Financial aid is any form of assistance that comes from some organized body that assists a student with the costs of attending college. These forms consist of Federal, State, Institutional and private funds that is used to assist students in funding their education. Scholarships and grants are “free money “ that you do not pay back, however loans are considered as self- help and you are required to pay them back when a student becomes enrolled less than half time or graduate.  When you seek aid, we will consider you for all forms of aid.

* After your fess and any other charges on your CBS student account are paid, any remaining financial aid will be refunded to you.
*Generally, if financial aid has disbursed aid onto your student account and a credit is created, you can expect to receive a refund approximately 5-14 business days later.
* Refund checks are mailed to your home address. For more information contact Student Financial Services @ 832-252-4602.

Important Changes in Financial Aid for 2012-13 FAFSA Process

All students applying for financial aid for the 2012‐13 school year should be informed of the following

changes involving FAFSA and the Verification process:

IRS Data Retrieval ‐ When filling out the FAFSA,  the College of Biblical Studies  College strongly recommends all students, parents, and spouses (if applicable) to upload the 2011 income tax information to their FAFSA using the IRS Data Retrieval tool. In order to do so, all parties must have already filed 2011 taxes, at least two weeks prior to filling out the FAFSA.

Students who are selected for verification and DID NOT use the IRS Data Retrieval tool will be required

to:

• Complete and submit the Verification Worksheet.

http://cbshouston.edu/financial-aid-topmenu

• Submit an official Tax Return Transcript obtainable from the IRS at www.irs.gov after the 2011 Tax Return has been filed.
• Submit Tax Return Transcripts for student’s or parent’s spouse’s who are married (not separated) but file income tax separately

Note: The College of Biblical Studies can no longer accept a signed copy of a 1040 tax return form filed with the IRS to complete the verification process.

Retaking Course Work

New federal regulations limit students’ eligibility of federal aid with regards to repeated courses. Students may not receive federal aid (Pell Grant and Stafford Loans) for courses that were previously taken and passed beyond the first retake. In addition, that course will not count towards your actual enrollment.

Note: Repeat courses still count toward your attempted hours for financial aid purposes.

Example: Student A takes a course and receives a grade of ‘D’. Student A needs a ‘C’ in this course to count for the requirements of the degree. Student A takes the course again receives aid and earns another ‘D’. Student needs to retake the course again, but is no longer eligible for federal aid for that class. Additionally Student A cannot use that course toward enrollment for financial aid purposes. If student A is taking 12 credits, the repeated 3 credit course is no longer eligible. Student A’s actual enrollment for financial aid purposes must be listed as 9 credits.

 

Pell Grant:

 Maximum award remains at $5550 for full time enrollment for an academic year

 Duration of eligibility is reduced to the equivalent of 12 full time semesters instead of 18 full

time semesters. The reduction affects all students beginning with 2012‐13 award year. (No

students are grandfathered)

 

Provisions Affecting All Financial Aid Programs: Ability to Benefit Changes

Ability to benefit options for establishing general student eligibility for Title IV funds are eliminated for students who first enroll in a program of study on or after July 1, 2012. A student will need to have a high school diploma or its recognized equivalent or have been home schooled, to meet the eligibility criteria. 

 

Qualifying Income for Automatic Zero EFC Reduced

Automatic zero EFC income thresholds reduced to $23,000 from the current $30,000 Auto zero calculation applies only to EFC calculation for dependent students (based on parent income) and independent student s with dependents other than a spouse (based on the combined income of the student and spouse).

Provisions Affecting Direct Loans Only

• Interest subsidies during the six month grace period are eliminated for new Stafford Loans made on or after July 1, 2012. The repayment period still begins six months after the student is no longer enrolled at least half‐time, but interest accrues during those six months will be payable by the student rather than subsidized by the federal government.
•  Interest rate on Direct Subsidized Loans will increase from 3.4% to 6.8% for disbursements made on or after 07/01/12.

Q. When should I apply for financial aid?

A. Students should apply for financial aid every year after January 1

Students applying for financial aid from CBS must complete a Free Application for Federal Student Aid (FAFSA) and complete the CBS Financial Aid Application.

