Financial Aid Information
STUDENT FINANCIAL AID POLICIES
Financial aid is monetary assistance provided to students who seek a higher education at Fei Tian College. It is generally expected that the cost of a U.S. college education will be borne by students and/or their families.
However, the College administers financial aid programs on the basis of merit and need. Financial aid is awarded for the academic year, or a portion thereof, during which a student anticipates being enrolled. Should a student discontinue a portion of that enrollment period or change enrollment status, appropriate adjustments will be made to the student’s award in accordance with the return and refund policies.
TYPES OF FINANCIAL AID AVAILABLE AT THE COLLEGE
Tuition and Fees Waiver
Under this type of scholarship, the student does not pay tuition or fees for educational costs, including, but not limited to, costs associated with instruction received, academic and other student services, and institutional supports.
Room and Board
Under this type of scholarship, the student receives free housing and meals on campus.
Under this type of scholarship, the College provides the student with the necessary academic and artistic supplies required for instruction (e.g., textbooks, dance clothing and equipment).
Under this type of scholarship, the student receives assistance to pay for the transportation expenses associated with participating in the program.
Full College Scholarship
This type of scholarship provides a total tuition and fees waiver, room and board, supplies assistance, and transportation assistance. Personal expenses are not covered.
OTHER SOURCES OF FINANCIAL AID
The Office of Admissions and Records also provides information on other sources of financial aid. However, because the College plans to provide a sufficient number of scholarships to all students in need, it is not anticipated that students will require financial assistance from other sources.
FINANCIAL AID APPLICATION PROCEDURE
Scholarships are normally awarded on a yearly basis with the possibility of renewal. Outstanding students may be awarded multiple-year scholarships. Except under extraordinary circumstances, only full-time students are eligible for the Full College Scholarship and Tuition and Fees Waiver.
Decisions on admission and scholarships for new students are made at the same time.
In order to be eligible for a renewal of financial aid, continuing students must be in good standing at the College, which includes making satisfactory academic and artistic progress.
A student seeking financial aid should complete the College’s Financial Aid Application and submit it to the Office of Admissions and Records.
ACADEMIC AND ARTISTIC STANDARDS FOR FINANCIAL AID RECIPIENTS
Students receiving financial aid are expected to remain in good standing at the College and be making satisfactory academic and artistic progress in their programs, as explained in Section 7.2. Failure to make satisfactory academic/artistic progress can result in sanctions including, but not limited to, the revocation of financial aid.
There is an academic/artistic progress review at the end of each semester. A financial aid recipient demonstating unsatisfactory academic/artistic progress may be placed on academic/artistic probation for the next semester. During the probationary period, financial aid will still be available. But if the student fails to demonstrate satisfactory academic/artistic progress the next semester, the financial aid will be revoked.
After the revocation, the student may reapply for financial aid if the student is able to meet the end-of-semester review standards for satisfactory academic/artistic progress in the following semester.
RETURN AND REFUND OF FINANCIAL AID
A student who receives financial aid and subsequently drops a course(s) may have their financial aid award adjusted pro rata to match tuition assessment. However, in the case of a student who receives a scholarship that requires full-time enrollment then drops below full-time status, the scholarship will be canceled for that semester. Any time a student withdraws from a course, future scholarship eligibility could be in jeopardy.
If the student does not enroll in the College or enrolls and then separates from the College, (s)he may be required to return any “unearned” portion of financial aid received. If the student receives federal, state, or private financial aid, (s)he must comply with that institution’s policies on financial aid refunds.
The resulting College bill may show a credit and/or charges in the student’s financial account. Before a refund can be issued, any existing credit must be applied toward the financial aid programs that administered financial aid.
If a student who receives a Fei Tian College scholarship separates from the College, the Tuition and Fees Waiver ends the day after the official date of separation from the College, and Room and Board ends within 48 hours of the official date of separation from the College.
Non-attendance and/or failure to officially separate from the College may result in the cancellation of financial aid and all charges being billed to the student.
FEDERAL TAX CREDITS FOR EDUCATIONAL EXPENSES
The Taxpayer Relief Act of 1997 created two non-refundable education tax credits, entitled the Hope Scholarship 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 the individual is eligible. “Non-refundable” means that the individual must owe taxes in order to get the value of the credit.
Individuals must meet specific income and enrollment guidelines to be eligible. Students should consult the Taxpayer Relief Act of 1997 or the Internal Revenue Service for details.