Financial Aid – Graduate Catalog

General Information

Daemen University offers students many types of financial assistance in the form of scholarships, grants, and loans. In most cases graduate students are only eligible for Federal Loans. Daemen University participates in the federal Title IV programs and complies with the regulatory requirements as mandated by the Higher Education Opportunity Act – 2008 (HEOA). The following is a breakdown of the types of assistance and the means by which a student may apply. It is important to note that students interested in Daemen University should not hesitate because of financial circumstances. DAEMEN UNIVERSITY IS AFFORDABLE.

Students applying for financial aid must submit the following forms that are used to establish eligibility and financial need.

Free Application for Federal Student Aid (FAFSA)

Students are able to apply online at fafsa.gov. After completing the FAFSA online, the students application information is processed by the U.S. Department of Education and sent electronically to Daemen University as a designated recipient. The Daemen University Title IV institution code number is 002808.

Verification of Income

All students who receive federal, state, or institutional aid and have been selected for verification must submit to the Financial Aid Office verification of their family income. Students can use the IRS Data Retrieval Tool in FAFSA on the web to retrieve and transfer IRS income information into the student’s FAFSA or request the IRS Tax transcript at www.IRS.gov. Students who receive a request for additional information should respond promptly as it is the policy of the Financial Aid Office not to disburse aid until the student’s FAFSA has been verified.

When to Apply for Financial Aid

The Free Application For Federal Student Aid (FAFSA) should be submitted as soon as possible after October 1st.

Suggested filing deadlines for:

Fall Semester November 15

Allow at least six weeks for processing the application.

TO BE CONSIDERED FOR FINANCIAL AID, STUDENTS MUST RE-APPLY EACH YEAR AND CONTINUE TO SHOW FINANCIAL NEED AND SATISFACTORY ACADEMIC PROGRESS.

Notification of Financial Aid Awards

After the student has been accepted for admission, and the Free Application for Federal Student Aid (FAFSA) is reviewed, notifications of award packages will be sent to students who qualify. They are asked to accept or decline the award notification.

Federal Student Financial Aid Penalties for Drug Law Violations

Students who are currently enrolled and are completing the FAFSA will be asked: “Have you been convicted for the possession or sale of illegal drugs for an offense that occurred while you were receiving federal student aid?” Students who answer “Yes” will be asked an additional series of questions to determine if the conviction affects their eligibility for federal student aid.

Students convicted of a federal or state offense of selling or possessing illegal drugs that occurred while they were receiving federal student aid should still complete and submit the FAFSA to determine if there is aid for which they are still eligible. Students who leave question 23 blank cannot receive federal financial aid until they respond by making a correction to their FAFSA.

A student who has been convicted of possession or sale of illegal drugs loses Title IV eligibility for a period of time specified in law. The period of ineligibility depends on whether the conviction was for possession or sale of (including conspiring to sell) illegal drugs.

For Convictions Involving Possession, the Periods of Ineligibility are as Follows:

One conviction: one year after the date of conviction.
Two convictions: two years after the date of the second conviction.
Three or more convictions: indefinite from the date of the third conviction

For Convictions Involving Sale, the Periods of Ineligibility are as Follows:

One conviction: two years after the date of conviction.
Two or more convictions: indefinite from the date of the second conviction.

A federal or state drug conviction can disqualify a student for federal aid.

Convictions only count if they were for an offense that occurred during a period of enrollment for which the student was receiving Title IV aid—they do not count if the offense was not during such a period. Also, a conviction that was reversed, set aside, or removed from the student’s record does not count, nor does one received when the student was a juvenile, unless the student was tried as an adult.

Regaining Eligibility

A student regains eligibility the day after the period of ineligibility ends or when the student successfully completes a qualified drug rehabilitation program. Further drug convictions will make the student ineligible again.

A student whose Title IV eligibility has been suspended indefinitely may regain eligibility only by successfully completing a drug rehabilitation program. A student who is under a one- or two-year penalty may regain eligibility before the expiration of the period of ineligibility by successfully completing a drug rehabilitation program. If the student successfully completes an approved drug rehabilitation program, eligibility is regained on the date the student successfully completes the program. It is the student’s responsibility to certify to the school that he/ she has successfully completed the rehabilitation program.

