Financial Aid Information
Financial Aid is the money you receive from a variety of sources to help cover the total cost of education. Regardless of income, most people are eligible for some kind of financial aid. Modern Technology School does distribute Title IV aid to eligible students which includes living expenses (if eligible). This can include:
- Grants and campus based program (sometimes called “free money” or gift aid)
- Loans, including Federal Stafford Loans for students,Federal PLUS loans for parents and alternative loans.
Specific written information as provided under Title IV of the Higher Education Act (and its amendments) is available free of charge to interested parties from our Financial Aid Office.
Anyone wishing information regarding our financial aid programs, policies and procedures may contact the Financial Aid Director during business hours and request our financial aid assistance information pamphlet and FAFSA forms (Free Application for Federal Student Aid).
Recipients of financial aid are subject to all terms and conditions of federal regulations for eligibility, enrollment, disbursement, and continued satisfactory progress. Therefore, financial aid programs under Title IV are awarded based on need as determined by the applicable program regulations to the extent that funds are available to the school or to the student directly.
Loans: Students obtaining a loan to pay for an educational program, will have the responsibility to repay the full amount of the loan, plus interest, less the amount of any refund, and that, if the student has received federal student financial aid funds, the student is entitled to a refund of the money’s not paid from federal student financial aid programs funds.
Students Right to Cancel
1. You have the right to cancel this agreement and obtain a refund of charges paid through the first class session, or the seventh day after enrollment, whichever is later.
2. Cancellation shall occur when you give written notice at the address of the School shown on top of the front page of the Enrollment Agreement. You can do this by mail, hand delivery or email. Written notice of cancellation, if sent by mail is effective as of the postdate received. The written notice of cancellation need not take any particular form. You will be given a form to use upon enrollment, but you may use any written notice to inform the School of your cancellation.
3. If the School has given you any textbooks, equipment or supplies you shall return them to the School in unopened/unused condition, within 7 days following the date of the notice of cancellation. If you fail to return equipment or supplies within this time period to the School, you may be charged the documented cost for the equipment or supplies. Once you pay for the equipment or supplies, it is yours to keep without further obligation.
4. If you cancel this Agreement within the specified time, the School will refund any money that you paid, less any deduction for equipment or supplies not timely returned in unopened.unused condition, within 7 days after your notice of cancellation
5. The institution shall refund 100 percent of the amount paid for institutional charges less a reasonable registration fee not to exceed seventy five dollars ($75), if notice of cancellation is made through attendance at the first class session, or the seventh class day after enrollment, which ever comes first.
How its Determined
Federal Grants (Pell Grants): are targeted to Undergraduate students with very high need. The amount of your grant is determined by the size of your Expected Family Contribution (EFC), the school’s cost of attendance, your enrollment status, e.g., half-time or full-time, and whether you attend for part or all of the school’s academic year. As with all grants, Federal Grants do not have to be repaid.
Federal Supplemental Educational Opportunity Grants (FSEOG): are for undergraduates with exceptional financial need, with priority to those receiving grants starting with the lowest EFC.
The financial aid programs are made available to students attending this school as a matter of convenience, and in no way is the offer of financial assistance an inducement to enroll or an implied guarantee of employment.
For purposes of Federal Grant determination, a full-time student is defined as a student enrolled in a minimum of thirty-six (36) credit-units of class/clinical work each academic year. Half-time attendance status is defined as a student enrolled in a minimum of eighteen (18) credit units of class/clinical work each academic year.
WITHDRAWING AFTER THE FIRST SEVEN DAYS FOLLOWING THE FIRST CLASS
1. You have the right to withdraw from the course at any time.
2. If you withdraw from your course after midnight of the seventh day, the School will calculate the amount you owe for the time you attended according to the following formula below. The amount you owe shall be determined on a pro-rate basis depending on clock hours attended and amount paid. After we calculate the amount you owe for the time you attended, we will also keep your registration fee, STRF fee and the documented cost of any uniforms, also book & supplies that you received which you do not return in unopened/unused condition within 7-days of your withdrawal. For a list of these costs, see the list on the front of the Enrollment Agreement.
3. If you receive federal student financial aid you are entitled to a refund of moneys not paid from federal student financial aid program fund.
IF THE AMOUNT THAT YOU HAVE PAID IS MORE THAN THE AMOUNT THAT YOU OWE FOR THE TIME YOU ATTENDED, THEN A REFUND WILL BE MADE WITHIN 30 DAYS. IF THE AMOUNT THAT YOU OWE IS MORE THAN THE AMOUNT THAT YOU HAVE ALREADY PAID, THEN YOU WILL HAVE TO MAKE ARRANGEMENTS TO PAY IT.
Here is how we figure the amount you owe:
I. Amount of Total Tuition
II. Less $75.00 registration fee
III. Remaining tuition/total number of hours in the program = hourly charge for the program.
IV. Total hours attended X hourly charge for program = amount student owes.
V. Amount paid by student, less the amount owed by student = initial refund
VI. Initial refund, adjusted for equipment or supplies, if applicable.
EXAMPLE OF A WITHDRAWAL CALCULATION:
Assume that a student enrolled in and paid for an 800 clock hour program that costs $4,325 [$4,000 for tuition, $75 registration and $250 for textbooks]. If the student withdraws after completing 600 clock hours and received all textbooks, the calculation is:
I. Total Tuition: $4,075 (tuition plus registration fee)
II. Less $75.00 registration fee = $4,000.
III. $4,000/800 clock hours = $5.00 hourly charge
IV. 600 X $5.00 = $3,000 (amount owed by student)
V. $4,000 – $3,000 = $1,000 (Initial Refund Due)
VI. Initial refund, adjusted for equipment or supplies, if applicable.
For the purpose of determining the amount you owe for the time you attended, you shall be deemed to have withdrawn from the course when any of the following occurs:
1. You notify the school of your withdrawal or the actual date of withdrawal.
2. The school terminates your enrollment.
3. You fail to attend classes for 3 consecutive weeks. In this case, the date of withdrawal shall be deemed to be the last date of recorded attendance.
If any portion of your tuition was paid from the proceeds of a loan, then the refund will be sent to the lender or to the agency that guaranteed the loan, if any. Any remaining amount of refund will first be used to repay any student financial aid programs from which you received benefits, in proportion to the amount of the benefits received. Any remaining amount will be paid to the Student.
The institution shall also provide a pro-rate refund of non-federal student financial aid program moneys paid for institutional charges to students who have completed 60 percent or less of the period of attendance.