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FINANCIAL AID

ASOT participates in the Federal Student Aid Program (FAFSA),   for those persons seeking an Associate, Bachelor, Master or Doctorate Degree.  The program is administered by the U.S. Department of Education.  

If you are interested in seeking financial aid to attend Apex School of Theology, go to www.fafsa.ed.gov and complete the online application. There is a section on the application requesting the entry of a six-digit federal school code for your preferred school.  For this entry, please enter 035134 which is the federal school code for Apex School of Theology. 

If you do not have access to the Internet call 1-800-4-FED-AID -- (1-800-433-3243) for assistance in securing a  (FAFSA) by mail or questions concerning your  (FAFSA).  You can also contact the Financial Aid Department for a paper copy of the  (FAFSA).

A Student Aid Report (SAR) will be sent to you upon completion of the FAFSA.  Please review the information received to make sure all the information you supplied was complete and accurate.  

During the process of applying for aid, the Department of Education randomly selects students for a process called verification.  Verification is a process in which students receiving financial aid are requested to provide additional proof of their identification and certify that the information on their financial aid materials is correct. This is a federally mandated quality control process.  Students selected will receive a letter from the Financial Aid Department outlining additional requirements needed.  It is most important that the requested requirements are submitted back to the Financial Aid Department in a timely manner.  If your file is selected for verification, the school is required to compare these data elements with the information on your tax returns to "verify" their accuracy. Your SAR will tell you if you have been selected for verification.

Financial aid awards will not be made unless all required documents are received.

Once your financial aid file is complete, you will be awarded financial aid based on your eligibility established by completing the FAFSA. The receipt of financial aid is not automatic. Students must apply each year for financial aid, supply all information as required by the federal government and the institution before eligibility is determined. One cannot assume, even if it has been received it in the past, that eligibility will automatically continue or that it will be the same amount each year. 

An award letter notification will be mail to the school’s Financial Aid Office.  The address the financial office aid will use to forward your financial aid award notification letter and other correspondence will be the one you furnished to the federal government on your FAFSA when you applied for federal financial assistance.

At Apex School of Theology, more than 90% of our students are offered a loan in their aid package.  If you accept this loan you will need to complete loan counseling and a promissory note for the lender you have selected. Our primary lender is Sallie Mae.  Other lenders are Fifth Third Bank, Regions Bank and Student Funding Group. For more information on lenders you can search the internet or seek independent lending advice.  

To apply for a student loan, go to www.opennet.salliemae.com and register as a new student.

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HOW TO APPLY

Complete and submit the Free Application for Federal Student Aid (FAFSA) as soon as possible.  

If you are not sure which school term to select from the FAFSA drop list, please contact the Financial Aid Department to verify current school term.

The student should have the following information before completing the FAFSA:

• Your Social Security Number

• Your driver’s license number (if applicable)

• Your previous year’s W-2 forms and other records of money earned

• Your (and your spouse’s if you are married) current Federal Income Tax Return – IRS Form 1040, 1040A, 1040EZ, foreign tax return, or tax return for Puerto Rico, Gram, American Samoa, the US Virgin Islands, the Marshall Islands, the Federated States of Micronesia or Palau.

• Your parents’ previous Federal Income Tax Return if you are a dependent student

• Your most recent bank statements

• Your most recent business and investment mortgage information, business and farm records, stock, bond and other investment records.

• Your alien registration number or permanent residence card (if you are not a US citizen)

If you need to process a FAFSA, CLICK HERE: FAFSA on the Web
 

Helpful Hints:

• All students applying for financial assistance are encouraged to keep all documents used to complete the FAFSA.  You should also keep a copy of your FAFSA.  Remember, your FAFSA information is only valid for one complete school term.

• If selected for verification, submit requested requirements immediately.  Financial Aid cannot be determined until all requirements are submitted as requested.

• Answer all questions about citizenship carefully.  The FAFSA is automatically sent to the US Department of Education to verify your citizenship. 

• Be sure all information about finances is accurate and up to date to ensure that your financial need will be correctly evaluated for a Pell Grant.