To qualify the student for eligibility, the drug rehabilitation program must include at least two unannounced drug tests, and:

have received or be qualified to receive funds directly or indirectly under a Federal, State, or local government program; or
be administered or recognized by a Federal, State, or local government agency or court; or
have received or be qualified to receive payment directly or indirectly from a Federally- or State-licensed insurance company; or
be administered or recognized by a Federally- or State-licensed hospital, health clinic or medical doctor.

Financial Need Assessment

The vast majority of all financial aid programs from all sources are based on financial need. The amount of aid a student receives is determined by the student’s budget for anticipated expenses minus the expected contribution from the student or his/her family.

Student’s Budget
(determined by Financial Aid Office)
— Expected Family Contribution
(determined by FAFSA data)
_____________________________________
= Financial Need

Student Contributions

The Financial Aid Office uses income and net worth to estimate how much students can afford to pay toward a university education. The financial contribution that is to be made by a student is determined by applying conventional estimating formulas that take into account the student’s financial situation according to his/her FAFSA data.

Standards of Satisfactory Academic Progress for Determining Eligibility for Graduate Federal Student Aid

A student must make satisfactory academic progress at the end of each term to be eligible for federal financial aid. Graduate students must have a cumulative grade point average of 3.0 after three terms of study. Students must also successfully complete at least two-thirds of the credits attempted at Daemen University each semester (known as completion rate). The following designations are considered to be attempted but are not considered to be successfully completed: I, W, UW, UC, F.

Students must also complete their degrees within 150 percent of the published program length as measured in credit hours or they forfeit federal aid eligibility. For example, if the published length of a program is 30 credit hours, the maximum period must not exceed 45 (30 x 1.5) attempted credit hours. There is no waiver of the maximum time frame allowed for any reason.

Right to Appeal

In the event a student is denied financial aid due to failure to maintain satisfactory academic progress, the student has the right to appeal by providing a personal statement together with any relevant documentation supporting the student’s appeal. The Financial Aid Office will provide full information and counseling to students wishing to appeal to request reinstatement of aid.

Description of Financial Aid Programs

Institutional Aid (Financial Aid Awarded by the Daemen College Financial Aid Office)

Federal Programs

Direct Unsubsidized Federal Stafford Loan for Independent Graduate Students

Application Procedures:

All loans signed after October 17, 1986 are based on need after family contribution is established; therefore, students must complete the Free Application for Federal Student Aid (FAFSA) at fafsa.gov and receive a financial aid award letter in order to be eligible for Stafford Loans. To apply for a Stafford loan, students must also complete Direct Loan Entrance Counseling and a Direct Loan Master Promissory Note (MPN) at studentaid.gov. The Financial Aid office will originate the Stafford Loan for the amount indicated on the award notice, unless the student declines or modifies the loan amount.

A Master Promissory Note is completed once by the student and is used to borrow additional loans for subsequent periods of enrollment.

The MPN is good up to ten years from the date of the student’s signature. Each academic year the student will be notified of his/her loan eligibility on the financial aid award notice. The student’s loan will be originated for the amount listed on the award notice, unless the student indicates otherwise by signing and returning the award letter.

Annual Student Loan Acknowledgement (ASLA)

All Loan Borrowers including New & Returning Students and Parents (taking PLUS Loans) are encouraged to Complete the “Annual Student Loan Acknowledgement (ASLA)” every year before the semester begins. Visit studentaid.gov. under “COMPLETE AID PROCESS” to complete this requirement on or after May 1st each year. The Annual Student Loan Acknowledgement will be used to inform borrowers what they owe – or could owe – in federal student loans and will be individually tailored toward first-time and current loan borrowers to help provide details surrounding loan status and forecasts of estimated monthly payments.

Selection of Recipients and Allocation of Awards:

To be eligible for an Unsubsidized Federal Stafford Loan a student must:

be a graduate student;
be a U.S. citizen or permanent resident alien;
be enrolled in or accepted for enrollment in a degree or certificate program;
study at least half-time (5 credits).

Loan Schedule:

A graduate student who is enrolled in at least 5 credits at a participating school is eligible for the following loan amounts:

$20,500 – graduate year maximum eligibility.
$138,500 – aggregate amount for graduate study.

