The Financial Aid Process

Completing the FAFSA

  • Federal and State Financial Aid is available for most United States citizens and many eligible non-citizens. The Free Application for Federal Student Aid (FAFSA) must be completed to be considered for all types of financial aid (federal, state, and institutional) received while attending Cleary University.
  • Complete the Free Application for Federal Student Aid (FAFSA) online at fafsa.ed.gov.
  • Apply for an FS ID and password at https://fsaid.ed.gov. Both the student and at least one parent (if the student is considered a dependent student) needs a FSA ID and password.
  • Enter 002246 as the school code for Cleary University on the FAFSA form. For students planning to attend a Michigan college or university, a private college or university should be listed as their first college choice, as the State of Michigan considers the first college choice when determining eligibility for a Michigan Tuition Grant (MTG). Be sure to review and submit. Once your file is reviewed and completed, we will respond with a financial aid offer.

Aid Eligibility

How Aid Is Determined

  • The type of awards and the amounts offered are determined by your Expected Family Contribution (EFC) generated when you submit your FAFSA. The EFC is subtracted from the Cost of Attendance Budget to determine need.
  • The Cost of Attendance (COA) is a budget used in determining financial aid eligibility. Included in the COA are estimates of tuition & fees, which are considered direct expenses and also indirect expenses such as books and supplies, and living and transportation estimates. The COA isn’t a bill, but gives you a good estimate of what your educational expenses may be for the year.
  • If your EFC is higher than your COA, you may still be eligible for non-need based financial aid, such as student loans. We encourage everyone to apply for aid to find out what options you may have for financing your education.

Degree Completion Requirement

  • Program credit requirements are met by completion of required or elective course credit, application of transfer credit, and/or application of prior learning, non-traditional credit. The student works with their advisor to ensure successful completion of degree requirements. Financial aid students must be in a degree-seeking program, attending and participating in classes, and making progress toward their degree to maintain financial aid eligibility (See Satisfactory Academic Progress Policy).

Preparatory Coursework

  • A course designated as a pre-requisite may be needed before being accepted into a desired class. Financial aid may be granted for preparatory coursework as long as the work is applicable toward a degree and completed within one year prior to program start.  Remedial coursework in itself without being applicable toward a degree is not financial aid eligible.

Repeated Courses

  • In an attempt to improve a grade previously earned or to enhance or refresh learning, a student may wish to repeat a course. If the retake is for a previously passed course, the student may only receive aid for that class one time. For this purpose, passed means any grade higher than an “F”. Failed courses may be retaken more than once as long as the student continues to meet Satisfactory Academic Progress per Cleary University Policy.

Satisfactory Academic Progress

  • The United States Department of Education requires students receiving financial aid to maintain satisfactory academic progress. The policy is divided into three components:
    1. Pace of progression
    2. Hours attempted and completed
    3. Cumulative grade point average
  • For more information, see the full Satisfactory Academic Progress Policy.

Verification

  • Your file may be selected for the verification process. In this process, information will be requested from you and/or your parent(s) such as tax returns, number of family members in the household, number of college students in the family, and/or other financial documents. This information will be compared to your FAFSA. If your FAFSA is selected for this process, it must be completed prior to any aid being finalized.
  • If there are differences between your application information and your verification documents, corrections may be needed on your FAFSA information, which could result in a revision to your financial aid offers.
  • Tax information may be obtained from the IRS by requesting online from https://www.irs.gov/individuals/get-transcript or calling (800) 908-9946.
  • FAFSA errors may be corrected by the student or by the Financial Aid Office during the verification process. This will result in the generation of a new student aid report and may affect offer in your financial aid package.

Notification of Financial Aid Offers

View and Take Action on FA offers via portal
  • Your financial aid offer may be viewed through financial aid on your student portal. Offers are accepted in the student portal, or signed and returned to the financial aid office.

Revisions and Cancellations of Financial Aid

  • Enrollment Status Changes
    • Your financial aid is based on full-time enrollment. Three-quarter-time or half-time enrollment could affect your eligibility. Students must be enrolled at least half-time to receive most types of financial aid. Less than half-time enrollment may result in cancellation of your financial aid for that semester.
  • Declined One Or More Offer
    •  Your financial aid is an offer and you have the right to accept all, a portion, or decline any or all of your financial aid.
  • Other Resources Have Been Received So Financial Aid Has Been Adjusted
    • When determining your eligibility for financial aid, we must also consider other financial resources available to you. Some of the most common are: employer reimbursement, outside scholarships and grants, and alternative loans. You are responsible to notify the Financial Aid Office if you have additional resources available. Outside resources may have an effect on your financial aid package. If you receive outside resources, a recalculation of your financial aid may be necessary.
  • Enrollment less than half-time may result in activating the six-month grace period followed by the start of your student loan repayment process.

Disbursement

Receiving Aid

  • All students must be “officially” registered and attending classes. Financial Aid files must be complete and files verified before your aid can be processed and posted to your student account. You may check on the student portal at any time to view disbursements and the status of your aid file.

Cancellation of Loans

  • Students have the right to cancel all or a portion of their student loans up to and including the disbursement date. To cancel loan funds, please contact the Financial Aid office in writing with your request.

Withdrawal

  • Complete withdrawal from classes in most cases will result in a recalculation of your Financial Aid eligibility at the time of withdrawal. Complete withdrawals are calculated and funds returned based on the Department of Education of Title IV Funds calculation.

Applying for Summer

Contact the financial aid office to see what aid is available for the Summer semester.

Refunds

Receiving Funds

  • Refunds are scheduled on a quarterly basis. If a student has a credit balance on their account refunds will be made to an electronic account setup with the Business Office.

Refund Status

  • Your refund status may be checked online through the student billing portion of the student portal.