• Make sure that you tax forms are SIGNED AND DATED before submitting to the Financial Aid Office if requested through verification.

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ELIGIBILITY FOR FINANCIAL AID

All of the following criteria must be met to receive need-based financial aid funds.  A student must:

• be a U.S. Citizen or eligible non-citizen

• be admitted and enrolled as a regular student in a degree-seeking program at least half-time (Undergraduate at least 6 hours and Graduate at least 6 hours)

• maintain Satisfactory Academic Progress as defined by Apex School of Theology

• demonstrate financial need in order to be awarded Title IV funds, as well as some state and institutional aid

• register with Selective Services, if you are a male between 18 and 25 years of age

• not have been convicted as an adult of possessing or selling illegal drugs

• not be in default (or delinquent) on any educational loan program with the state or federal government, or have borrowed in excess of the loan limits on federal loan programs

NOTE:  Federal Pell Grants are only applicable to students seeking an Associates or Bachelor’s Degree.  All students are eligible to apply for and receive a student loan as long as there are no loan defaults outstanding in the National Student Loan Data Records for that student.

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FINANCIAL AID 101

How is my eligibility determined?

Financial need is the basis for determining your eligibility for financial aid. Financial need can be defined as the difference between what the college indicates it costs for you to go to school, called the cost of attendance, and what you and your family can be reasonably expected to contribute to help you pay these expenses, called the expected family contribution (EFC). The lower your EFC and the higher your cost of attendance, the greater will be your need for financial aid.

The information you submit on your FAFSA is analyzed according to a formula that has been developed by Congress to determine your EFC. The formula calculates the EFC by taking into account, among other things, your total family income and benefits, tax-filing status, the number of people in your family, the number of family members in college and some of your family's assets. The formula recognizes that only a portion of your and your family's income and assets may be considered available for educationally related expenses.

Important factor used in calculating an EFC is your dependency status. Certain questions on your financial aid application(s) will determine whether you are a dependent student and must report your parents' income and resources along with your own, or an independent student who reports only your own (and your spouse's) income and resources.

Although the College attempts to assist you in meeting your cost of education to the fullest extent possible, the primary responsibility of paying for school rests with you and your family. However, most students who apply for aid discover that there is at least one financial aid program they can benefit from. Therefore, be sure to apply for financial aid each year, even if you think that, because of your economic situation, you might not be eligible. The only way to tell if you are eligible to receive aid is to apply for it.

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SATISFACTORY ACADEMIC PROGRESS POLICY

The Higher Education Act of the U. S. Department of Education requires Apex School of Theology to develop and apply a consistent standard of academic progress.  To qualify for federal and aid, a student must be maintaining satisfactory academic progress in the course of study the student is pursuing.  Apex School of Theology has developed its Satisfactory Academic Progress Policy to comply with the statutory requirements that a student must be making satisfactory academic progress to be eligible for federal aid (Pell Grant, Federal Supplemental Education Opportunity Grant-FSEOG, Federal College Work Study, Stafford Loans-subsidized and unsubsidized, Plus Loan and the Federal Perkins Loan), scholarships and institutional grants.  Students who fail to maintain satisfactory progress may not receive financial aid unless an appeal has been approved.

Apex School of Theology, as required by federal regulations, must define and enforce minimum standards for satisfactory academic progress.

Students receiving financial assistance at Apex School of Theology must enroll in courses leading toward a degree.  Standards by which a student will be evaluated include progress in increments of hours completed (quantitative) and cumulative grade point average earned (qualitative).  This policy is established to encourage students to complete successfully courses for which financial aid is received.  Students who are not successfully completing appropriate courses will not be considered to be making satisfactory academic progress.

Full-time (12-hours) undergraduates pursuing a four-year course of study are allowed up to 180 attempted semester hours in order to receive financial aid.  Once a student attempts 180 semester hours, the eligibility for financial aid will be exhausted.  This includes transfer hours.

 

WITHDRAWALS, INCOMPLETES AND REPEATS

Withdrawals, incompletes, and repeated courses will not be exempt from the calculation of attempted hours.  Students will be required to complete the minimum number of credits as outlined in the above chart.

