|
You will find
it useful to think about financial aid in terms of awards based
on financial need or based on student achievement or merit. Merit
awards are those scholarships offered to the student without regard
to financial need. At Kalamazoo College many students receive
one of our Kalamazoo Merit Scholarships (Honors, Lux Esto, Trustee,
Presidents, Founders) or possibly a scholarship the student won
through a competition. At the state level, Michigan Promise is
an example of a merit based award. These awards are generally
renewable as long as the student is making reasonable academic
progress, and meeting any specific conditions that were disclosed
at the time the award was offered. Students who receive only
merit based awards and have no interest in federal student loans
will not need to re-apply with a FAFSA each year.
Beginning with the 2007-08 academic year, our Kalamazoo Merit
Scholarships require achievement of a minimum grade point average
by the end of the second year at which time the
student must have a cumulative GPA of 2.5. If the student meets
all the terms of renewal criteria, the merit award will automatically
be renewed for the next academic year. An exception to automatic
renewal occurs if the student chooses to attend a non-Kalamazoo
study abroad program. For each term of study in an unfunded program,
Kalamazoo grant and scholarship aid is forfeited. Non-funded study
abroad programs are clearly identified and affect only 7 out of
over 40 study abroad options. Federal and state aid awards remain
available for non-Kalamazoo study abroad programs.
Financial aid based on "need" as determined by the FAFSA
must be applied for each year. This includes Kalamazoo College
Grant, Michigan Competitive Scholarships/Tuition Grant, Federal
Work/Study, Federal Grants (Pell/SEOG/ACG/SMART), Federal Perkins
Loan and Federal Direct Subsidized Stafford Loans. Although the
Federal Direct Unsubsidized Stafford Loan does not require financial
need, the student must file the FAFSA to have access to this loan
program. For a more complete description of the types of financial
aid offered at Kalamazoo College, please go to our website at
http://www.kzoo.edu/finaid/
and look for the heading of "Types of Financial Aid."
The Office of Financial Aid expects the student and parent to
re-apply for need-based financial aid each year. However, we will
send campus announcements and various other reminders to prompt
students to remember to file the FAFSA for the next academic year.
It is expected that students on campus and those away on study
abroad stay current with campus announcements through college
email and the College website. The upcoming award year FAFSA is
available at www.FAFSA.ed.gov
beginning January 1 each year. The student and one parent (if
the student is dependent) should have a federal PIN # to facilitate
electronic signing of the FAFSA.
Each year, the FAFSA should be completed as close to March 1st
as possible. This ensures an on time applicant for state of Michigan
need-based programs. It also allows time for the staff in the
Office of Financial Aid to process and deliver next year's award
offer before for the end of the current school year. It is far
more important to be on-time in filing the FAFSA then having firm
numbers from a tax return after March 1st. Estimating your tax
year income is an acceptable solution to facilitate meeting the
recommended filing date. There are no other documents required
to begin the process of applying for financial aid for the next
year. This is a change in policy beginning with the 2009-10 academic
year application.
You may recall from your first year experience, that you filled
out a CSS PROFILE form or a K College Supplemental Financial Aid
form. These additional forms are seldom required of students after
the first year. Our staff will review the FAFSA renewal data and
will request additional information or ask the student to complete
a supplemental form if they find significant changes in the information
that would warrant another in depth review. We will contact the
student or parent if this is the case.
Many students and parents ask what we can do when there is a substantial
change in family income that the FAFSA reported income from the
previous year will not reflect. In such situations, the College
may re-evaluate eligibility for financial aid based on expected
year income instead of the prior tax year as the FAFSA requires
you to report. Before we can consider re-evaluation, we need details
such as dates, YTD income, expected income, and documentable evidence
of a change in employment/wages. These details are best addressed
by speaking directly with a staff person in the Office of Financial
Aid. Please contact us at 800.632.5760, 269.337.7192 or at finaid@kzoo.edu
to obtain specific instructions for consideration of special circumstances.
|
Helpful Links
|