Q. What is your Title IV School Code?

A. Our Federal School Code is 034224.

Q. What is an EFC (Expected Family Contribution)?

A. The Expected Family Contribution (EFC) is a calculated figure based on the information you report on the Free Application for Federal Student Aid (FAFSA). The calculation is made through a need analysis formula established by the U.S. Congress. While the EFC seems mysterious, it is based on a preset formula that, in the case of Federal financial aid, is set by law. The EFC formula takes into account:

• Income
• Assets
• Employment benefits
• Family size
• Number of family members in college

The calculated Expected Family Contribution doesn’t necessarily equal what you’ll be expected to pay to the College. At CBS, we use the EFC to determine your eligibility for need-based Federal, state and institutional grants and scholarships. We do this by subtracting the EFC from the estimated Cost of Attendance (COA). If the number is positive, you are eligible for need-based aid up to that amount. If your EFC is greater than your COA, you are not eligible for need-based aid but may be eligible for non-need based student and parent loans.
COA
Minus    EFC
Equals Need-Based Eligibility

Q. Is the Cost of Attendance what I owe?

A. No. The only Cost of Attendance items paid directly to the College are tuition/fees and on-campus room and board if you choose to live on-campus. The Cost of Attendance is just an estimate and includes ALL expenses to attend the College for one year, not just expenses paid directly to CBS. The COA includes average tuition/fees, books and supplies, room and board, personal expenses, transportation expenses and a health insurance allowance and varies depending on whether you live on-campus, off-campus or at-home with relatives. Your actual expenses may be different and most items are not paid directly to the College.

Q. I don’t think I qualify for financial aid. Should I complete the FAFSA?

A. Yes! Financial aid is intended both to remove financial barriers for families who cannot afford the cost of an education beyond high school and to fill in the gap for families who can afford only part of the cost. A number of factors in addition to family income are considered in determining your financial eligibility, including the size of your family and number of family members in college. Although most grant awards are based on financial need, some loans and scholarships are available regardless of need.

Q. Don’t only students with the best grades qualify for financial aid?

A. No. There are scholarships that are "merit-based," awarded on a student's academic performance. However, most financial aid, including grants and loans, is "need-based," or awarded based on a family's ability to pay for college.

Q. Must I be accepted for admission before I apply for financial aid? Must I be admitted before I receive aid?

A. No. You may apply for financial aid any time after January 1st. However, you must be admitted and enrolled in a degree or certificate program  at CBS before you receive any funds.

Q. Do I have to apply for financial aid each year?

A. Yes. Your financial situation must be reassessed each year. However, after the first year you apply for financial aid, you probably will be sent a Renewal FAFSA Application that will ask you to answer some questions again and recheck the answers to others.

Q. I want to apply for a scholarship only. Do I have to fill out the FAFSA?

A. Yes. In order to be considered for CBS institutional scholarship where financial need is part of the criteria, you must complete the Free Application for Federal Student Aid (FAFSA). We recommend that every student fill out a FAFSA.

Q. If my parents save money for college, will it hurt my chances of qualifying for grants?

A. The amount in a parent's savings account is indeed used in the federal formula that determines the contribution expected from parents. However, a large portion of those savings are "protected" from consideration; only a small percentage of the remaining amount is assessed in the calculation of the parent contribution.

Q. If we haven’t saved money for college, isn’t community college the only option?

A. While it certainly helps to have saved for your education, there are other ways to pay for college. Families with lower incomes who have not been able to save will likely find that the expectation of them will be quite modest. For families that do not qualify for financial aid, low-interest parent or student loans and tuition payment plans can help.

* Refund checks are mailed to your home address. For more information contact Student Financial Services @ 832-252-4602.

Q. Federal Pell grant is awarded based on the students number of credit hours by the Department of Education

Will the number of credits I take and my class attendance have an effect on the amount of PELL I receive?
A. Yes. The amount of your Federal Pell Grant is fractionally pro-rated based on your enrollment status each semester. You may determine your enrollment status by counting the number of credits or equated credits for which you have been charged tuition.

• FULL-TIME -- enrolled for 12 or more credits or equated credits equals 100% of a semester's PELL.
• 3/4-TIME -- enrolled for at least 9, but fewer than 12 credits or equated credits equals 75% of a semester's PELL.
• HALF-TIME -- enrolled for at least 6, but fewer than 9 credits or equated credits equals 50% of a semester's PELL.
• LESS THAN HALF-TIME -- enrolled for at least 1, but fewer than 6 credits or equated credits equals 25% of a semester's PELL.

To qualify for a Federal Pell Grant award payment, you must begin attendance and maintain enrollment in your classes. The Office of Financial Aid checks your enrollment status at the end of the add/drop period and recalculates your Pell eligibility before issuing a disbursement of your Pell Grant.