Effective for loans disbursed on or after July 1, 2023 and prior to July 1, 2024, the interest rate is fixed at 7.05%. Loans disbursed on or after October 1, 2023 and before October 1, 2024 will be charged a 1.057% origination fee. This fee will be deducted from the student loan upon disbursement.

Rights and Responsibilities of Recipients:

Repayment of the principal begins six months after the borrower ceases to be at least a half-time student. Repayment in whole or in part may be made at any time without penalty. All borrowers must complete loan exit counseling at studentaid.gov upon graduation or withdrawal from the University. Contact the Financial Aid office about this requirement.

Methods and Frequency of Disbursements:

First-time borrowers must complete loan entrance counseling before loan funds can be disbursed.

Direct Stafford Loan proceeds are credited to a student’s bill after the disbursement has been received by the Office of Student Accounts.

Direct Graduate (Plus) Loan

Application Procedures:

Graduate students are able to apply for Graduate PLUS loans at studentaid.gov. Upon credit approval of the Graduate PLUS loan application, the Daemen Financial Aid Office originates the loan. Borrowers must complete their Master Promissory Note and Loan Entrance Counseling at studentaid.gov.

Annual Student Loan Acknowledgement (ASLA)

Loan Schedule:

Graduate students who do not have adverse credit history may borrow up to the cost of attendance minus any estimated financial assistance the student has been or will be awarded during the period of enrollment. Effective for loans disbursed on or after July 1, 2023 and prior to July 1, 2024 the interest rate for the Direct Graduate PLUS loan is currently fixed at 8.05%. Loans disbursed on or after October 1, 2023 and before October 1, 2024 will be charged a 4.228% origination fee. This fee will be deducted from the Graduate PLUS loan upon disbursement.

Rights and Responsibilities of Recipients:

The maximum repayment period will be 10 years from the date of the promissory note. The minimum repayment period is normally five years, but shorter repayment periods can be arranged. In addition, applicants are required to complete FAFSA and they must have applied for their annual loan maximum eligibility under the Direct Stafford Loan program before applying for a Direct Graduate PLUS loan. This program takes effect for loans certified on or after July 1, 2006.

Teach Grant Program

Through the College Cost Reduction and Access Act of 2007, Congress created the Teacher Education Assistance for College and Higher Education (TEACH) Grant Program that provides grants of up to $4,000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families.

Additional information regarding the TEACH grant can be found at studentaid.gov

Undergraduate study: maximum of $4,000 per year for the first baccalaureate to a maximum of $16,000.

Graduate study: maximum of $4,000 per year for a master’s degree to a maximum of $8,000.

Conditions

In exchange for receiving a TEACH Grant, you must agree to serve as a full-time teacher in a high-need field in a public or private elementary or secondary school that serves low-income students (see below for more information on high-need fields and schools serving low-income students). As a recipient of a TEACH Grant, you must teach for at least four academic years within eight calendar years of completing the program of study for which you received a TEACH Grant. IMPORTANT: If you fail to complete this service obligation, all amounts of TEACH Grants that you received will be converted to a Federal Direct Unsubsidized Stafford Loan. You must then repay this loan to the U.S. Department of Education. You will be charged interest from the date the grant(s) was disbursed. Note: TEACH Grant recipients will be given a 6-month grace period prior to entering repayment if a TEACH Grant is converted to a Direct Unsubsidized Loan.

Student Eligibility Requirements

To receive a TEACH Grant you must meet the following criteria:

Complete the Free Application for Federal Student Aid (FAFSA^SM), although you do not have to demonstrate financial need.
Be a U.S. citizen or eligible non-citizen.
Be enrolled as an undergraduate, post-baccalaureate, or graduate student in a postsecondary educational institution that has chosen to participate in the TEACH Grant Program.
Be enrolled in coursework that is necessary to begin a career in teaching or plan to complete such course work. Such coursework may include subject area courses (e.g., math courses for a student who intends to be a math teacher).
Meet certain academic achievement requirements (generally, scoring above the 75th percentile on a college admissions test or maintaining a cumulative GPA of at least 3.25.
Sign a TEACH Grant Agreement to Serve (ATS) and complete TEACH Grant Initial and Subsequent counseling at www.teach-ats.ed.gov.

