Financial Aid Information
While the primary responsibility for meeting college costs rests with the student and the family, the College coordinates various available resources to enable students to invest in higher education at Fei Tian. The institutional financial aid program is administered to undergraduate and graduate students competitively on the basis of need and artistic and academic merit.
Types of Financial Aid
- Tuition and Fees Waiver
- Room and Board
- Supply Assistance
- Transportation Expense Assistance
- Full College Scholarship
Other Sources of Financial Aid
Students may consult the Office of Admissions and Records for information on other sources of financial aid.
Financial Aid Application Procedure
A student seeking institutional financial aid should complete a Financial Aid Application and submit it to the Office of Admissions and Records. Except under extraordinary circumstances, only full-time students are eligible to apply for the Tuition and Fees Waiver or Full College Scholarship. Proof of U.S. citizenship, U.S. permanent residence, or international student eligibility to receive financial aid is required. Submitted applications will be processed by the Office of Admissions and Records and forwarded to the appropriate committee for evaluation. Decisions on financial aid and admission are made concurrently. Fei Tian College scholarships are normally awarded for one year, or a portion thereof, with the possibility of annual renewal for the student’s remaining years of study. In order to be eligible for continued scholarships, students must remain in good standing and be making satisfactory academic progress. Students seeking continued need-based financial aid must apply annually for renewal. The Office of Admissions and Records will announce application deadlines and procedures for renewal applications.
Academic Standards for Financial Aid Recipients
Students receiving financial aid are expected to re- main in good standing and make satisfactory academic progress. Failure to make satisfactory academic progress can result in sanctions including, but not limited to, non-renewal of institutional financial aid. Students are put on academic probation when their end-of-semester reviews indicate failure to make satisfactory academic progress. During the probationary period, financial aid may still be available depending on the nature of the situation. Students who do not return to good standing during the probationary period will have their institutional financial aid cancelled. Such students may re-apply for financial aid in the future if they regain good standing, as determined by the College.
Refunds and Repayments
When a student receiving financial aid drops courses or separates from the College, the resulting bill may show a credit and/or outstanding balance of charges in the student’s account. Before a refund can be issued, any resulting credit must first be applied to the financial aid programs that administered the aid. The amount to be credited is determined by the type of aid received, the number of credits the student was taking before and after the drop or separation, the length of time the student was enrolled, and the amount of any adjustment to charges.
Federal Tax Credits for Educational Expenses
The Taxpayer Relief Act of 1997 created two non- refundable education tax credits—the Hope Scholar- ship Credit and the Lifetime Learning Credit. A non- refundable tax credit allows a taxpayer to subtract from the total amount of taxes owed the value of the credit for which he or she is eligible. “Non-refundable” means that the student must owe taxes in order to get the value of the credit. Students should consult the Taxpayer Relief Act of 1997 and the Internal Revenue Service for details on income eligibility and enrollment guidelines.