Financial Assistance Information
It is the goal of Gurnick Academy of Medical Arts to assist every student in procuring financial aid that enables the student to attend college. Gurnick participates in various federal and state student financial assistance programs. The financial aid programs are designed to provide assistance to students who are currently enrolled or accepted for enrollment, but whose financial resources are inadequate to meet the full cost of their education.
The majority of financial aid available to students is provided by the federal government and is called Federal Student Financial Aid (SFA) and is administered by the U.S. Department of Education (USDOE). This includes the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), Federal Stafford Loans, Federal Parental Loans to Undergraduate Students (PLUS), and Federal Work‑Study (FWS). The college also utilizes alternate source funding provided by the institution or private agencies. Alternate source loans enable the student to contribute to his/her education while in college.
The primary responsibility for meeting the costs of education rests with the individual student and their families. All financial aid is awarded on the basis of need, regardless of sex, age, race, color, religion, creed or national origin. Need is defined as the difference between the Cost of Attendance (COA) for one academic year and the amount a student's family can be reasonably expected to contribute to this cost of education for the same period calculated as the Effective Family Contribution (EFC).
Sallie Mae is the only Private Education Lender that offers loans to our students. Sallie Mae’s interest rates vary from 2.25% to 9.88%, based on the credit-worthiness of the applicant. Students are encouraged to inquire with their banks. If students are aware of any other lenders, they are encouraged to inform us.
Each branch has a Financial Aid Advisor who is able to assist students with the application process and general eligibility questions.
Cost of Attendance
The following information provides average costs of attendance for the educational programs offered by Gurnick Academy for the 2012-2013 academic year. Cost of Attendance is determined by combining the direct and indirect costs such as tuition, fees, books and supplies, room and board, transportation, etc. The average costs are used by the Financial Aid Office to calculate student eligibility for financial aid awards. Individual student costs will vary. For more information on how these costs were derived, please contact the Director of Financial Aid.
We encourage students to meet with a Financial Aid Advisor to develop an estimate of aid amounts and out-of-pocket costs based on their individual circumstances.
Total cost: $52,447.50
Total cost: $74,140.50
Total cost: $53,786.50
Total cost: $88,970.00
Total cost: $40,087.50
Federal Pell Grant
This grant is designed to assist needy students who desire to continue their education beyond high school. Federal Pell Grants are only awarded to undergraduate students who have not earned a bachelor's or professional degree. Each student is entitled to apply for a Federal Pell Grant. Eligibility is determined by the student's need, the cost of attendance, and the amount of money appropriated by Congress to fund the program. The amount of the grant is determined by a standard formula used by the USDOE. The amount of the grant available to the student will depend on the (EFC) and the COA.
Federal Supplemental Educational Opportunity Grant (FSEOG)
This grant is available to students with exceptional financial need, students with the lowest EFC, and gives priority to Federal Pell Grant recipients. In determining student eligibility, the college will base the selection on procedures designed to make FSEOG awards to those students with the lowest EFC who will also receive Federal Pell Grant in that award year. The amount of the grant and the number of students who may receive this grant depend on the availability of funds from the USDOE.
The grant funds are awarded proportionally across the campuses and start dates. The average grant amount is $300.
Federal Stafford Loans
Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness benefits, which other student loans are not required to provide; and federal direct loans are available to students regardless of income.
Federal student loans need to be repaid. There are two types of Stafford Loans: Subsidized and Unsubsidized. You must have financial need to receive a Subsidized Stafford Loan. The USDOE will subsidize the interest that accrues during certain periods. Financial need is not a requirement for an Unsubsidized Stafford Loan. You are responsible for paying the interest that accrues on Unsubsidized Stafford Loans.
Stafford Loans are made from the William D. Ford Direct Loan Program, commonly known as Direct Loans. In the Direct Loan program the loan funds are made available by the USDOE and repaid to them. You may receive both Direct and FFEL Loans, but you can’t receive the same type of loan for the same period of enrollment.
Student borrowers need to be aware that their information will be reported to NSLDS.
PLUS Loans are loans parents can obtain to help pay for the cost of education for their dependent undergraduate children.
