Consumer Information
Financial Assistance Information
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AVAILABLE FINANCIAL ASSISTANCE - Vernon College (VC) participates in several Federal, State, private and institutional student financial assistance programs. These programs include both need-based and non-need-based programs. For determination of need-based Federal or State Financial Aid eligibility, the Free Application for Federal Student Aid (FAFSA) must be completed annually. A formula is applied to the information provided by the student on the FAFSA. Congress established this formula, which determines the student's financial need. The formula result is called the Expected Family Contribution (EFC) and is produced on the Student Aid Report (SAR). Once the financial aid office receives the SAR, the financial aid office will then request from and/or provide the student with any additional required forms. The EFC indicates how much money the student's family is expected to contribute toward the student's cost of attendance. In order to qualify for need-based financial assistance the student must have financial need. Financial need is defined as the difference between the student's cost of attendance (determined by the Director of Financial Aid and the basic components consist of an average cost for tuition and fees, room and board, books and supplies, transportation, personal and miscellaneous expenses) and the student's EFC, Pell Grant eligibility and aid from other sources. Student's who do not have financial need do not qualify for need-based financial assistance.

The financial aid programs available at VC are administered according to the laws and guidelines of each program. Essentially, eligibility requirements are the same for all Federal and State financial aid programs. Recipients of financial assistance must:

  1. Be a U.S. citizen or an eligible noncitizen and have a valid social security number;
  2. Be registered with Selective Service if a male who is at least 18 years old and born after December 31, 1959, unless you are not required to register;
  3. Have a high school diploma or GED certificate;
  4. Show documented financial need;
  5. Be enrolled or plan to enroll at least part-time as a regular student in an eligible program. The Pell Grant program will permit eligible students to enroll less than half time and still qualify for assistance;
  6. Be working toward a degree or certificate;
  7. Maintain satisfactory academic progress in a course of study;
  8. Not be in default on any loan or owe a refund on any grant made under Title IV of the Higher Education Act of 1965, as amended, at any institution; and
  9. Not have a conviction for violating any federal or state drug possession or sale law while receiving financial aid.

The U.S. Department of Education frequently changes regulations pertaining to financial aid. Since VC attempts to comply with all legislative mandates and federal regulations, the financial aid office reserves the right to make policy and procedure changes during the award year. If changes occur, they will be posted in the Financial Aid Office.

VC participates in the following Federal and State financial assistance programs:

PELL GRANT - The Federal Pell Grant is a need-based grant and is designed to provide eligible students with a foundation of aid to help defray the cost of education. It is always the first program considered for each applicant. If the student's EFC is below a certain amount, they will qualify for a Pell Grant, assuming they meet all other eligibility requirements. A student's Pell Grant is determined by their EFC, cost of attendance and enrollment status.

FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (FSEOG) - The FSEOG is awarded to first time undergraduate students with the lowest estimated family contributions who are also receiving Federal Pell Grants and have financial need. Awards are based on the student's enrollment and on a first-come, first-served basis.

LEVERAGING EDUCATIONAL ASSISTANCE PARTNERSHIP (LEAP) - The LEAP is a need-based program awarded first-come, first-served to full-time students with financial need who are residents of Texas.

TEXAS PUBLIC EDUCATIONAL GRANT PROGRAM (TPEG) - The TPEG program is funded from tuition paid by credit students attending VC. The applicant must be enrolled at least half-time during the term or terms for which the grant is awarded and have financial need. This need-based grant is awarded first-come, first-served basis and the amount is based on the student's enrollment.

ACADEMIC COMPETITIVENESS GRANT (ACG)-  The ACG is awarded to Pell Grant recipients who are U.S. Citizens, enrolled full-time in a degree program (certificate seeking students are not eligible), who completed a rigorous secondary school program of study as defined by the U.S. Department of Education in 2005 or later, and have financial need. Second year students must have a 3.0 GPA and successfully complete 24 semester hours at the end of the first academic year (Title IV definition).

