What Financial Aid is Available?
Sources of financial assistance available to students attending
Thomas Aquinas College include Pell Grants, Academic Competitiveness
Grants, California State Scholarships (Cal Grants), local and
national scholarships, Stafford Student Loans, Canada Student
Loans and Veterans Administration benefits. Since the College
receives no federal campus-based funds or contracts, some federal
aid that is normally available to college students elsewhere
is not available to those who attend Thomas Aquinas College.
The College does, however, have its own aid program that is
funded through contributions made by benefactors of the College.
This program includes Service Scholarships (work-study) and
grants.
How does the College determine a student's financial
aid?
Each financial aid request is reviewed carefully in an
effort to arrive at an accurate determination of need
for financial assistance. This process takes into account
the family's income, assets, family size, number of students
in college, and other pertinent information. The College
does its best to address each family's individual circumstances
while maintaining equity and fairness.
After the College determines that a student has financial need,
a financial aid package is assembled in this order: (1) outside
grants and scholarships which the student has received or is
expected to receive (e.g. Pell Grants, Academic Competitiveness
Grants, National Smart Grants, state grants, local and national
scholarships, Veterans Administration benefits), (2) self-help
aid in the form of a student loan, (3) self-help aid in the
form of a Service Scholarship (work-study) awarded by the College,
and (4) a tuition grant from the College. These resources are
discussed more fully below.
Pell Grants
Pell Grants pay up to $5,550 per year and are awarded to undergraduate
students who have not earned a prior bachelor's degree. Eligibility
is based upon the Expected Family Contribution (EFC) as calculated
on the Free Application for Federal Student Aid (FAFSA).
The College normally credits Pell Grant funds toward the cost
of tuition, room and board.
Ordinarily, Pell Grant disbursements take place once each semester.
Fall payments are posted to student accounts in December and
Spring payments are posted in April. If you fail to submit the
information needed to qualify for a Pell Grant by the normal
distribution dates, you may be able to receive a later disbursement
if your FAFSA is processed with no remaining exceptions by the
end of the school year and your Pell Grant is certified by the
Financial Aid Office by that date.
If a first or second year college student is eligible for a
Pell Grant, he may also be eligible for a federal Academic Competitiveness
Grant (ACG) if his program of high school studies meets particular
standards established by Congress. A first year ACG pays $750.
A second year ACG pays $1,300. Similarly, if a third or fourth
year college student is eligible for a Pell Grant, he may be
eligible for a National Smart Grant ($4,000 per year) if he
has at least a 3.0 GPA at of the end of his sophomore year and
continues to maintain at least a 3.0 GPA each semester thereafter.
Cal Grants
Cal Grants pay up to $9,708 toward tuition for up to four years.
The deadline for applying is March 2, 2010. All California residents
are required to apply for this grant. If you fail to apply and
are found to have been eligible, you may be held responsible
for the amount of the lost Cal Grant. See How
to Apply for the Cal Grant for more information regarding
Cal Grants.
Outside Grants and Scholarships
Thomas Aquinas College students receive financial assistance
from many sources, including high school scholarships,
business scholarships, local service club scholarships
and National Merit Scholarships. Social Security benefits
and Veterans Administration benefits are also available
to qualified students. The College encourages you to apply
for all such sources of aid. Students should also look
into their potential eligibility for state grants by contacting
their state postsecondary education agency.
Students are responsible for informing the Financial
Aid Office when they are notified of scholarship awards,
even if they have already received their financial package
from the College. If a financial aid package has already
been prepared, Thomas Aquinas grant funds are reduced
by the additional amount received from outside sources.
If the amount received from outside sources exceeds the
College grant, the Service Scholarship is reduced by the
remaining funds available from outside scholarships. Outside
scholarships exceeding the College grant and Service Scholarship
can be used to reduce the student loan or family payment.
Student Loans
All students requesting institutional aid from the College
are asked to borrow a limited amount to be paid toward
tuition, room and board before requesting assistance from
the College.