PLUS Loans are made from the William D. Ford Direct Loan Program, commonly known as Direct Loans. In the Direct Loan program the loan funds are made available by the USDOE and repaid to them.
Federal Work Study Program (FWS)
The Federal Work‑Study program provides part-time employment to students who need the earnings to defray the cost of their education. Students may work on or off campus for a qualified public, private or community service organization.
Application for the FWS program may be made through the Financial Assistance Office and eligibility is based on financial need and the availability of funds. The college will attempt to place students in jobs related to their program of study, and work schedules will be arranged according to class schedules.
The amount of the grant and the number of students who may receive this grant depend on the availability of funds from the USDOE.
Gurnick Academy is a Cal Grant eligible institution. Students who would like to be considered for this grant must complete a FAFSA by the deadline and may also need to submit a GPA Verification to the California State Aid Commission.
The college is approved for Veterans training. Applications for Veterans benefits may be obtained by contacting the Veterans Administration. Approval of training benefits to be awarded is the responsibility of the Veterans Administration.
To apply for financial aid, a student must complete the Free Application for Federal Student Aid (FAFSA). The application must be completed with extreme care and accuracy. Our Financial Assistance Department is available to assist students in the completion of this form and to answer any questions.
Step 1 – Apply for a Federal Student Aid PIN
Go to the website www.pin.ed.gov and sign up for a Personal Identification Number (PIN).
Step 2 – Complete the FAFSA on the Web Worksheet
It can be a little confusing, but we can help. If you have questions contact your FA Administrator at the campus. Their business card is also included in the folder. If you are really confused, schedule an appointment to come in and let us assist you.
Step 3 – Enter your Worksheet Information into the FAFSA on the Web
Log into the website at www.FAFSA.ed.gov and input the application information. Use your Federal Student PIN to electronically sign the form.
Make sure you use Gurnick school code to enable us to get your information faster! That number is 041698.
Step 4 – Contact your Financial Aid Office
Usually within three days of submitting your application on the web site, the campus will receive an electronic processed copy of your application information. It will have all the necessary information to start calculating what you are eligible for, so set up an appointment to come in and see what is available.
Step 5 – Follow through!
At your individual meeting with your FAO, you may have to do some additional work based upon your funding package. Follow the instructions and it will all go smoothly.
At any time you feel the need to ask a question, give us a call.
The FAFSA is used to determine eligibility for many types of financial aid programs including State Aid. Once processed, the application will produce the EFC which determines eligibility for Federal Aid.
All Title IV, and state financial aid funds received by the institution will be credited to the student's account (excluding Federal Work‑Study) with the exception of requirements set forth in Section 682.604 of current federal regulations.
Financial aid from federal programs is not guaranteed from one year to the next. Each student must reapply every year. The Award Year for most financial aid programs runs from 1 July to 30 June of the following year.
Some student applications are selected for a process of Verification. In order to be eligible to receive financial assistance, students are required to provide documents supporting the FAFSA information. Selected students will be notified of their verification status and what supporting documents are required by the Financial Assistance Office.
In order to maintain eligibility for receiving any financial assistance, the student must be in a good academic status with Gurnick and must be making Satisfactory Progress towards the completion of their program of study.
Student Loan Code of Conduct
- Prohibition of financial arrangements.
Neither the school nor its employees will accept anything of more than nominal value from any lending institution, guaranty agency, or loan servicer. This specifically includes revenue sharing arrangements and payments or gifts for preferred lender/guarantor/servicer status, and the provision of printing and mailing at below-market prices. It also includes gifts or donations to students or the school and other grants, scholarships or prizes.
- Prohibition of gifts and trips.
School employees may not accept gifts of more than nominal value from any lending institution, guaranty agency, or loan servicer. This includes payments and reimbursement for lodging, meals and travel to conferences, meetings or training seminars.
- Advisory board rules/compensation.
School employees are prohibited from receiving anything of value for serving on an advisory board , commission or group of any lending institution, guaranty agency, or loan servicer. Employees are also prohibited from any type of consulting arrangement or contract to provide services to or on behalf of a lender, guaranty agency, or loan servicer relating to education loans (except for reimbursement for reasonable expenses).
