Financial Aid Awarding
- Applies to:
- Prospective Students
- Current Students
- Approved by:
- Office of Financial Aid
- Last updated: August 29, 2017
Policies that determine how much aid in various financial aid programs can be offered to students.
The total amount of gift aid from all sources, including all loans, grants, scholarships, waivers and VA benefits cannot exceed a student’s budgeted cost of attendance: tuition, required fees, room and board, books, personal living expenses and transportation expenses. If total aid exceeds the budgeted cost of attendance figure, financial aid will be reduced beginning with loan eligibility, followed by institutional grants, waivers and finally scholarships.
The total amount of institutional gift aid (grants, scholarships and waivers) can not exceed the cost of tuition. If total institutional gift aid exceeds tuition, aid will be reduced beginning with institutional grants, then institutional waivers and finally institutional scholarships.
Financial aid for repeated coursework is only available in limited situations. Based on federal policy, financial aid is only available to students on their second attempt of a previously passed course. While students are allowed to take a course for the third time, no financial aid will be provided.
Students receiving any VA benefit (i.e. ROTC, Post 9/11, Yellow Ribbon, etc.) may have an adjustment made to their institutional aid.
Post-baccalaureate students who are degree-seeking or on a certification track are eligible for financial aid consideration in a limited number of financial aid programs and are encouraged to complete the FAFSA. These students will be considered institutional need-based grants and federal student loans. Post-baccalaureate students may also apply for the federal TEACH Grant and some institutional scholarships specific to post-baccalaureate study. Post-baccalaureate students are not eligible for federal or state need-based grants or Calvin academic scholarships. Calvin graduates who return as post-baccalaureate students are only eligible for aid if seeking a different type of degree.
Graduate students are eligible for financial aid consideration in a limited number of financial aid programs and are encouraged to complete the FAFSA. Graduate students may also be eligible to apply for the Federal TEACH Grant. Graduate students are not eligible for federal, state, or institutional need-based grants or Calvin academic scholarships.
Loan disbursement policy
Federal student loans, Federal PLUS and Private Loans will be disbursed directly to the student’s tuition account in two installments. Disbursements are split equally between the fall and spring semesters. With proper arrangements uneven disbursements of a Federal PLUS or Private Loan can occur to account for significant differences in costs between one semester versus the other (enrollment in an off-campus semester, etc).
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