TOWARD EXCELLENCE, ACCESS AND SUCCESS GRANT (TEXAS GRANT) - The TEXAS grant is awarded first-come, first served to Texas residents who are enrolled at least three-quarter time and meet the following eligibility requirements: have financial need and an expected family contribution of $4000 or less, graduate from a Texas public high school having completed the recommended or higher level curriculum and have enrolled as an entering undergraduate student (prior to completing 30 semester credit hours) no later than the 16th month after the month of high school graduation, not have been granted a baccalaureate degree, and not have a felony conviction involving a controlled substance. Continuing eligibility requires the student to complete at least 75 percent of the semester credit hours attempted in the student's most recent academic year and have a cumulative GPA of 2.5 or higher and complete at least 24 semester credit hours per year. The maximum TEXAS grant award, as determined by the Texas Higher Education Coordinating Board, is the average statewide amount of in-district tuition and required fees. In order for eligible returning recipients to receive a renewal award, they must complete their financial aid file by November 1. Students who fail to meet this deadline can not be guaranteed renewal awards.

TEXAS EDUCATIONAL OPPORTUNITY GRANT (TEOG) - The TEOG Grant is awarded first-come, first served to Texas residents who are enrolled at least half time and meet the following eligibility requirements: have financial need and an expected family contribution of $2,000 or less, not be convicted of a felony involving a controlled substance, not have an associate degree or baccalaureate degree, must be an entering student enrolled in the first 30 hours of his/her degree or certificate and not be eligible for a TEXAS Grant. The maximum TEOG Grant, as determined by the Texas Higher Education Coordinating Board, is the average statewide amount of in-district tuition and required fees. Initial recipients must meet VC's satisfactory academic progress. Continuing eligibility requires that the student complete at least 75% of the hours attempted in the prior academic year and have a cumulative GPA of 2.5 or higher.

COLLEGE WORK-STUDY EMPLOYMENT PROGRAMS - Both the Federal and State College Work-Study Programs provide jobs on campus for undergraduate students with demonstrated financial need who must or prefer to work while in school in order to meet their educational expenses. Work hours are flexible and generally fit the student's class schedule. Students are paid the prevailing minimum wage twice monthly. Each work-study student is awarded an amount that cannot be exceeded. Once the student's award is earned, employment is terminated. Employment through the College Work-Study Program does not make the student eligible for unemployment compensation when the job is terminated and/or the school term ends. To qualify for work-study employment, students must be enrolled at least half-time. Students should apply for work-study by completing an application for work-study employment in the financial aid office. Job notices are posted in the financial aid office. The student is responsible for scheduling interviews with supervisors of jobs in which they are interested.

FEDERAL STAFFORD LOAN (Subsidized and Unsubsidized - A Federal Stafford Subsidized or Unsubsidized Loan is a fixed interest loan made to students enrolled in an eligible program who are attending school at least half-time. The subsidized loan is a need based program and the government pays the interest during in-school status, grace periods and authorized deferment periods. The unsubsidized loan is not need based and the borrower is responsible for paying the interest during these loan periods, although payments of principal are not due until after the close of the borrower's grace period. A lender such as a bank, credit union or savings and loan association makes loans. These loans are insured by the state guarantee agency and reinsured by the federal government. Loan packets are available at http://www.vernoncollege.edu/forms.html and interested students must turn in a Student Loan Request form to the financial aid office. Student loan recipients must complete a master promissory note and submit it to their lender. Repayment begins six months after a student leaves school or drops below a half-time enrollment. Before the loan enters repayment, the lender will send the student a repayment schedule which outlines the total principal, amount of interest expected to accrue over the life of the loan, monthly payment amount and the date the payment is due. The maximum repayment is ten years. There is a minimum payment of $50.00 per month, but may be higher, depending on the outstanding balance. For example:
Student borrows$3,000the first year
$4,500the second year
$7,500total
This student will pay approximately $85.00 per month for 120 months on a regular ten year repayment plan. Income-sensitive, graduated or extended repayment plans are repayment options offered by lenders. If the student does not receive a repayment schedule, he or she is still responsible for repaying the loan. It is the student's responsibility to provide his or her lender with a current address and phone number. It is important that students stay in contact with his or her lender. Repayment of the principal balance may be postponed through different types of deferments or a forbearance. Students who receive a student loan may obtain deferral of the repayment of the principal and interest of the loan for service under the Peace Corps Act (22 U.S.C. 2501); service under the Domestic Volunteer Service Act of 1973 (42 U.S.C. 4951); or comparable service as a volunteer for a tax-exempt organization of demonstrated effectiveness in the field of community service. Students should contact his or her lender/servicer for deferment and/or forbearance information.

