Mount Vernon Nazarene University

Mount Vernon Nazarene University

Financial Aid

The purpose of financial aid is twofold: Financial aid assists 1) financially limited students who would not otherwise be able to pursue a college education and 2) students who demonstrate exceptional ability in academics, athletics, music, and/or campus leadership. Financial aid is communicated through an award notification that includes scholarships, grants, loans, and/or employment.

The Free Application for Federal Student Aid (FAFSA) is used to determine eligibility for need-based aid. Students are not required to submit a FAFSA; however, the vast majority of our students choose to submit this form. A FAFSA may be completed online at the U. S. Department of Education’s website. All students applying for need-based aid should complete the FAFSA listing MVNU as the intended university. The University’s Federal School Code is 007085. Students are encouraged to submit applications for financial aid as early as possible, preferably by March 15.

Inquiries and requests should be directed to Student Financial Services (SFS). The University adheres to all state and federal regulations in administering student aid programs.

Types of Aid and Restrictions

Two types of aid are available to eligible students: 1) self-help which includes loans and employment, and 2) gift aid which includes grants and scholarships from federal, state, institutional and private resources. All financial aid is prorated over the entire academic year. No more than one-half of any aid award is applied to a student’s account for an individual semester.

Institutional gift aid for any academic year cannot exceed the cost of tuition. Institutional gift aid includes, but is not limited to, merit and need-based aid (academic and non-academic), athletic grants, artistic awards, and endowed scholarships, but does not include federal and state-funded grants, self-help (work-study, campus employment, and loans) and private scholarships.

Students cannot receive more than one ACT or SAT based academic scholarship in any given semester. If eligible for more than one academic scholarship, a student is awarded the scholarship with the highest dollar value.

Unless otherwise specified, all students receiving financial aid are required to enroll as full-time students for each semester (12 or more semester hours).

There are limitations on financial aid for semester-long Off-Campus Study programs. See SFS for details.

Satisfactory Academic Progress (SAP)

To participate in the Title IV Student Aid Program (Federal Perkins Loan, Federal Stafford Student Loans, Federal PLUS Loans, Federal PELL Grants, Federal Supplemental Educational Opportunity Grants, Federal TEACH Grants and Federal Work Study), MVNU must take steps to fulfill federal requirements to implement and make public the standards for satisfactory academic progress that students must meet to be eligible to receive Title IV financial assistance. These standards are for financial aid purposes only and do not replace or override the academic policies of MVNU.

Satisfactory Academic Progress (SAP) is based on three components:

1. Completion Rate

A student must complete 67% of all hours attempted for financial aid eligibility. This is determined by dividing the total hours attempted by the total hours earned. Attempted hours will include grades of F, X, NR, I, IP, U, WP, WF, CR and W. Yet, these grades will NOT count as earned hours.

  • Repeating courses will add to the total number of attempted hours but will only count once as earned hours.
  • If a student chooses to retake a course s/he has already passed at some point in the past, s/he can do this one time and receive financial aid for the course. Three or more attempts to take a course that has previously been passed cannot be funded with financial aid.

2. Timeframe

A student can only receive financial aid for a maximum of 1.5 times the total credit hours required for his/her degree program. For any major that requires 124 credit hours for graduation this equals a maximum of 186 hours that can be attempted. For any majors requiring more than 124 hours, the maximum allowed will be calculated accordingly. Any hours attempted, but not completed will count.

  • Transfer credit hours must be included in the maximum of 186.
  • Repeated courses, failed courses and withdrawals will also count towards the maximum.
  • An appeal must be submitted by any student who has exceeded their maximum timeframe allowed due to transfer hours or change of major. Student Financial Services will review the credits attempted that apply towards the student’s program of study in order to determine future financial aid eligibility. An academic plan signed by the student’s academic advisor will be required.

3. GPA

A student must achieve a cumulative GPA of 2.0 (3.0 for all graduate programs) by the end of the fourth semester/payment period and maintain the 2.0 (3.0 for all graduate programs) for the duration of their eligibility.

  • Repeated courses and failed courses will also count towards the cumulative GPA.

SAP Review

After each semester/payment period, Student Financial Services will review completion rate, timeframe and GPA for each student enrolled in that semester/payment period. Depending on the student’s status relative to these factors, the student’s progress for financial aid purposes will be determined as follows:

  1. Satisfactory Progress – applies to any student who passed the appropriate number of earned hours to attempted hours, has not exceeded the maximum total attempted hours allowed for their program and his/her GPA meets the requirements listed above.
  2. Financial Aid Warning – applies to any student who fails to meet the requirements for completion, timeframe and GPA listed above for the semester. A warning letter will be sent at the end of the semester to the student to indicate why s/he is receiving a warning and what must be done within the next semester to be back in accordance with the SAP rules. If the student fails to meet these requirements, his/her federal, state and institutional financial aid will be suspended for future semesters. The student must bring his/her hours and/or GPA back into good standing or appeal to regain financial aid eligibility. A student cannot have two consecutive semesters on warning.
  3. Financial Aid Probation – applies only to a student who has failed to meet SAP requirements and has had an appeal approved by Student Financial Services. A student may be on probation for one semester only. If a student has not met the SAP requirements above, s/he should work with their Student Financial Advisor to understand what options exist to regain eligibility.
  4. Unsatisfactory Progress – applies to a student who has not met the requirements for completion rate, GPA and attempted hours after his/her warning period and are not on financial aid probation nor have an approved appeal. This student is not eligible for federal, state or institutional financial aid until s/he meets the requirements in each of the three areas listed above.
  5. Academic Plan - This status applies to any student who has submitted an academic plan as part of a SAP appeal and has successfully completed the goals for that semester as outlined by the plan. The student continues to remain eligible for federal and state financial aid, but does not meet the definition of a SAP eligible student.

SAP Appeal Process

  1. A student who wishes to appeal his/her unsatisfactory academic progress determination must submit a SAP Appeal Form to the Student Financial Services office. SAP appeals are reviewed based on the extenuating circumstances such as serious injury or illness involving the student, death of an immediate family member or other circumstances beyond the student’s control that prevented them from achieving satisfactory progress. Each student’s circumstance is reviewed on an individual basis. Students appealing may also be required to submit an academic plan that indicates exactly what the student must take to finish their academic program and details in what time frame this can be accomplished.
  2. The Assistant Director of Financial Aid will review the appeal and determine whether the financial aid termination is justified. The student will be advised in writing and by MVNU e-mail of the decision and may be asked to meet with his/her Student Financial Advisor to plan for future semesters/payment periods.
  3. A student wishing to appeal the decision of the Assistant Director of Financial Aid may do so in writing to the Director of Student Financial Services.

Summary

Students are encouraged to review these standards and to be knowledgeable relative to his/her individual progress and financial assistance. The University recognizes that circumstances and conditions regarding these standards may require the discretionary judgment of the Financial Aid Office. Examples of such conditions include changing majors or career objectives as well as various personal reasons. Any questions regarding SAP or these conditions should contact the Assistant Director of Financial Aid.