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TERMINATION OF FINANCIAL AID ELIGIBILITY

A student is regarded as making satisfactory academic progress and thereby eligible for financial aid as long as the student maintains a cumulative grade point average of 1.5 (on a 4.0) scale by the end of the second semester of enrollment; a 1.8 cumulative grade point average by the end of the fourth semester of enrollment; and a 2.0 cumulative grade point average thereafter.  At each interval a student must also complete the requisite number of hours.

PLEASE REFER TO THE FINANCIAL AID RETENTION TABLE ABOVE FOR ALL PERIODS OF ENROLLMENT.

For example, a student with a grade point average less than a 1.4 at the end of the first semester or a 1.4 but less than 12 credit hours will be placed on academic warning.  A student with a cumulative grade point average less than a 1.5 by the end of the second semester or a 1.5 but less than 18 credit hours will be placed on academic suspension with the option to appeal for academic and financial aid reinstatement.  A student with less than a 1.6 cumulative grade point average by the end of the third semester or a 1.6 cumulative grade point average but less than 24 credit hours, will be placed on academic warning.  However, a student who has a cumulative grade point average less than a 1.8 by the end of the fourth semester or a 1.8 but less than 30 credit hours will be dismissed from Apex School of Theology.

The Academic Registrar’s Office will list the warning status on the student’s academic transcript, and a letter will be sent from the Office of Financial Aid.  The status of academic warning will not disqualify a student from receiving financial aid.  At the fifth semester and beyond, the student must demonstrate satisfactory academic progress by having earned a 2.00 cumulative grade point average.  In addition, the student must have earned the requisite number of course credit hours that correspond with the semesters of enrollment indicated in the financial aid retention table.  A student with a cumulative grade point average less than a 2.00 by the end of the fifth (5th) semester and thereafter will be placed on Academic Dismissal and Financial Aid Suspension.  A dismissal and financial aid suspension letter will be sent to the student.

An academic dismissal from Apex School of Theology requires a student to leave the school for one semester before continuing a degree program.  It also requires an automatic denial of federal financial assistance.  After one semester, a student may appeal to the Academic Dean of the school to be readmitted to a degree program.  If readmitted to a degree program, a student with a grade point average less than 2.00 or a 2.00 but less than the requisite number of course credit hours will remain ineligible to receive federal financial assistance.  To qualify for federal financial assistance upon being readmitted to a degree program, a student must be able to transfer sufficient course credits to Apex School of Theology or elevate his/her cumulative grade point average to a 2.00 or higher by attending summer school at Apex School of Theology as a cash paying student.

PART-TIME UNDERGRADUATE STUDENTS

Part-time students are expected to progress at proportionally the same rate as full-time undergraduate students and will be limited to a maximum of 180 attempted hours at Apex.  Part-time students are expected to pass all hours attempted each semester and not be suspended in order to maintain eligibility.

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GRADUATE STUDENTS

Graduate students are considered to be making satisfactory academic progress if they are eligible to continue during the regular academic year.  Graduate students must maintain a 2.75 cumulative grade point average by the end of each spring term.  To remain eligible for financial aid, graduate students must complete their degree requirements within one hundred fifty percent (150) of the published length of their academic program.  This means that programs requiring sixty (60) hours for graduation will be eligible for financial aid during the first ninety (90) attempted hours.  Programs requiring ninety (90) hours will be eligible for financial aid during the first one hundred thirty-five (135) attempted hours, and programs requiring sixty-six (66) hours will be eligible for financial aid during the first ninety-nine (99) attempted hours.

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APPEAL PROCEDURES

To appeal the termination of financial aid eligibility, a student must follow the procedures outlined below:

1.  A request must be submitted by the student, in writing, to the Academic Dean within ten (10) working days of receipt of denial/cancellation of financial aid on the basis of unsatisfactory academic progress.

2.  The circumstances, which prevented satisfactory academic progress, must be clearly stated and documented.

3.  The request must include documentation to support the extenuating circumstances.  Examples of acceptable documentation include, but are not limited to: death certificates, statements from physician(s), clergy, or other verifiable information. 