A dependent student can borrow combined subsidized and unsubsidized loans not to exceed the annual loan limits. Effective July 1, 2007, loan limits for freshmen are $3,500 per year, sophomores, $4,500 per year. Independent students may borrow additional unsubsidized loans not to exceed $4,000. For loan purposes, a student's classification will be determined by the number of hours completed towards his or her selected degree or certificate at the time of initial certification. A student's classification will not be reevaluated until the beginning of the next academic year (fall through summer). A student who transfers in the middle of an academic year and has received his or her annual loan limit while at the transfer institution will not be eligible for a loan until the beginning of the next academic year. Students enrolled in only developmental course work are not eligible for loans. If a student fails to repay their student loan, the student will be referred to the Federal Government for collection.

Federal regulations require that students interested in the loan program must complete the Free Application for Federal Student Aid and provide the Financial Aid Office any other requested documentation. In addition, borrowers must complete entrance loan counseling and testing before receiving a loan each academic year. Exit loan counseling and testing are required before the student ceases at-least-half-time enrollment.  Once the student completes counseling, confirmation is sent to the VC Financial Aid Office.

VC does not participate in the Perkins Loan, National Direct Student Loan, Hinson-Hazlewood Loan Program, HEAL Loan Program, HELP Loan Program and the CAL Loan Program.

PARENT PLUS LOAN FOR UNDERGRADUATES -  The Federal Parent Plus loan is a fixed interest loan created by the Federal government to help creditworthy parents pay for their dependent student's education beyond high school. Federal Plus loans are not restricted to a student's financial need. The lender will perform a standard credit check with a national credit bureau before approving the loan. If approved, the parent is responsible for paying the principal amount of the loan and all interest that accrues from the date of disbursement until the loan is paid in full. Repayment begins within 60 days after the loan is fully disbursed. The loan amount may not exceed the dependent student's cost of attendance minus other financial aid awarded for the loan period. If a student's parents cannot obtain a Plus loan, the student is allowed to borrow additional unsubsidized Stafford money. The student must be enrolled at least half-time to receive a Plus loan. To determine a students eligibility for a Plus loan, the student must complete the Free Application for Federal Student Aid. In addition, a complete financial aid file is required before a Plus loan will be certified. Interested students must print a loan packet from http://www.vernoncollege.edu/form.html  and complete a Plus Certification/Authorization form and a Plus Request form.

ALTERNATIVE LOANS - Numerous lenders offer other types of variable rate educational loans for creditworthy students. Alternative loans are provided without consideration of financial need and are usually a last option after more economical sources are exhausted. A complete financial aid file is required before VC will certify an alternative loan application. Alternative loans will follow the same disbursement policies as subsidized and unsubsidized loans. 

INSTITUTIONAL SCHOLARSHIPS - Applications for institutional, endowed and private scholarships are available in the VC Financial Aid Office. Most institutional scholarships are non-need-based. In order to develop a more scholarly student body and in order to place emphasis on achievement, the VC Scholarship Committee awards scholarships to full-time students in the following categories:

SCHOLASTIC/ENDOWED - Awarded to Students to have exhibited outstanding scholastic ability in high school and/or college. First year applicants must have achieved a 3.0 grade point average or its equivalent in high school and/or college. For second year consideration, applicants must have earned a 3.0 grade point average in college.

LEADERSHIP - Awarded to students who have demonstrated outstanding leadership ability in student government at VC.

FINE ARTS - Awarded to students who have shown outstanding ability in the areas of performing arts (drama/music.) Drama recipients must enroll in Rehearsal and Performance. Music recipients must enroll in Vocal Ensemble.