High-Need Field

High-need fields are the specific areas identified below:

Bilingual Education and English Language Acquisition
Foreign Language
Mathematics
Reading Specialist
Science
Special Education
Other identified teacher shortage areas as of the time you begin teaching in that field. These are teacher subject shortage areas (not geographic areas) that are listed in the Department of Education’s Annual Teacher Shortage Area Nationwide Listing. To access the listing, please go to https://tsa.ed.gov/#/home/.

As of July 1, 2010, a recipient of an initial TEACH Grant who has received an academic degree, or expertise, in a field that was, at the time the recipient signed the TEACH Grant Agreement to Serve, designated as high-need, but no longer has that designation, can fulfill the service obligation associated with the TEACH Grant by teaching in that high-need field.

Schools Serving Low-Income Students

Schools serving low-income students include any elementary or secondary school that is listed in the Department of Education’s Annual Directory of Designated Low-Income Schools for Teacher Cancellation Benefits. To access the Directory, please go tohttps://www.tcli.ed.gov/CBSWebApp/tcli/TCLIPubSchoolSearch.jsp.

TEACH Grant Agreement to Serve

Each year you receive a TEACH Grant, you must sign a TEACH Grant Agreement to Serve that is available electronically at www.teach-ats.ed.gov. The TEACH Grant Agreement to Serve specifies the conditions under which the grant will be awarded, the teaching service requirements, and includes an acknowledgment by you that you understand that if you do not meet the teaching service requirements you must repay the grant as a Federal Direct Unsubsidized Loan, with interest accrued from the date the grant funds were disbursed. Specifically, the TEACH Grant Agreement to Serve will require the following:

For each TEACH Grant-eligible program for which you received TEACH Grant funds, you must serve as a full-time teacher for a total of at least four academic years within eight calendar years after you completed or withdrew from the academic program for which you received the TEACH Grant.
You must perform the teaching service as a highly-qualified teacher at a low-income school. The term highly-qualified teacher is defined in section 9101(23) of the Elementary and Secondary Education Act of 1965 or in section 602(10) of the Individuals With Disabilities Education Act.
Your teaching service must be in a high-need field.
You must comply with any other requirements that the Department of Education determines to be necessary.
If you do not complete the required teaching service obligation, TEACH Grant funds you received will be converted to a Federal Direct Unsubsidized Stafford Loan that you must repay, with interest charged from the date of each TEACH Grant disbursement.

Study Abroad

Students may be eligible to receive federal student aid for enrollment in Study Abroad Programs approved for credit by Daemen University. You will need to fill out FAFSA before you can receive federal student aid to study abroad. You should contact the Financial Aid Office to determine which types of aid you will be eligible to use for your study abroad program.

Return of Title IV Aid (R2T4) Due to Withdrawal Policy

HOW A WITHDRAW AFFECTS FINANCIAL AID

Federal regulations require Title IV financial aid funds to be awarded under the assumption that a student will attend the institution for the entire period in which federal assistance was awarded. When a student withdraws from all courses for any reason, they may no longer be eligible for the full amount of Title IV funds they were originally scheduled to receive. The return of funds is based upon the premise that students earn their financial aid in proportion to the amount of time in which they are enrolled. A pro-rated schedule is used to determine the amount of federal student aid funds earned at the time of the withdrawal. Once 60% of the semester is completed, a student is considered to have earned all their federal aid and will not be required to return any funds.

Federal law requires schools to calculate how much federal financial aid a student has earned if that student:

Completely withdraws, or
Stops attending before completing the semester, or
Does not complete all modules (courses that are not scheduled for the entire semester or payment period for which he/she has registered at the time those modules began).

Based on this calculation, Daemen University students who receive federal financial aid and do not complete their classes during a semester could be responsible for repaying a portion of the aid they received.

HOW EARNED FINANCIAL AID IS CALCULATED

Students who receive federal financial aid must “earn” the aid they receive by attending and participating in classes. The amount of federal financial assistance the student earns is pro-rated. Students who withdraw or do not complete the semester may be required to return some of the financial aid they were awarded.

Institutions are required to determine the percentage of Title IV aid “earned” by the student and to return the unearned portion to the appropriate aid programs. Regulations require schools to perform calculations within 30 days from the date the school determines a student’s complete withdrawal. The school must return the funds within 45 days of the calculation. For example, if a student completes 30% of the payment period, they earn 30% of the aid they were originally scheduled to receive. This means 70% of the scheduled awards remain “unearned” and must be returned to the federal government. Once 60% of the semester is completed, a student is considered to have earned all of their federal financial aid and will not be required to return any federal funds.