Among students from the U.S., the College expects Freshmen
and Sophomores to borrow $3,000 per year, and Juniors and Seniors
to borrow $4,500 per year. Students from outside the U.S. are
asked to borrow an equivalent amount in U.S. dollars, although
it is evenly distributed over the four years. Most students
prefer to borrow from federally guaranteed student loan programs
(U.S. and Canadian) due to the preferential terms. If a student
is not eligible for such a loan, the College still requires
the student to borrow the expected amount from one of the many
banks making student loans that are not federally guaranteed.
A list of such banks can be obtained from the Financial Aid
Office.
When a financial aid letter is sent to a student who is eligible
for a Stafford Student Loan but who has not received
a Stafford Student Loan in a prior year, our letter will
contain information explaining how he can apply for a Stafford
Student Loan on-line. After completing the Stafford
Student Loan application on-line (called a Master Promissory
Note), the student should contact the Financial Aid Office
by e-mail or phone to tell us which lender he has chosen.
Stafford Loan proceeds are normally requested by the
College from the lender shortly before the beginning of
the semester. Normally half of the loan proceeds are disbursed
by the lender each semester. The loan proceeds arrive
in the Business Office by paper check. The student will
be notified and asked to come to the Business Office to
endorse the check within thirty days of when the College
receives it.
Canadian students are responsible for obtaining the appropriate
loan application materials from the Canada Student Loan Program.
Some provinces offer provincial student loans as well. Students
from Canada should complete their loan application as early
as possible in the summer so they can negotiate the first half
of their loan early in the fall semester. Information regarding
the Canada Student Loan program can be obtained by calling the
Canada National Student Loan Service Centre, Private Institutions
Division (NSLSC) at (866) 587-7452 or online at www.canlearn.ca.
Service Scholarships
The first type of assistance provided by the College itself
is in the form of on-campus employment, administered under the
Service Scholarship program. Students who are awarded a full
Service Scholarship are expected to work 13 hours per week for
35 weeks in such areas as food service, buildings maintenance,
grounds maintenance, the library or office clerical work. For
this work, credit in the amount of $3,886 is given against room
and board.
Some Service Scholarship recipients are needed to work
during the Thanksgiving and Easter vacations since many
students remain on campus during these holidays and basic
services must continue to operate. Supervisors have the
final say over who is scheduled to work during these holidays.
A student who has accepted a Service Scholarship agrees
to abide by the work schedule assigned to him by his department
supervisor. Supervisors will see to it that Service Scholarship
duties do not conflict with scheduled class times.
If a student does not perform his Service Scholarship
duties in a satisfactory manner, as determined by his
supervisor, he may be found ineligible for financial assistance
(Service Scholarship and Grant) from the College in subsequent
semesters.
Service Scholarship wages are taxable income. No state or federal
taxes are withheld by the College, so a student may face a corresponding
tax liability at the end of the year if his total taxable income
for the year exceeds the tax threshold for his filing status.
Please plan accordingly.
Grants
To meet remaining need, Thomas Aquinas College Grants
are provided. Students are not expected to repay such
grants, although the College hopes that, as alumni, they
will donate to provide for grants for future students.
During the school year a student may be informed by the
College's Development Office of the name and address of
the donor or donors who have made his grant possible.
By accepting a grant a student agrees to write to donor(s)
who have made his grant possible and to express his appreciation.
Other Ways to Meet Educational Costs
Families that do not qualify for need-based aid, or families
that require assistance in financing their payment, may qualify
for various other loans. These include the federal PLUS Loan
Program and various alternative loan programs available through
many banks.
The Parent Loan for Undergraduate Students (PLUS) is
a government sponsored loan program open to parents of all income
levels. Parents may borrow annually amounts up to the cost of
education minus any other aid that the student receives. Loan
approval is contingent upon credit review by the lender. PLUS
Loans originated after July 1, 2006 have a fixed interest rate
of 8.5%. More information is available from the Financial Aid
Office. A parent may complete a PLUS Loan application on-line
through the website of any participating lender. Parents who
complete a PLUS Loan application on-line should notify the Financial
Aid Office by phone or e-mail that they have done so.
In addition, there are many private loan programs available
to students and parents that offer low cost, flexible ways to
meet educational costs. Credit-worthy borrowers may choose the
best private program to suit their individual needs. The interest
rates on these alternative loans are usually variable, without
a cap. Contact the Financial Aid Office for more information.
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