Financial Aid Manual (pdf)

Although Boricua has no guarantee of regular support from outside sources, the College accepts the challenge of making its educational programs available to all who need and want to study. Meeting this challenge means students must be willing to apply for financial assistance from government and private sources. The staff of the Financial Aid Department assists students in developing the best possible package of financial assistance including grants, scholarships, loans, and other sources:

General Eligibility Requirements

In order to receive assistance from the Student Financial Aid (SFA) programs, a student is required to meet the following basic requirements:

  • U.S. Citizenship or eligible non-citizen status.
  • Regular Enrollment in an eligible program.
  • Academically Qualified for post-secondary level education.
  • Maintain Satisfactory academic progress in the chosen course of study.
  • Signed certifications regarding:
    • Updated accurate personal information
    • Registration status
    • Statement of Educational Purpose
    • Refunds and defaults
    • Compliance with loan repayment schedules for SFA grants/loans.
    • No SFA defaults
    • Has not borrowed in excess of loan limits
    • Registration with the Selective Service, if required
    • Demonstrate Financial need
    • Transfer students must provide the College with a Financial Aid Transcript

In addition to these general requirements, some financial aid programs may have other requirements.

Grants

These financial awards are given to students who fulfill academic and financial need criteria established by the Federal and State governments and the College’s administration:

  • Federal Grant and Direct Loans are awarded to eligible students for tuition, books and other educational costs.
  • TAP New York State Tuition Assistance Program awards to eligible students to cover tuition costs.
  • FSEOG Federal Supplementary Educational Opportunity Grants help students with the exceptional need to pay for their education. Eligibility is dependent on financial need and satisfactory academic progress. (See FSEOG procedures.)

Boricua College Scholarship (BCS)

Criteria for Eligibility and Selection:

  • Academic Excellence: A student must be in good academic standing and should have acquired 12-15 credits per term with acceptable G.P.A.
  • Financial Need: This is a Non-Need-Based Fund, therefore, the distribution of funds will be determined based on tuition costs after all conventional financial sources have been exhausted.
  • Procedure: The College will notify the student of the intended award. If a student accepts the award, the student’s account is credited via a financial aid award letter.
  • Priority: Preference may be given to students:
    1. In Bachelors and Masters Programs.
    2. Who may have exhausted all conventional SFA award eligibility.
    3. Determined ineligible based on SFA agencies’ conventional methodology formulas.
    4. With recommendations from academic administrators and Faculty Facilitators.

Loans

Due to the spiraling costs of higher education, most college students in the United States have found it necessary to finance at least a portion of their educational costs through long-term loans. Boricua students may turn to the following lending sources to round out their financial aid packages:

  • William D. Ford Federal Direct Loan (Direct Loan) – Direct Loans are low-interest loans for students and parents to help pay for the cost of a student’s education after high school. The lender is the U.S. Department of Education (the Department) rather than a bank or other financial institution.
  • Alternative Loans administered through private banks and other lending institutions with basic requirements similar to those of FFEL—(see above). These loans are independently regulated and monitored by the banks and lending institutions with repayment schedules and repayment alternatives all governed by the lenders. All procedures to apply for these loans are in fact similar to that of the Federal Regulated Student loans. They include extensive Entrance and Exit Counseling, and other factors and procedures analogous to those in federally regulated loans.

Other Financial Resources

  • The Federal Work-Study Program (FWS) provides eligible students with funds for meeting educational costs. It further provides an opportunity to gain work experience in community and professional settings.

Impacts on Federal Financial Aid

Satisfactory Academic Progress (SAP) – Financial Aid Criteria 

The chart below summarizes the student academic progress over the years of study for the baccalaureate degree requiring a minimum of 132 credits over 5 years of study. New York State Higher Education Services Corporation (NYHESC) regulations for financial aid purposes require a student to register for a minimum of 12 credits or more per term in order to be on full-time status in the Fall and Spring terms, and a minimum of 8 credits in the Summer term.

BORICUA COLLEGE SATISFACTORY ACADEMIC PROGRESS CHART
PROGRAM: ASSOCIATE DEGREE
Calendar:  Semester
BEFORE BEING CERTIFIED FOR THIS PAYMENT: 1st 2nd 3rd 4th 5th 6th
A STUDENT MUST HAVE ACCRUED AT LEAST THIS MANY CREDITS: 0 6 15 30 45 60
WITH AT LEAST THIS GRADE POINT AVERAGE: 0 1.5 1.8 2.0 2.0 2.0
TAP EMERGENCY ENACTMENT ACT Effective 2013-2014 Academic Year

 

BORICUA COLLEGE SATISFACTORY ACADEMIC PROGRESS CHART
PROGRAM: BACCALAUREATE DEGREE
Calendar:  Semester
BEFORE BEING CERTIFIED FOR THIS PAYMENT: 1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th
A STUDENT MUST HAVE ACCRUED AT LEAST THIS MANY CREDITS: 0 6 15 30 45 60 75 90 105 120
WITH AT LEAST THIS GRADE POINT AVERAGE: 0 1.5 1.8 2.0 2.0 2.0 2.0 2.0 2.0 2.0
TAP EMERGENCY ENACTMENT ACT Effective 2013-2014 Academic Year

Program Pursuit Policy for Financial Aid

Program pursuit is defined as receiving a passing or failing grade in a certain percentage of a full-time course load in each term for which an award is received. The percentage increases from 50% of the minimum full-time course load in each term of study in the first year for which an award is received, to 75% of the minimum full-time course load in each term of study in the second year for which an award is received, to 100% of the minimum full-time course load each term thereafter.

PROGRAM PURSUIT PROGRESS CHART
1st year 2nd year 3rd year 4th year
BEFORE BEING CERTIFIED FOR THIS PAYMENT: 1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th 11th 12th
PROGRAM PURSUIT: 50% of full time 75% of full time 100% of full time 100% of full
time
MINIMUM REQUIREMENT: 6 credits 9 credits 12 credits 12 credits
Note: Beyond the 4th Year, 12 Credits (100%) is standard.

Attendance Policy for Financial Aid

The federal government will reduce the amount of a Federal Grant and Direct Loans student based on their attendance record. Therefore, all institutions participating in the Student Financial Aid programs must determine a policy framework by which to refund the federal government for a student’s lack of attendance.

Federal regulations 34 CFR Section 668.22 provides the guidelines for determining the refund policy based on a student’s “Last Date of Attendance.” Boricua College’s policy is presented below:

FEDERAL REGULATED REFUND POLICY
(Effective July 1, 1995)
Stopped Attending Student’s Award
From 0 day – 1st Day of Classes 0%
From 2nd day – 1.5 week 10%
From 2nd week – 4th week 50%
From 5th week – 7.5 week 75%
8th week and beyond 100%