4.  The Financial Aid Appeals Committee will review the appeal and determine if a financial aid appeal approval is justified.  The student will receive a letter indicating approval or denial of the appeal.

5.  Students can utilize the appeal process only twice.

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APPEAL OF ELIGIBILITY TERMINATION

Undergraduate and Graduate Students whose financial aid has been suspended because of failure to meet the standards of satisfactory academic progress may complete an appeal form, which is located in the Financial Aid Office.  The student must request an appeal of that decision to the Financial Aid Appeals Committee within ten (10) days of the suspension/dismissal.  Circumstances which may be considered in this appeal include the following: death in the student’s immediate family, loss of employment, medical emergencies, accidents, personal tragedy, or other documented circumstances beyond the student’s control which prevented him/her from meeting the minimum standards.

Appeals of eligibility termination are not permitted from students who have exceeded the maximum number of attempted hours, including transfer hours.

REINSTATEMENT OF FINANCIAL AID ELIGIBILITY

Financial aid applicants whose financial aid has been suspended may regain eligibility once they meet the minimum requirements or receive a financial aid appeal approval.

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FINANCIAL AID APPEALS COMMITTEE

The Financial Aid Appeals Committee consists of five (5) members who meet once per semester to hear appeals.  Members include the following individuals:

Academic Dean of Students
Undergraduate Dean
Director of Financial Aid
Registrar
Faculty

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FINANCIAL AID ASSISTANCE

Federal Pell Grants

These grants are available to students who are attending college on a full or part-time basis.  They are based on a federal formula that measures the ability of students' families to meet their educational expenses.  An application for a Pell Grant must be submitted for the academic year for which the student is applying.  Students may complete the Free Application for Federal Aid (FAFSA) by applying on-line at www.fafsa.ed.gov.  A processed Student Aid Report (SAR) should be received by e-mail within two to three days.  A paper FAFSA application may be obtained from institutions of postsecondary education, high schools, public libraries, and other easily accessible locations.  A Student Aid Report (SAR) should be received within four to six weeks for those who complete a paper FAFSA.  The school receives an electronic copy as long as Apex School of Theology school code (035134) is listed.

Federal Plus Loan

Plus loans are for parents of dependent students enrolled in college.  This loan provides additional funds for educational expenses.  Borrowers begin repayment of principal and interest at a variable interest rate within 60 days after the final loan disbursement.  Parents of dependent students may borrow up to the student's cost of attendance minus any financial aid received.

Federal Stafford Subsidized Loan

(formerly the Guaranteed Student Loan Program - GSL) - The Federal Stafford Loan is a low-interest loan made to eligible students by lending agencies.  These loans are made for the purpose of helping students meet their educational expenses.  Interest is deferred on the principal of the loan during the student's enrollment period.  Students who demonstrate need may borrow up to certain limits a year.   Repayment begins six months after graduation, withdrawal or after the student ceases to be enrolled on at least a half-time basis.

Federal Stafford Unsubsidized Loan

These are Stafford Loans that are not based on need.  The borrower is responsible for paying the interest during in-school and deferment periods.  However, the borrower may defer the interest while enrolled.  The loan limits vary the same as the Stafford loan for dependent students.  This loan provides additional funds for educational expenses. Dependent students with denied PLUS loans and Independent students may borrow up to certain limits.  Repayment begins six months after graduation, withdrawal or after the student ceases to be enrolled on a half-time basis.

Federal Supplemental Educational Opportunity Grant Program

FSEOG awards are made to students with the greatest need, with priority given to students who receive a Pell Grant.  The grant ranges are depending upon the student's need and the availability of funds.

Federal Work-Study (FWSP)

The Work-Study program provides part-time employment to eligible students who are enrolled.  Students earn at least the minimum wage.  Work-Study gives students an opportunity to earn money to help meet their educational expenses.  Students are employed on campus by a variety of departments and offices.  Students must assume full responsibility for applying funds earned through the program to meet their education expense.  Federal Work-Study is a need based program.  Funds are awarded on a first come, first serve basis according to fund availability.

