Organization : FSM College of Micronesia
Type of Facility : Financial Aid For Students
Country: Federated States of Micronesia
Website : http://www.comfsm.fm/?q=financial-aid
FSM Financial Aid For Students
The Financial Aid Office administers various types of financial assistance to help students pay for their educational expenses. Financial aid is provided by federal, state, and institutional sources and consists of grants, loans, and work-study.
Related : FSM College Net Price Calculator Federated States of Micronesia : www.statusin.org/8526.html
Types of Financial Assitance:
Financial assistance may be in the form of:
GRANTS and SCHOLARSHIPS which do not have to be repaid provided you attend classes, do not drop classes, or withdraw from COM-FSM; and
WORK-STUDY that provides opportunity to work and earn money for educational expenses.
COM-FSM administers one U.S. Federal Student Aid Program (Title IV). To determine if you are eligible, the U.S. Department of Education uses a standard formula, established by the U.S. Congress, to evaluate the information reported on your Free Application for Federal Student Aid (FAFSA) or your Renewal FAFSA.
Upon receipt of your Student Aid Report (SAR) or electronic version of your SAR (ISIR), the Financial Aid Office prepares an award letter that will advise you of the types and amount of financial aid you will be awarded as well as information on when the aid will be available to you.
1. Federal Pell Grant:
Federal Pell Grant is a grant to help undergraduates pay for their education. For many students, Pell Grant provides the foundation to which aid from other federal and non-federal sources may be added. Federal Pell Grant does not have to be repaid.
The maximum award for the 2013-2014 Award Year (July 1, 2013 to June 30, 2014) is $5,645. The amount you will receive depends not only on your EFC, but also on the cost of your attendance at COM-FSM; your enrollment status as a full-time, three-fourth-time, half-time, or less than half-time student; and the number of semesters attended during the academic year.
Pell Grant Duration of Eligibility:
The new lifetime limit of Pell Grants is 600%. This means that the duration of a student’s eligibility to receive a Federal Pell Grant from 18 full time semesters (9 years) has been reduced to 12 full time semesters (6 years). This provision applies to all Federal Pell Grant eligible students effective with the 2012-2013 award year. The calculation of the duration of a student’s eligibility will include all years of the student’s receipt of Federal Pell Grant funding.
Note:
This new policy will have a big impact on students who were enrolled in 2009-20010 through 2010-2011 and received 1st and 2nd Pell Grant. It was possible for student to receive up to two scheduled awards in a year. So some students will have a “percent used” of up to 200% for one or more of those years.
2. Supplemental Education Grant (SEG):
The Compact of Free Association Amendments Act of 2003 eliminates eligibility for citizens of the Republic of the Marshall Islands and the Federated State of Micronesia for FSEOG and FWS. Under the same Amended Compact Act of 2003, students who began their enrollment after June 25, 2004 are eligible for assistance from SEG program.
3.SEG Work-Study Program:
The SEG Work-Study Program gives students the opportunity to earn money to help pay for their educational expenses by providing part-time work. College regulations limit students to a maximum of 20 hours per week while classes are in session and 40 hours per week when classes are not in session (Easter break, semester recess, etc.). Students are not eligible to work overtime hours.
Work Study pay rate is at least the current COM-FSM minimum wage, and the total award depends on the level of need of a student and the funding level.
The number of hours students are allowed to work depends on their class schedule, health, and academic progress. Students are paid biweekly.
Work Study funds are made available at the beginning of the school year. If you are awarded Work Study, you should work out a schedule and carefully monitor the number of hours that you work per week and not exceed the amount awarded. Upon depleting your Work Study award, you will be terminated from your Work Study position.
Student Eligibility Requirements for Financial Aid:
Before receiving any federal student aid, you must meet the general eligibility requirements listed in this section, as well as those requirements, which are unique to each program. In order to comply with the general eligibility provisions, you must:
** Have a high school diploma or a General Education Development (GED) certificate, pass an independently administered test approved by the U.S. Department of Education (DOE), or meet other standards your state establishes that are approved by the U.S. DOE. A copy of your diploma or GED certificate must be submitted with your application.
** Be accepted and enrolled as a regular student working toward a degree or certificate in an eligible program.
** Be a U.S. citizen or eligible non-citizen. (FSM, Palau, and Marshall Island citizens are eligible non-citizens.)
** Have a “demonstrated” financial need. Your yearly educational expenses must be greater than the contribution you and your family can make toward these expenses.
** Maintain satisfactory academic progress once in school.
Application Information and Procedure:
Application Information:
To be considered for financial aid at the College of Micronesia-FSM, each applicant must complete and submit the required documents and forms identified below following the instructions given. Your application will not be processed until the Financial Aid Office receives the required documents and forms, and you have been officially accepted into a COM-FSM degree/certificate program.
The Financial Aid Office at COM-FSM should receive all applications for aid and supporting documents not later than June 1st of each year. Applications received after this period will be evaluated only to the extent to which funds are available.
New students should apply for financial aid when applying for admission to college. Financial aid cannot be awarded to applicants who are not officially admitted and enrolled in college. Continuing COM-FSM students must reapply for financial aid each year.