ATHLETIC/TEAM - Awarded on a competitive basis to students who participate in the following programs: men's baseball, rodeo, women's volleyball, women's fast pitch softball, horse judging team and athletic training.

PRIVATE - Awarded to students based on the criteria established by the donor. Recipients are generally selected by the department who received the scholarship.

PASS-THRU - These scholarships are not awarded by VC but rather by community service organizations, churches, schools, corporations, employers, etc. The scholarship will not be posted to the student's account until VC receives the check from the donor.

TUITION EXEMPTIONS - The following tuition exemption programs are administered through the Texas Higher Education Coordinating Board: children of certain disabled public employees, deaf and blind students, children of prisoners of war or persons missing in action, students in foster or other residential care, student on Temporary Assistance for Needy Families during their senior year of high school, early high school graduates, certified educational aids, valedictorian of any accredited high school in Texas. Some tuition exemptions are need-based. Eligible students should contact the Texas Higher Coordinating Board for more information.

HAZLEWOOD ACT - Hazlewood Act is an exemption program for Texas veterans. Veteran students who plan to use the Hazlewood Act must meet the following criteria:


Copies of documentation supporting eligibility must be submitted to the VC Veteran Affairs office. Eligibility must be established prior to the semester census date in order to utilize this exemption. Children of deceased Texas veterans whose death was service-related may be eligible for this exemption. These individuals should contact the Veteran Affairs Office at VC for further information regarding eligibility requirements.

VETERANS BENEFITS - Eligible persons currently on active duty and some honorable discharged veterans may be eligible for Veteran Administration (VA) educational benefits administered under the Montgomery GI Bill.

Certain members of the Selected Reserve (Army Reserve, National Guard, Air National Guard), may be eligible for educational benefits under the Montgomery GI Bill--Selected Reserve Educational Assistance program. A Notice of Basic Eligibility (DD Form 2384) is issued by the reserve unit to eligible reservists. Veterans with as little as ten (10) percent service-connected disability may be eligible for training and educational assistance under the Vocational Rehabilitation Program administered by the VA. Federal laws also provide for VA educational assistance to the eligible children and spouse of deceased veterans who died as a result of service connected causes, and to the eligible children and spouse of one hundred (100) percent disable veterans. Veterans who elected to contribute to the Veterans Educational Assistance Program and who have remaining eligibility may use their VEAP benefits. Information regarding eligibility requirements for all educational programs can be found at www.gibill.va.gov . In all cases, the VA determines an applicants eligibility for educational benefits.

Applications for VA Educational benefits may be obtained at www.gibill.va.gov, directly from the Department of Veterans Affairs or from the Veterans Affairs at Vernon College. Applications should be submitted directly to the Department of Veterans Affairs. Veteran students should review the Vernon College Handbook for Veterans, online at www.vernoncollege.edu under the publications tab or at the Vernon College Veteran Affairs office. Important procedural information is explained as well as regulations which must be followed in order to receive benefits.

ENROLLMENT STATUS - The amount of financial aid a student receives is based on his or her enrollment status and awards will be adjusted accordingly. Enrollment status will be determined according to the following: Full-time - 12 semester hours or more; Three quarter-time - 9-11 semester hours; Half-time - 6-8 semester hours; Less than half-time 1-5 semester hours. There is a 30 semester hour limit for remedial coursework for any individual student. Remedial hours attempted beyond the 30 hour limit will not be included in course load for determining enrollment status. Students enrolled solely in remedial courses are not eligible for financial aid. Repeated courses will be included in determining course load. Courses that do not count toward a student's degree or certificate, with the exception of remedial courses, can not be included to determine his or her enrollment status. If the student enrolls in a compressed semester (Fall I or Fall II, Spring I or Spring II, Summer I or Summer II) or in a minimester that is included as part of a previous semester (December or May mini), the student's final enrollment status for determining grant eligibility that semester is the census date for the semester of the last course taken. If a student drops, withdraws from or adds a class before the census date, the student's enrollment status will be adjusted and the student's grant eligibility recalculated based upon changes in enrollment through that census date. Recalculations will include both increases and decreases in enrollment up to the census date of the student's last class.

