Financial Aid 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 their chosen course of study. Gurnick Academy participates in various federal and state student financial assistance programs. The financial aid programs are designed to provide assistance to students 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 (FSA) 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). Academy 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 Academy.
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 Expected Family Contribution (EFC).
Sallie Mae is the only Private Education Lender that offers loans to our students. Sallie Mae’s interest rates vary from LIBOR+7.75 - 11.75%, 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 students with the greatest needs 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 with priority given to Federal Pell Grant recipients. In determining student eligibility, the academy 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 funds are awarded proportionally across campuses and program start dates.
The grant funds are awarded proportionally across the campuses and start dates. The average grant amount is $300.
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 Loan Section
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.
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.
Applications for the FWS program may be made through the Financial Aid 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 funds and the number of students who may receive these funds depend on the availability of funding from the USDOE.
Gurnick Academy is a Cal Grant eligible institution. The California Student Aid Commission offers state- funded grants to students. Students who would like to be considered for this grant must complete a FAFSA by the deadline published annually in the FAFSA and may also need to submit a GPA Verification to the California Student Aid Commission.
General Cal Grant Eligibility Requirements
All Cal Grant applicants must:
- Be California residents
- Be U.S. citizens or eligible non-citizens
- Meet U.S. Selective Service requirements
- Attend an eligible California qualifying postsecondary institution
- Be enrolled at least half-time
- Maintain satisfactory academic progress as defined at school of attendance
- Have family income and assets below the established ceilings
- Not be in default on any student loan
- Not owe any federal or state grant refund
Gurnick Academy is eligible for the following types of Cal grants:
Cal Grant B
Cal Grant B provides a living allowance and tuition and fee assistance for low-income students. Awards for most first-year students are limited to an allowance for books and living expenses. When renewed or awarded beyond the freshman year, the award also helps pay for tuition and fees. For Cal Grant B, your coursework must be for at least one academic year.
There are two types of Cal Grant B awards: Entitlement and Competitive.
Cal Grant B Entitlement Award
Students who meet all the Cal Grant eligibility requirements, and have at least a 2.0 GPA and apply by the deadline the year they graduate from high school or the following year are guaranteed a Cal Grant B. Students awarded an Entitlement Cal Grant B must confirm their high school graduation at www.webgrants4students.org before funds can be disbursed.
The Cal Grant B Entitlement award provides money for books and living expenses for students in their first year of college.
For the second and subsequent years, the award also provides for tuition support at participating independent colleges and universities and career colleges.
Cal Grant C
Cal Grant C awards assist with tuition and training costs for occupational, technical, and vocational programs. Funding is available for up to two years, depending on the length of the program. To qualify, you must enroll in an occupational, technical, or vocational program that is at least four months long at a vocational/career school. Even though a GPA is not required to apply for a Cal Grant C, you are still encouraged to submit yours because it can only help your chances of receiving an award.
Federal Aid Application
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 Aid Department is available to assist students in the completion of the application and to answer any questions. Our school code for all campuses is 041698. Please review the following steps before submitting the form:
- 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 FASFA on the Web Worksheet: It can be a little confusing, but we can help. If you have questions contact your FA Advisor at the campus.
- Step 3 – Enter your Worksheet Information into the FASFA 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.
- 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 FAA, 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. We will make it as simple and easy as possible.
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.
Financial Aid Disbursement Information
The first financial aid disbursement usually occurs within the first 30 (thirty) days of program start date. Each disbursement after the first is contingent upon student’s maintaining Satisfactory Academic Progress (SAP) by meeting both - the hours and weeks - within the payment period. SAP measurements are completed at the scheduled end of each payment period at the point when the student’s scheduled clock hours for the period have elapsed, regardless of whether the student attended them. Pell, FSEOG and Direct Stafford Loans are disbursed once per payment period. Federal Work-Study funds be earned prior to each disbursement.
General Title IV and State Financial Aid Information
All Title IV and state financial aid funds received by the institution will be credited to the student's account excluding Federal Work-Study.
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 July 1st to June 30th of the following year.
Some student applications are selected for a process of Verification. In order to be eligible to receive financial aid, students are required to provide documents supporting the FASFA information. Selected students will be notified of their verification status and what supporting documents are required by the Financial Aid Office. Students must complete verification, as well as database match resolution, prior to disbursement of any financial aid.
In order to maintain eligibility for receiving any financial aid, 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.
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. The portion of Cal grant earned is based on a pro-rate calculation of hours earned compared to hours scheduled in the period.
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 the Student’s withdrawal date
- Calculate % of Title IV aid earned by the Student: Number of clock hours scheduled to be
completed / Number of clock hours in the 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 the 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 the School
Determine return of Title IV funds by the 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;
- Calculate initial amount of unearned Title IV due from the Student: Students will be informed of any amounts of Financial Aid 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 Aid 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 Aid Office or at the USDOE website www.FederalStudentAid.ed.gov.
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.
Return of Non-Title IV Funds
Those students who receive Cal grants and withdraw from school are required to go through a similar calculation as the Return of Title IV calculation to determine the portion of funds that are unearned. The portion of Cal grant earned is based on a pro-rate calculation of hours earned compared to scheduled in the period.
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.
Sallie Mae Scholarship Search Tool
Sallie Mae’s Free Scholarship Search Tool:
- Provides access to an award database that contains more than 3 million scholarships worth over 16 billion dollars, which is expanded and updated daily.
- By registering and completing a profile, users will receive a personalized list of scholarship opportunities that match their unique background. Users can view a printable calendar listing all scholarships by deadline, and filter to sort scholarships by name, deadline, or award amount.
- The easy-to-use database is free, contains no advertisements and does not sell any of the user’s personal information.
Please visit the Sallie Mae website for further information: www.SallieMae.com/Scholarships.
College Navigator — http://nces.ed.gov/collegenavigator/.