Financial Aid

All documentation must be received before any
disbursements are made.

Although there are no real deadline dates other than those dictated by the Title IV programs, it is in the student’s best interest to be as early as possible. Priority is given to earliest applicants.

Determination and Distribution
The calculation of financial aid need is the difference between the costs of attending the College, and the financial resources available to the student. The determination of financial assistance is made after reviewing information submitted by the student on a Free Application for Federal Student Aid (FAFSA). Awards are based on financial need and money available to the College.

Cost of Education
The following budgetary items are used to determine the student’s actual costs: tuition and fees, books and supplies, personal expenses, transportation, meals, and housing costs. Any other special expenses should be brought to the attention of the College’s Financial Aid Department. An addition allowance is added to the cost of books and supplies for first-time freshmen for a computer purchase.

Satisfactory Academic Performance
Students who are provided with financial assistance must maintain a 2.0 grade-point average per semester. If the grade-point average falls below 2.0 after one semester, students will be placed on academic probation. This will not have any effect on financial assistance; however, if the grade-point average falls below 2.0 a second consecutive semester, students will lose financial-aid eligibility. Students should consult with the Financial Aid Officer concerning reinstatement procedures.

Student Responsibilities
1. The aid recipient must advise the Financial Aid Office
of any change in name, address, financial circum-
stances, marital status, curriculum, or enrollment.
2. Application forms must be completed fully and
promptly.
3. Any additional information, verification, or corrections
requested by the College must be submitted.
4. Students must accept responsibility for all personally
signed agreements and should keep copies of
the forms.
5. Students who question the accuracy or completeness
of their application should consult with the Financial
Aid Office.

GRANTS
Federal Pell Grant Program
This program is designed for undergraduate students attending the College. The selection formula and the amount of each award are determined by the federal
government. The College makes awards in keeping with adjusted federal allocations each year. Awards range from approximately $400 to $5500.

Federal Supplemental Educational Opportunity Grant Program (FSEOG)
Students having the greatest financial need are concidered under this program. Priority is given to Pell Grant recipients. At least 65% of the FSEOG alllocation is awared to Pell Grant recipients. Awards made are at least $200 depending upon the availability of funds.

Connecticut Independent College Student Grant Program (CICS)
Students who are residents of Connecticut with
financial need in a Degree Program are considered under this program. CICS awards are made to FSEOG recipients to fulfill the College's FSEOG matching fund requirement.

Paier Scholarship Rebate (PSR)
Students who are enrolled in a degree program full-time receive a $3000 ($1500 per semester) Paier Scholarship.

Paier College of Art Tuition Reduction Scholarship
An institutional scholarship ranging from $1000 – $3000 may be awarded to students based on need, merit, or special circumstances.

Academic Competitiveness Grant
Any first or second academic year student enrolled in a degree program who has completed a rigorous secondary school program of study is eligible for an Academic Competitiveness Grant. The Federal Government has established a set of criteria to determine a rigorous secondary school program of study. Recipients must also be Federal Pell Grant eligible. Second year students must be maintaining a 3.0 grade point average. Rigorous secondary school program of study is determined by an analysis of a student’s high school transcript using the guide lines of the Federal Government. Students who complete a FAFSA are asked questions during completion of the FAFSA to determine if they may qualify for ACG.

LOANS
Federal Perkins Loans
This loan program is administered by the College and provides awards to students who enroll at least half-time. The selection of recipients and the amount of the loans are determined by a need analysis made by the College each academic year. There is no interest charged or payment due while the student maintains half-time enrollment. Repayment and interest commence nine months after dropping below half-time enrollment. The minimum monthly payment is forty dollars. Students receiving this loan get detailed explanatory materials concerning the program. Entrance and exit interviews are required for the Federal Perkins Loans.

Federal Stafford Loan Program (formerly GSL)
This program is jointly sponsored by lending institutions and federal and state governments. At present, loans are available to students who attend the College at least half-time. The selection of recipients and the amount of the loans are determined by a need analysis made by the College each academic year. The loan amounts vary with program, year in program, and enrollment status. A dependent may borrow an aggregate amount of $31,000. An independent may borrow a maximum of $54,000. Applications are obtained from the College. It is required by federal law that all participants in the Federal Stafford Program have an entrance interview prior to the release of the first disbursement, and an exit interview before commencement or withdrawal from the College for any reason. The purpose of the exit interview is to reaffirm to the student the commitment and obligations to the loan program. It is required for graduation. All students leaving the College for other reasons must schedule an exit interview with the Financial Aid Department.