DISBURSEMENT OF AWARDS - All grants, loans and scholarships are electronically credited to a student's account. The student may also provide written authorization to charge their books and supplies purchased through the campus bookstore, prior year institutional charges, or any other educationally related cost to their financial aid account. Courses the student enrolls in for the second compressed semester (Fall II, Spring II and Summer II) will be excluded from the student's enrollment status until balance checks for the Fall, Spring and/or Summer semester have been disbursed. Grant and balance checks will be disbursed by the Business Office approximately 30 days after the beginning of the semester. Balance checks for students enrolled in the second compressed semester (Fall II, spring II and Summer II) will be disbursed approximately 30 days after the beginning of that semester. For students who complete their file after the semester is completed, their award will be based upon their final enrollment status and will include only courses completed (includes earned F's, in progress and incompletes), and dropped classes or withdraws will not be included in determining enrollment status. The business office generates checks at least twice monthly. All financial aid checks will be mailed to the student. Any financial aid awards will first be applied to the balance due Vernon College before being issued to the student. Students who fail to establish eligibility, don't begin attendance in each class or don't attend their classes thru count day, will have their financial assistance reduced or canceled.

Students employed through the work-study program are paid twice monthly. Time sheets must be submitted on the appropriate dates each month in order to receive a paycheck. Student's who fail to submit their time sheet by the designated date, will not receive payment until the following pay period.

Loan funds will be credited to the student's tuition, fees, books, and dorm charges no sooner than 10 days prior to the first class day and credit balances, after all institutional charges have been paid, will be mailed to the borrower no later than 14 days after the first class day.

REFUNDING OF AWARDS - According to the provisions of the Higher Education Amendments of 1998, if a student withdraws or stops attending classes on or before the 60% point in time of the period of enrollment, calculated using calendar days, a portion of the total of Title IV funds (Pell Grant, SEOG, Academic Competitiveness Grant, Stafford Loan and LEAP) awarded to a student must be returned. The withdrawal date is the date the student began the withdrawal process, the student's last date of attendance at a documented academically-related activity, or midpoint of the period for a student who leaves without notifying the institution. The calculation of the return of these funds my result in the student owing a balance to VC and/or the Federal Government. Return of Title IV funds are allocated in the following order: Unsubsidized Stafford Loan, Subsidized Stafford Loan, Plus loan,  Pell Grant, Academic Competitiveness Grant, SEOG, and LEAP. Further details and examples can be obtained at the Financial Aid Office

SATISFACTORY ACADEMIC PROGRESS - Students who receive federal, state and/or institutional funds administered by the Vernon College Office of Financial Aid, must demonstrate satisfactory academic progress. The student's academic record at VC is used to measure satisfactory progress and all periods of enrollment at VC must be counted, including any semesters in which the student did not receive financial aid. There are three standards for satisfactory progress: cumulative grade point average (GPA), successful completion of courses, and time frame.

GRADE POINT AVERAGE - Students must maintain a cumulative GPA of at least 2.0. Grades of A, B, C, D, F and WF contribute toward the cumulative GPA. Grades of W, P, I, AU, U and G do not. Students who do not have a VC academic history (first time college enrollment or incoming transfer students) will be assumed to be making satisfactory progress at the time of first enrollment. Remedial course work is not included in the cumulative GPA. The last grade earned for a repeated course is included in the student's GPA. Students may be funded for a repeated course. Transfer grades are not included in the VC GPA calculation.

SUCCESSFUL COMPLETION OF COURSES - Students must successfully complete each semester at least 75% of all hours attempted as of their enrollment at official count day at VC. This includes both developmental and college level course work. Successful completion is measured by grades of A, B, C, D, and P. Grades of F, W, WF, U, I, G and AU are counted toward the total hours attempted but not successfully completed each semester.

