to submit several time-sensitive disclosures back to lenders as part of the loan process. It is important to carefully read all of the communication sent to you electronically or by mail from Utica College and your alternative loan lender. Like the (PLUS) Loan, the Private/Alternative Education Loan is taken out for the entire academic year (Summer/Fall/Spring, if applicable). 

Direct Payments 

If, after viewing your billing statement, you would prefer to make a payment directly to Utica College, we offer two payment options. To view your billing statement and access our payment site, please
•    visit the website bannerweb.utica.edu and Enter Secure Area to log in. Then …
•    navigate to your account settings through Student Services > Student Account > Access My Account.

Payment in Full 

If you choose to pay your balance in full, please click on Make Payment located the first box on the left side of your payment screen. 

Enroll in the Payment Plan 

Main Campus Students

Enrolling in our payment plan allows you to pay the semester balance with 4 installments.  When you enroll in the payment plan, you will be required to make an initial down payment of 1/4 of the total amount due plus a $75 enrollment fee.

Online Students

When you enroll in the payment plan, you will be required to make an initial down payment of 1/4 of the total amount by the due date. 

If the balance is not completely paid on or before the last installment, a $50 late fee will be charged to the student’s account.
 

Institutional Refund Policy

Refund Policy for Main Campus Students

The date on which a student notifies the Office of the Registrar of his or her complete withdrawal in writing will be used as the basis for determining tuition refund. There is no rebate applicable to deferred fees or other fees. (See also “Housing Policy” in the student handbook). The following refund schedule applies only to the standard fall and spring terms for complete withdrawal from the college.

Please be aware ­ Programs with earlier start dates will not follow this refund schedule. Please refer to your department for exact dates. This may affect any financial aid and the billing statements. Any concerns, please contact a Financial Counselor in the Office of Student Financial Services at 315.792.3179 or  sfs@utica.edu .

Refund Schedule:

Tuition
On or before the scheduled drop/add deadline for the term: 100%
through the 7 days following drop/add deadline for the term: 90%
through the 14 days following drop/add deadline for the term: 50%
through the 24 days following drop/add deadline for the term: 25%

Thereafter, no refund will be given.

Room
100% Refund through the end of week 2

Board
100% prior to 1st meal offered.

Pro-rated through end of week 9

Students who partially drop but are still in attendance for one or more classes at the College will receive a 100% refund for the first week only (fall and spring terms).  Thereafter, no refund will be given.

During any term, there are no refunds for partial withdrawals after the drop/add period.
 

Refund Policy for Online Students

The date on which a student notifies the Office of the Registrar of his or her complete withdrawal in writing will be used as the basis for determining tuition refund. Please refer to your department for exact dates. The student will need to contact his or her Student Financial Services (SFS) counselor to discuss the financial implications of the withdrawal. The student may need to receive an official withdrawal code from the SFS counselor to complete the process.

Please be aware - this may affect any financial aid and the billing statements.  Any concerns, please contact a Financial Counselor in the Office of Student Financial Services at 315.792.3179 or sfs@utica.edu

Online Students

• Tuition (complete withdrawal)
• 100% refund on or before the scheduled drop/add deadline for the period of enrollment (up until midnight EST)
• Thereafter, no refund will be given

Tuition and Expenses

The following figures are for the 2017-2018 fiscal year. Tuition is based on the number of credit hours taken.  There is financial aid for students who qualify.  

Fees per year:

• Distance Learning Fee: $70 per online course
• Technology Fee: $100 (for part-time students), $200 (for full time students)
• Student Activities Fee: $150
• Health & Safety Fee: $200
• Health Insurance: $1,674 / Fall Spring Summer semesters (full year); $974 / Spring-Summer Semesters
• Graduation Fees:  $80

Tuition:  Graduate Programs (effective Summer 2017)

Ground Graduate Programs

Graduate students are considered full-time status if enrolled in six (6) credits per semester and are considered half-time status if enrolled in at least three (3) credits per semester. 

Online Programs

Graduate Online Programs 

For a list of current tuition rates, fees, and other expenses, contact the Office of Student Financial Services at (315) 792­-3179

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

*This program is currently not accepting students.