- Preferred lender guidelines.
The school’s preferred lender list must be based solely on the best interests of the students or parents who may use the list without regard to financial interests of the institution. The school will not assign a lender, guaranty agency, or loan servicer to first-time borrowers.
- Preferred lender disclosure.
On all preferred lender lists the school will clearly and fully disclose the criteria and process used to select preferred lenders, guaranty agencies, or loan servicers and inform students and parents that they have the right and ability to select the lender of their choice regardless of the preferred lender list. The school will not delay or deny a loan based on a student’s choice of lender, guaranty agency, or loan servicer nor steer borrowers to particular lenders, guaranty agencies, or loan servicers.
- Loan resale disclosure and opportunity loan prohibition.
No lending institution, guaranty agency, or loan servicer may appear on a preferred lender list if the lender has an agreement to sell the loans to another lending institution, guaranty agency, or loan servicer without disclosing this fact. In addition, no lending institution may bargain to be a preferred lender, guaranty agency, or loan servicer with respect to a certain type of loan by providing benefits to the institution as to another type of loan (opportunity loans, except that the institution may offer loans to international students, at fair market rates, who would be otherwise unable to secure a domestic loan).
- Call center and staffing prohibition.
The school must ensure that employees of lending institutions, guaranty agencies, or loan servicers never identify themselves to students as employees of the institution No employee of a lending institution, guaranty agency, or loan servicer may ever work in or provide staffing to the school’s financial aid office.
Return Of Title IV Funds
The U.S. Department of Education maintains a “Return to Title IV Funds” (R2TIV) policy for students who receive federal financial aid and withdraw from school before completing sixty percent (60%) of the payment period or period of enrollment. This policy is separate from the institutional tuition refund policy described in this catalog. The federal policy defines the proportion of Title IV funds that the student is qualified to receive that can be applied to pay institutional charges. A brief description of the calculation follows. For further information, or a more detailed version of the calculation, please see the Financial Aid Office.
- Determine students’ withdrawal date.
- Calculate % of Title IV aid earned by student.
Number of clock hours student scheduled to complete / Number of clock hours in payment period = Percentage of Title IV Funds earned*
This ratio is multiplied by the Title IV aid disbursed plus the Title IV aid that could have been disbursed to equal the Title IV aid earned. Total disbursed minus total earned equals the federal funds that must be returned to the funding program.
The federal policy for “Return of Title IV Funds” defines that a student who has attended up through the 60% point in each payment period or period of enrollment has fully earned the Title IV funds for the payment period/period of enrollment.
- Calculate amount of Title IV aid earned by student.
This ratio is multiplied by the total Title IV aid disbursed (including aid that could have been disbursed) to equal the amount of the Title IV aid earned.
- Determine if post withdrawal disbursement is due or it Title IV aid must be returned.
- Calculate amount of unearned Title IV aid due from school.
- Determine return of Title IV funds by school.
Any funds that are required to be returned by the school will be returned within 45 days of the date of determination that a student has withdrawn.
Funds will be returned in the following order:
- Unsubsidized Stafford Loans
- Subsidized Stafford Loans
- PLUS Loans
- Pell Grants
- Calculate initial amount of unearned Title IV due from student.
Students will be informed of any amounts of Financial Assistance that they need to return. On an individual basis, the student will receive instructions on returning the funds with a copy of the calculation. Students not making their portion of the return of unearned funds may be ineligible for Federal Student Assistance funds in the future.
- Determine return of funds by the student.
- Allocation of Returned funds by Program.
The “Payment Period” is the period of time for which a Title IV distribution has been authorized.
Students will be notified of any refunds due to a lender on their behalf through the mailed exit interview material. This material will include a copy of both the R2TIV calculation and the schools refund calculation.
Refunds to any of the Title IV programs will be paid within 45 days from the date of determination.
Further information is available at the Gurnick Academy of Financial Assistance Office or at the USDOE website www.FederalStudentAid.ed.gov.
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College Navigator — http://nces.ed.gov/collegenavigator/.