TIME FRAME - Federal regulations specify that the maximum time frame for program completion may not exceed 150 percent of the published length of the program. If the student switches degree or certificate programs, VC will not count toward the 150% maximum time frame the credits attempted in the old major. However, any courses that apply to the new program must be counted. For transfer students, VC will count those transfer credits that apply toward the new or current program. Students who exceed the 150% maximum time frame limit will no longer be eligible for financial aid. Developmental classes do not count toward the 150% maximum time frame. Credits that have been repeated will be counted toward the 150% maximum time frame.

FAILURE TO MAINTAIN SATISFACTORY PROGRESS:

FINANCIAL AID PROBATION - Students who fail to meet the cumulative grade point average and/or the successful completion of course standards will be placed on Financial Aid Probation the following semester. Students will be eligible to receive financial aid while on probation. If the two standards are met at the end of the probationary semester, the probation will be removed. If, at the end of the probationary semester, the cumulative GPA is not 2.0 or higher and/or the successful completion of courses for the probationary semester is not 75% or higher, the student will be placed on Financial Aid Suspension.

FINANCIAL AID SUSPENSION - Financial Aid Suspension occurs when the cumulative grade point average is less than 2.0 for two consecutive semesters and/or less than 75% of attempted course work is successfully completed for two consecutive semesters. Financial Aid Suspension also occurs if the student receives all F's for attempted classes in a semester. The Director of Financial Aid also reserves the right, through professional judgement, to place a student on financial aid suspension. Students will not receive financial aid, including student loans, while on financial aid suspension. In order to regain eligibility, students must enroll in VC and successfully complete at least 12 semester hours. In addition, the student must also successfully complete at least 75% of the classes which they attempted since being placed on financial aid suspension and their VC cumulative GPA must be 2.0 or higher. When this is accomplished, the student will be be removed from Financial Aid suspension and therefore eligible for financial aid. Financial Aid Suspension is permanent and the student can not regain eligibility once they have been placed on financial aid suspension for the third time. STUDENTS ARE RESPONSIBLE FOR NOTIFYING THE OFFICE OF FINANCIAL AID WHEN THEY BELIEVE THEY HAVE REGAINED ELIGIBILITY FOR FINANCIAL ASSISTANCE.

MONITORING:

Students progress will be reviewed at the end of each long semester. Notification of a student's probation or suspension status will be posted on his or her Campus Connect account and students should access Campus Connect to verify their status.

APPEAL PROCEDURE:

Students placed on Financial Aid Suspension due to lack of satisfactory progress may appeal the denial of financial aid due to an unusual or extraordinary situation that affected the student's progression toward the successful completion of his or her program. Examples of unusual circumstances include: injury or illness of the student or family member, death of a relative of the student, maximum time limit exceeded, or other special circumstances. The appeal must be submitted in writing to the Director of Financial Aid and should include an explanation of the reason(s) why these minimum academic standards were not achieved. Students who are appealing the maximum time frame limit, must provide a copy of their degree plan that has been signed by their academic advisor. The Director of Financial Aid shall also have the authority to place conditions upon the receipt of any financial aid for those cases where aid is reinstated. The Director of Financial Aid will notify students in writing of the results within 30 business days after receipt. Students whose appeal is denied may submit a second level appeal in writing to the Scholarship Committee. The second level appeal should also be submitted to the Director of Financial Aid who will, in turn, submit it to the Scholarship Committee. The Scholarship Committee's decision will be final and will be reported to the student in writing within 30 business days after receipt of the second appeal.

STUDENT RIGHTS

  1. What financial assistance is available.
  2. What are the deadlines for submitting applications.
  3. What is the cost of attending and refund policies.
  4. What is the criteria used to select financial aid recipients.
  5. How is financial need determined.
  6. What is the criteria used to determine the amount of a student's award.
  7. What is satisfactory academic progress and how does it affect the student.

STUDENT RESPONSIBILITIES

  1. Be informed about the institution before you enroll.
  2. Complete all forms accurately and submit them on time.
  3. Read and understand forms you are asked to sign.
  4. Know and comply with deadlines.
  5. Keep all personal information, such as address, telephone number, name, up to date with the Admission and Financial Aid Offices and student loan lenders.
  6. Accept responsibility for all agreements you sign.
  7. Maintain good standing and satisfactory academic progress.

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