Conditions of all Financial Aid Awards
The primary purpose of the Financial Aid Office is to provide financial assistance
within its available resources to those students who, without such assistance would be
unable to attend Missouri Valley College.
- You must be officially admitted to Missouri Valley College and maintain satisfactory academic progress.
- Federal/State financial aid regulations require that each student receiving financial aid have all necessary documents returned to the Financial Aid Office before funds may be distributed to the student.
- No aid may be disbursed to you if you have an open balance from a previous term or are in default on any Federal/State aid program. Any balance owing on the student's account, after applying all grants and other credits, is due and payable before the beginning of the next semester unless prior arrangements have been made with the Business Office.
- All Federal/State awards are based on the receipt of sufficient funds from the awarding sources. Insufficient funding will result in awards being reduced and/or cancelled at the discretion of the Financial Aid Office. Students will be held responsible for any reduction in grant or loan eligibility from the original aid package as a result of inaccurate data received by Missouri Valley College from the student. Awards are cancelled by non-use and/or failure to follow dictated procedures as described in this form and/or the catalog and schedule of classes.
- All students must report any fellowship, assistance scholarship, grant, work, stipend, departmental remissions, employee benefit/tuition reimbursement, or other educational benefits which are not specifically listed on the Award letter. If these sources of revenue received after the original award letter put the student at an overaward based on the Cost of Attendance, these funds will be used first to replace institutional award, then SEOG, then Student Employment, then Perkins Loans, then Stafford Loans, and finally family contribution. If need is not exceeded, discretion of the Financial Aid Director may be used.
- All financial aid has been “potentially” awarded based on your application documents, anticipated tuition assessment per registration periods, college enrollment, year-in-school classification, academic progress and aid sources as printed on the most recent award letter. Any changes in these items will result in an “Award Revision.”
- All institutional financial aid will be reduced in accordance with the reduced cost of attendance for campus-housed students who move off campus, and for all students who withdraw during a term.
- No aid will be disbursed to a student if a student is selected for verification and the student/parent refuses to complete the verification process.
- All recipients of any Federal/State aid may be required to submit parents’ and/or student’s copies of prior year’s U.S. Income Tax Returns. If no tax return was filed, that parent and/or student must sign a non-filer form and submit all relevant W-2s for any income earned from work.
- Student Employment is an award, however, credit will not be given until the work has been completed in its entirety. Students will receive monthly checks in relation to the number of hours worked. Missouri Valley College shall establish the work schedule following the student's confirmation of his/her class schedule. The College reserves the right to make work student assignments at times other than normal office hours.
- Federal Aid and/or undergraduate loan recipients must carry a minimum of 6 credit hours each semester. State grant recipients must carry a minimum of 12 credit hours per semester.
- Federal financial aid regulations require that each student awarded a Perkins Loan must sign each term’s promissory note before that assistance will be disbursed to the student.
- All SFA is anticipated pending receipt of the Student Aid Report (SAR) and any other required verification documents from the student/parent to the Financial Aid Office. If MVC does not receive a valid Student Aid Report for the student before the end of the academic year, the student is not eligible for the SFA programs awarded on the initial financial aid package. These awards will be deleted from the package resulting in a balance to be paid by the student and/or family.
- The Financial Aid Office reserves the right to adjust the student’s aid to insure all aid received does not exceed the total cost of attendance or financial need.
- Examples of federal debt include taxes, audit disallowances, federal loans, benefit over payments and debts. Delinquency is defined as thirty (30) days past due on a scheduled loan payment, failure to repay or resolve a grant disallowance within 30 days from notification, or failure to repay or resolve contract or administrative debts within 30 days of the payment due date.