The following formula is used to determine the percentage of unearned aid that must be returned to the federal government:

The percent earned is equal to the number of calendar days completed up to the withdrawal date, divided by the total calendar days in the payment period (less any scheduled breaks that are at least 5 days long).
The payment period is the entire semester. However, for students enrolled in modules (courses that are not scheduled for the entire semester), the payment period only includes those days for the module(s) in which the student is registered.
The percent unearned is equal to 100% minus the percent earned.

For students enrolled in modules: A student is considered withdrawn if the student does not complete all of the days in the payment period that the student was scheduled to complete. Daemen University will track enrollment in each module to determine if a student began enrollment in all scheduled courses. If a student officially drops courses in a later module while still attending a current module, the student is not considered withdrawn based on not attending the later module. However, a recalculation of aid based on a change in enrollment status may still be required.

STEPS IN THE RETURN OF TITLE IV FUNDS POLICY

Daemen University will determine:

The total amount of Title IV aid disbursed for the semester in which the student withdrew. A student’s Title IV aid is counted as aid disbursed in the calculation if it has been applied to the student’s account on or before the date, the student withdrew.
The total amount of Title IV aid disbursed plus the Title IV aid that could have been disbursed for the semester in which the student withdrew.
The percentage of Title IV aid earned as follows: the number of calendar days completed divided by the total number of calendar days in the semester in which the student withdrew. The total number of calendar days in a semester shall exclude any scheduled breaks of more than 5 days. Days Attended ÷ Days in Enrollment Period = Percentage Completed
If the calculated percentage completed exceeds 60%, then the student has “earned” all the Title IV aid for the enrollment period.
Daemen University will calculate the amount of Title IV aid earned as follows: The percentage of Title IV aid earned multiplied by the total amount of Title IV aid disbursed or that could have been disbursed for the term in which the student withdrew.
Amount of Title IV aid to be disbursed or returned

If the aid already disbursed equals the earned aid, no further action is required.
If the aid already disbursed is greater than the earned aid, the difference must be returned to the appropriate Title IV aid program.
- Total Disbursed Aid –Earned Aid = Unearned Aid to be Returned

If the aid already disbursed is less than the earned aid, then Daemen University will calculate a post-withdrawal disbursement. If your post-withdrawal disbursement includes loan funds, your school must get your permission before it can disburse them. You may choose to decline some or all the loan funds so that you do not incur additional debt.

TYPES OF WITHDRAWALS

For financial aid purposes, there are two types of withdrawals: Official and Unofficial.

Official – an official withdrawal from Daemen University is initiated by the student via telephone, email, or in person and the completion of a Withdrawal Form.

Unofficial – an unofficial withdrawal occurs when there is no notification or official withdrawal by the student. The grade of UW (unauthorized withdrawal) is given to students who are consistently not attending class but who have not officially withdrawn.

DETERMINATION OF THE WITHDRAWAL DATE

The withdrawal date used in the return calculation of a student’s federal financial aid is the actual date indicated on the official Daemen University Withdrawal Form. For students who do not officially withdraw, it is assumed that the student attended 50% of the enrollment period, unless otherwise documented by the instructor.

WITHDRAWING PRIOR TO COMPLETING 60% OF A TERM

Unless a student completes 60% of the term in which federal aid was disbursed, the student will be required to return all or part of the federal financial aid disbursed in the term. This applies to students who have officially or unofficially withdrawn.
STUDENTS WHO DO NOT RECEIVE AN EARNED GRADE IN A TERM

Financial aid is awarded under the assumption that the student will attend Daemen University for the entire term for which federal assistance was disbursed. Daemen University is required to have a procedure for determining whether a Title IV recipient who began attendance during a period completed the period or should be treated as a withdrawal. Students who attended class but failed to meet the academic requirements of the course are awarded a grade of F, this is an earned grade. Students who started a course but stopped attending class at some point and were given a grade UW (Unauthorized Withdrawal) are considered an “unofficial” withdrawal. For students who do not officially withdraw, it is assumed that the student attended 50% of the enrollment period, unless otherwise documented by the instructor.