Presidential Scholarship

Presidential Scholarships are awarded to currently enrolled students based on need.

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FREQUENTLY ASKED QUESTIONS

Q. What is the FAFSA”

A. FAFSA stands for Free Application for Federal Student Aid.  Students use this application to apply for federal student grants, work-study funds and loans to assist them in funding their college education.

Q. What is the website for completing a FAFSA

A. www.fafsa.ed.gov

Q. Is their a cost in filing a FAFSA?

A.  No, this is a free on line application. 

Q. Who is eligible for federal financial aid?

A.  To be eligible for federal aid, you must be a US Citizen or eligible non-citizen, registered with Selective Service (if required), be a degree seeking student enrolled at least part-time and not be in default on a federal student loan.

Q. How do I answer tax questions on the FAFSA if I am not required to file a tax return?

A. If you are not required to file a tax return, chose ‘will not file’ for tax filing status.

Q. How do I answer the tax questions if I have not yet file a tax return?

A. If you haven’t filed your tax return yet, chose “will file’ for tax filing status.  Once the taxes are completed, you must update the tax information on the FAFSA.

Q. What if I don’t have a Social Security number or don’t want to report it?

A. You must enter your Social Security number on the FAFSA.  If this information is not entered, the form will be returned unprocessed and you will not be considered for federal student aid.

Q. What is verification?

A. Verification is when the Department of Education wants to make sure the tax and household information filed on the FAFSA is correct.  The student must send their tax information and household information to the school when requested by the Financial Aid Department.

Q. When can I receive a book voucher?

A. If you have a credit on your account, you may receive a book voucher.

Q. I have completed my FAFSA, however, there are some outstanding issues that need to be address.  Who do I need to contact to get updated information on my processed FAFSA?

A. Using your PIN, you can go back into your FAFSA at www.fafsa.ed.gov and update your information.  I you require additional assistance, you can contact the Federal Student Aid Information Center at 1-800-433-3243.

Q. What is the website for applying for a student loan?

A. www.opennet.salliemae.com

Q. How much does it cost to attend Apex School of Theology?

A. Refer to current school cost.

Q. Are students required to pay the full cost `before’ they register?

A. All students are advised to apply for financial assistance early enough to have awarded amounts deducted from the total cost at the time of registration.  Students are required to pay one-half of the cost not covered by financial aid at the time of registration. The remaining balance must be paid in full before finals.  Interest free payment plans are available. 

Q. What type of payment options are available to students who do not qualify for financial aid?

A. Students who do not qualify for financial aid are offered the following options:

Option 1:  Pay the total semester cost at registration.

Option 2: : Pay one-half of the total semester cost due at the time of registration and sign an interest free promissory note for the remaining balance.

Q. Does Apex accept credit card payments?

A. Yes, Apex accepts MasterCard and Visa.

Q. Whom should a student contact to inquire about a statement or payments?

A. Always feel free to contact the Registrar’s Office.

Q. How much should be set aside for the purchase of books?

A. The estimated cost for books per semester is $350.00 undergraduate/$550.00 graduate.

Q. What are the options for purchasing books?

A. Books must be paid for at the time of purchase. Students who are eligible for financial assistance to cover the cost of books may be issued a book voucher to purchase books through the Apex online bookstore.

Q. What is a book voucher?

A. A book voucher is a type of payment document issued to those students who have enough financial aid awarded to cover the cost of books. Book vouchers are issued for the amount of aid remaining after cost deductions are calculated.  Each students account will only be charged for the amount of monies that are used for the purchase of books and other necessary supplies.

Q. If for some reason a student has to leave school, will there still be a charge?

A. If a student leaves `during’ the withdrawal period and submit an `Official withdrawal form’, a percentage of the original amounts will be charged. Students who fail to submit an official withdrawal form, will be charged the full amount due. Students who leave after the withdrawal period, will be charged the full amount due. Students who withdraw from the School as a result of `Suspension or Dismissal will be charged the full amount due.

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