Mount Vernon Nazarene University
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.
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.
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.
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:
SAP Appeal Process
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.