REPAYMENT OF FEDERAL AID PROGRAMS

Federal regulations require that the following aid programs be subject to the repayment calculation if the student did not attend 60% of the term in the following order:

Unsubsidized Direct Stafford Loan
Subsidized Direct Stafford Loan
Direct PLUS (Parent) Loan
Federal Pell Grant
Federal Supplemental Education Opportunity Grant (FSEOG)
TEACH Grant

OVERPAYMENT OF FEDERAL GRANTS FUNDS

Any federal grant money subject to repayment is returned by Daemen University and that amount will be billed to the student’s billing account as a debt to Daemen University.

ADDITIONAL LOAN INFORMATION TO CONSIDER WHEN WITHDRAWING

When a student is enrolled less than half time, the grace period begins. The student’s grace period for loan repayments for Federal Direct Unsubsidized and Subsidized Loans will begin on the day of the withdrawal from the school. If the student is not enrolled, at least half the time for more than 6 months, the loans will go into repayment. The student must contact the U.S. Department of Education or their lender(s) to make payment arrangements. Loans must be repaid by the loan borrower as outlined in the terms of the borrower’s promissory note. The student should contact their loan servicer if they have questions regarding their grace period or repayment status.

REPAYMENT OF UNEARNED FUNDS AND CONSEQUENCES

Unearned funds are paid to the U.S. Department of Education by Daemen University on the student’s behalf. The school will return the funds within 45 days of the calculation. If the student owes any money to Daemen University resulting from the return of unearned federal financial aid, the student will be billed by Daemen University.

SCHOOL AND STUDENT RESPONSIBILITIES REGARDING THE R2T4 POLICY & PROCESS

Daemen University’s responsibilities:

Providing each student with the information given in this policy
Identifying students affected by this policy and completing the R2T4 calculation
Informing the student of the result of the R2T4 calculation and any balance owed to Daemen university because of a required return of funds
Returning any unearned Title IV aid that is due to the Title IV programs and, if applicable, notifying the borrower’s holder of federal loan funds of the student’s withdrawal date
Notifying student of eligibility for a Post-Withdraw Disbursement, if applicable

Student’s responsibilities:

Becoming familiar with the R2T4 policy and how withdrawing from all courses affects eligibility for Title IV aid
Resolving any outstanding balance owed to Daemen University

Veterans Administration (VA) Educational Benefits

Once applied and accepted at Daemen, veterans and other persons eligible to study using GI Bill® educational benefits will receive a personalized financial aid award letter from Daemen’s Financial Aid Office providing estimated program costs, student aid eligibility, and other federal financial aid options. If you have already received notification of your GI Bill® award and have made your decision to attend Daemen, you must present the award letter or Certificate of Eligibility (COE) to the Daemen School Certifying Official. Generally, a brief meeting is required prior to certification.

If you are eligible but have not yet applied to use your benefits, you may do so by visiting www.va.gov and completing a application for the chapter of the GI Bill® in which you have eligibility. It is recommended that this application be submitted online to the Veterans Administration (VA) well in advance of registration in the event of VA backlog or processing issues which may arise.

Once enrolled and certified as a Daemen student, should you have to suspend your study due to service requirements, you may withdraw from courses with no financial liability. Depending upon the duration of service required, other options may be available to students who feel they have significant investment in the semester and who do not wish to withdraw from a semester entirely. In each case, you must notify the School Certifying Official of your impending service requirement, and to discuss financial options available to you. Regardless of the financial option chosen as a result of the service requirement, all service members may return to their academic program upon completion of service requirements.

Consolidation Loan Program

Student borrowers who are in repayment or in their grace period are eligible for loan consolidation. A consolidation loan is designed to help student borrowers consolidate several types of federal student loans with various repayment schedules into one loan. With a consolidation loan, only one payment a month is made. Any consolidation loan made will be counted against a borrower’s limitations for aggregate indebtedness under the Student Loan Program. Additional information regarding loan consolidation can be found at studentaid.gov.

Other Financial Aid Sources

Many other governmental agencies, private foundations, professional associations, and commercial firms offer scholarships, loans, and other forms of financial aid to qualified and deserving students. Daemen University’s Financial Aid Office can help you locate and apply for these additional sources of financial aid.