The following link will allow you to complete your Federal Stafford Loan Application on line for Bank of America.

Federal PLUS Loans
Federal PLUS loans are for parental borrowers. Parents may borrow the student’s estimated cost of attendance, minus any estimated financial assistance per year, for each child who is enrolled at least half-time and who is a dependent undergraduate student. Applications may be obtained from the College. PLUS borrowers do not have to show need but may have to undergo a credit analysis. A borrower must begin repaying a Federal PLUS loan within 45 days after the second disbursement.

OTHER
College Employment
The College does not participate in the federally
sponsored college work-study program but does employ a limited number of students in the library, photography department, and other areas of the College. Inquiry should be made in these areas or to the College
administration.

College Placement Office
The Placement Office lists job openings for both current students and graduates of the College, through ongoing contacts with business, industry, and community organizations. It also provides students with advice about job search strategies, résumé preparation, and interviewing techniques. These services are also available to students interested in working part-time while completing their studies at the College.

Veterans Administration Benefits
Educational assistance is available to U.S. veterans under the following programs: Chapter 30-Montgomery G.I. Bill Active Duty Educational Assistance Program; Chapter 31-Veterans Vocational Rehabilitation; Chapter 32-Contributory Education Assistance Program (Post-Vietnam Veterans), Chapter 34-Vietnam-Era G.I. Bill, Chapter 35-Survivors and Dependents Education; Chapter 1606-Selective Reserves; Chapter 1607-REAP.

Eligibility for these programs is determined by the Veterans Administration and students are advised to make their initial application for such benefits well before their first semester of study. Students must be matriculated in a program, must maintain good academic standing, and must be making reasonable progress toward completion of the program’s requirements. Under these programs, the matriculated student registers and pays for courses each semester; the College certifies the student’s enrollment to the VA, which then pays the appropriate benefits to the student.

Scholarships and Local Awards
Parental employers, civic organizations, and other corporations are important sources of scholarship aid. The Director of Guidance at a local high school can often provide detailed information concerning these sources. In addition, various companies provide awards to Paier students for outstanding achievement. Examples are awards by the Society of Illustrators, The Salmagundi Club of NYC, Hallmark, Southern Connecticut Chapter of the National Kitchen and Bath Design Association, and BT Office Products & Herman Miller Interior Design Scholarship. Announcements of competition for these awards are made during the academic year.

Tracy Lynn Skeffington Memorial Scholarship In loving memory of Paier College Grad Tracy Frillici Skeffington. The first Scholarship fund for Paier College has been dedicated in her name. Scholarship proceeds will be awarded Fall 2005 The Recipient will be a student in the Graphic Design Program. For more infomation please contact Paul Skeffington

Contributions can be made directly to The Tracy Skeffington Memorial Scholarship Fund c/o CT Community Foundation 81 West Main Street Waterbury, CT 06702

APPLICATION PROCEDURES
Financial Aid Application Procedures
To be considered for financial aid, students
must submit:
1. Free Application for Federal Student Aid (FAFSA). The
FAFSA serves as an application for all sources of
Financial Aid processed through the College. This form
may be obtained from a high school guidance office or
the College Financial Aid office;
2. A signed copy of the student’s IRS form 1040
(or 1040A, 1040EZ) may be required if the individual
is selected for verification. The parents’ IRS form may
be required also, if the student is a dependent and is
selected for verification;
3. Applicants may be required to provide information
about sources and amounts of non-taxable income,
i.e., Social Security, public assistance, or child support.
Application Deadlines (FAFSA)
·Freshman students:
FAFSA posted within two weeks of acceptance
·Returning students:
FAFSA filled out and posted by April 15; 1040s
submitted by May 15
·Fall transfer students:
FAFSA posted within two weeks of acceptance.
All financial aid applicants should contact the Financial Aid Office to discuss eligibility and financing options.

Applications for federal guaranteed student loans should be filed at least eight weeks before the entering semester of each year. If a federal guaranteed student loan is intended as a major source of payment of tuition, candidates should apply in sufficient time to receive the loan prior to the start of classes. Failure to pay tuition in full will restrict a student’s entry to classes. Students must reapply for financial assistance each academic year. They may not receive funds under any federal aid program if they are in default on a Federal Stafford, or Federal Perkins loan received at any College, or owe a refund on a federal grant. Programs of financial aid described in this section are subject to change because of federal, state, and local regulation or funding fluctuations.

Links for Financial Assistance:

FastWeb