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enrolled in; the student’s enrollment status; the length of the loan period, academic year or award year, as required; and considering the type of aid being awarded. COA minus EFC equals Financial Need.
COST OF ATTENDANCE (COA) BUDGETS
Cost of Attendance (COA) budget is the amount it will cost a student to attend DEC. The COA includes both institutional charges, payable to DEC, and non-institutional charges, expenses a student incurs while attending school although they are not payable to the school. Unless contracting with the school, room is a non-institutional expense as are board, transportation and miscellaneous personal expenses. DEC has established weekly living allowances for room, board, transportation and miscellaneous personal expenses that are consistent with the cost of living in the Monessen area.
For more information on the COA budgets used, contact the Financial Aid Office or view the information under Consumer Information on the school’s website.
EFC (EXPECTED FAMILY CONTRIBUTION)
The EFC (Expected Family Contribution) is an index number that college financial aid staff uses to determine a student’s eligibility for certain types of financial aid. The information a student reports on his/her FAFSA is used to calculate the EFC.
The EFC is calculated according to a formula established by law. The student’s and his/her family's taxed and untaxed income, assets, and benefits could be considered in the formula. Also considered is the number in the family’s household and the number of family members who will attend college or career school during the year.
AWARDING FEDERAL STUDENT AID
A student’s FAFSA information is shared with the colleges and/or career schools listed on the application. The Financial Aid Office at DEC uses the FAFSA information and EFC to figure out how much federal student aid a student may receive. A student’s FAFSA information also goes to his/her state higher education agency and the Commonwealth of Pennsylvania.
Based on the student’s eligibility, DEC awards financial aid to the student for institutional charges only, unless the student requests additional assistance for living expenses. In addition to Federal Student Aid, DEC awards state, institutional and private funding. Financial aid is generally awarded to eligible students in the following order: Federal Pell Grant, FSEOG, IASG, PHEAA or other state grant, private grants and scholarships, institutional scholarships and grants, federal student loans, federal and institutional work study, and private student loans. Scholarships, grants and work study will be awarded before loans. While education is an outstanding investment, students are encouraged to borrow only what is necessary, avoiding debt as much as possible.
DEC creates a Financial Plan and Award Notification for each student including charges and financial aid. Revised Award Notifications are sent as necessary.
Questions about a student’s financial aid and Award Notification or the school’s awarding policies should be addressed to the Financial Aid Office; not the Admissions, Business Offices, nor the U.S. Department of Education.
PAYMENT PERIOD DEFINITION
A payment period is the semester for most students attending DEC. The payment period is typically the period used by the school to assess charges, disburse financial aid and evaluate academic progress.
DISBURSING FEDERAL STUDENT AID
The total amount of Federal Student Aid funds cannot be disbursed at one time. Federal student aid must be disbursed (paid) by payment period. In general, a student will receive one half of the Federal Pell Grant, FSEOG, IASG, and loan awards each payment period.
Funds are requested from the U.S. Department of Education by the school when it determines the student is eligible. Funds are received via Electronic Funds Transfer (EFT) and posted to the student’s tuition account ledger. The school will notify a borrower each time a disbursement of loan funds is made. The borrower may cancel the loan disbursement as outlined in the letter.
Funds received in excess of institutional charges are released to the student or parent borrower, as applicable, within 14 days, unless the student or parent (PLUS Loan) authorizes the school to hold funds on account for future charges.
FWS wages are paid every two weeks by check.
DEC will disburse Federal Student Aid funds in compliance with U.S. Department of Education regulations, regardless of the general disbursement guidelines stated above.
VERIFICATION
The U.S. Department of Education and DEC may select certain FAFSA applications for verification. Verification is the process checking the accuracy of certain data on the FAFSA. DEC will contact the student in writing and by phone when a student is selected for verification, and provide complete information on deadlines, documents needed, and the consequences for failing
Page 35 of 88 Catalog Volume 62 -Version 3 Effective June 5, 2020