Q. What if my question is not answered on this list?

A. Please e-mail us at: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Fall 2011 New and Continuing Students Financial Aid Deadlines

Monday, August 1, 2011:

• Admission to a degree program,
• FAFSA completed,
• CBS Financial Aid Application completed, and
• All additional verification information submitted

Spring 2012 New Students Financial Aid Deadlines

Monday, November 21, 2011:

• Admission to a degree program,
• FAFSA completed,
• CBS Financial Aid Application completed, and
• All additional verification information submitted

Summer 2012 New Students Financial Aid Deadlines

Monday, March 29, 2012:

• Admission to a degree program,
• FAFSA completed,
• CBS Financial Aid Application completed, and
• All additional verification information submitted

Fall 2012 New and Continuing Students Financial Aid Deadlines

Monday, August 6, 2012:

• Admission to a degree program,
• FAFSA completed,
• CBS Financial Aid Application completed, and
• All additional verification information submitted

Step 1: Complete the online Free Application for Federal Student Aid (FAFSA).  You will need to use CBS school code 0034224.  Once you have completed the FAFSA and it has been processed by the Department of Education, your information will be forwarded to the Financial Aid Office (FAO) at CBS. You will also need to complete supplemental application called the CBS financial aid Application. This application will be provided to  you online .

Step 2

Once CBS receives your FAFSA information, we may need additional paperwork, such as a Verification Worksheet and tax information.  We will contact you by the email address you listed on the FAFSA if we need this additional paperwork.

Step 3

After all paperwork is complete, the FAO will determine your final financial aid eligibility.  We will send you an Official Award Letter to the email address listed on the FAFSA.  Please log in @ myfa.cbshouston.edu  to  view the award letter and accept or decline the awards listed.

Step 4

If you accepted student or parent loans on your award letter, please complete the loan application as directed by the award letter. You can complete the loan application @ www.student loans.gov.  Students will need to complete the Stafford Entrance Counseling as directed by the award letter before the loan can be approved. The entrance counseling can be completed by visiting Mapping Your Future.

To check the status of your application or award, please visit: myfa.cbshouston.edu

Financial Aid Documents
Below you will find links to commonly used documents. (PDF)

2011-2012 Financial Aid Verification Documents

• 2011-2012 Verification Worksheet (dependent)
• 2011-2012 Verification Worksheet (independent)
• 2011-2012 Additional Financial Information

2012-2013 Financial Aid Verification Documents

• 2012-2013 Verification Worksheet (dependent)
• 2012-2013 Verification Worksheet (independent)
• 2012-2013 Additional Financial Information

General Verification Documents

• Citizenship-Immigration status
• Selective Service verification
• Tax Transcript Information
• Tax Transcript form

• Academic Catalog (PDF)
• Financial Aid Handbook (PDF)
  
• For information regarding your CBS student records and billing, visit myrecords.cbshouston.edu.
• For information regarding your CBS financial aid application and status of your awards, visit myfa.cbshouston.edu.
• For information about federal student aid from U.S. Department of Education, visit www.studentaid.ed.gov.
• For information about the Federal Free Application for Student Aid from U.S. Department of Education, visit www.fafsa.ed.gov.
• For information about how to manage your student loans from the U.S. Department of Education visit www.studentloans.gov.
• For information about your grant and Title IV date from the U.S. Department of Education visit www.nslds.ed.gov.
• For information regarding completing your loan entrance or exit counseling, visit Mapping Your Future or NSLDS.

For any student who officially or unofficially withdraws from the college or fails to earn a passing grade in any class, federal regulations require a refund calculation for all students receiving Federal Title IV Funds. The calculation of the return of these funds may result in your owing a balance to the college. If unpaid balances exist on his or her account, a hold will be placed on the student’s record. Withdrawing from classes will impact your Satisfactory Academic Progress and may cause you to be ineligible for future financial aid. All students should visit with a financial aid advisor prior to withdrawing.

Refunds and repayments of Title IV funds are made in the following order:

1. Unsubsidized Stafford Loan
2. Subsidized Stafford Loan
3. Federal PLUS Loans
4. Pell Grants
5. Academic Competitiveness Grant

The amount of federal aid that you must repay is determined via the Federal Formula for Return of Title IV funds (Section 484B of the Higher Education Act). This law also specifies the order in which funds are to be returned to the financial aid programs from which they were awarded, starting with loan programs. In addition, institutional aid that is awarded may be affected due to withdrawals. Please be sure to consult with Student Financial Services beforedeciding to withdraw.

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