Financial Aid Responsibilites


 

In order to ensure your understanding of our policies and procedures,
we have provided brief overviews of what you need to know.

 
Withdrawal Information
If a student must withdraw from the College before the completion of studies, he/she is first required to consult with the Primary Instructor of his/her cohort, and submit a status change form to the OM office. Please note that the effective date of withdrawal will be according to the date the student notifies the Registrar.
 
Please be aware that withdrawal from the program will affect a student’s eligibility for financial aid, loan deferments and scholarships/grants. Until the SADE office is notified, absences continue to accumulate. Students should read the College refund policy at the beginning of this handbook.
 
Withdrawals: If a student finds it necessary to withdraw from the program, he/she will receive credit for any courses completed. Withdrawal from the program will jeopardize any financial aid for the remainder of the academic year. (These regulations have been
set by the Federal and State Governments.)
 
For financial adjustment in case of withdrawal, please call the Office of Financial Services at (845) 675-4625. Re-admissions: Students who fail to officially withdraw from the program must apply for re-admission to the program. If approved for re-admission, a student may join the next appropriate class and pay the current tuition and fees. OM Student Handbook 41 
 
 
Satisfactory Academic Progress (SAP)
OM Financial Aid SAP Policy:

Financial Aid Probation and Termination for Title IV FSA

The first time a student does not meet the standards of satisfactory progress at the end of the academic term they are automatically placed on financial aid probation for the following academic term.  Federal student aid may still be received during the probation period. At the end of the probation period, the student must again be making satisfactory academic progress or financial aid will be terminated. If the student doesn’t meet the satisfactory progress standards as of the end of the probationary term they lose eligibility for any subsequent terms until the student has reestablished financial aid eligibility. 

Reestablishing Financial Aid Eligibility

Students who have had their financial aid terminated due to lack of satisfactory academic progress may choose to enroll without benefit of financial aid. Students may also choose to attend another institution and transfer in the specified needed number of credits earned toward a undergraduate degree at Nyack that will bring them in line with the quantitative standards of the SAP policy.   Transfer credits will not be used to meet the qualitative or GPA standards of the policy.   If the standards are met, financial aid eligibility is restored for subsequent terms of enrollment. Students should consult with a financial aid counselor in the Office of Student Financial Services if they have any questions about this policy, the appeal process, or reinstatement of financial aid eligibility.

Appeal Process

Any student who is denied Federal financial aid at the end of the financial aid probationary period or does not meet the SAP standard and who can prove special circumstances i.e. serious injury or illness, or death in the family, is allowed to appeal their case. An appeal letter may be submitted with supporting documentation, if required, to the Provost Office to request a waiver of the SAP standards for a semester.  The Provost, Registrar, and Assistant Treasurer will make the final determination if Federal Aid will be restored for one semester or if the appeal will be denied.   If the appeal is approved the SAP standards are suspended for that student.

Notification

The following schedules represent minimum academic standards that must be met by fulltime students (12 or more credits) in order to be eligible for Title IV Federal Student Aid or State TAP Grants.  Students are notified in writing if they have failed to meet the standards along with implications and actions required to maintain or reestablish financial aid eligibility. 

Pell and Federal Loans—OM Program

After ‘X’ term(s)

Transfer

1

2

3

4

Credits Earned

60-80 credits

9

9

9

9

   Cumulative GPA

n/a

2.0

2.0

2.0

2.0

TAP Grants—OM Program                                                                                                        

Before being certified for this payment*

 

1

 

2

 

3

 

4

 

5

 

 

6

 

7

 

8

 

9

 

10

A student must have accrued at least this many credits

 

0

 

6

 

15

 

30

 

45

 

60

 

75

 

 

90

 

105

 

120

With at least this grade point average

 

0

 

1.5

 

1.8

 

2.0

 

2.0

 

 

2.0

 

2.0

 

 

2.0

 

2.0

 

 

2.0

*Including semesters transferred from another institution.

 

OM Refund Policy:

The Organizational Management (OM) refund policy is established to determine the amount of tuition each student is refunded when a withdrawal from Nyack College is required.   It is important to officially withdrawal (see Withdrawals and Re-Admissions page 46 of the OM Student Handbook) to ensure tuition, fees, and financial aid adjustments are complete in a timely manner. Failure to complete and submit an official withdrawal form before attendance stops will increase the total amount due on the student’s final bill. Below is the refund polices for the OM Program.

  • Students register for a full term of modular courses at the beginning of the term.
  • 100% of tuition and fees are refundable for a term if a withdrawal request is received within 7 calendar days of the term start and the student attended only one class in the term (add/drop period).
  • 100% of tuition is refundable for all courses not attended in a term.
  • Tuition is non refundable if any one class session is attended of a course following the first course of the term.

Students failing to complete and submit a change in registration form to the Registrars Office before attendance stops are billed a $200 late withdrawal notification fee. 

Students failing to complete and submit a change in registration form to the Registrars Office before attendance stops are billed a $200 late withdrawal notification fee. 

Return of Federal Title IV Fund:

Federal regulations dictate the repayment policy for students receiving Title IV funding.  The Office of Student Financial Services will calculate the amount of financial aid earned by a student by confirming the total credits enrolled in the term. Nyack College and/or the student must return the unearned aid by repaying the funds from the following sources, up to the total nest amount disbursed.  Repayment of Title IV funds be in the following order: 

  1. Direct (Subsidized and Unsubsidized Loans)
  2. Pell Grant
  3. FSEOG (Federal Supplemental Educational Opportunity Grant)

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