Financial aid is awarded to students based on financial need.
Need-based aid is given to students who demonstrate financial need, based on Free Application for Federal Student Aid (FAFSA) results.
There are three kinds of need-based aid, two of which Platt College recognizes:
- Grants and scholarships are gifts that do not have to be repaid.
- Loans are borrowed money that must repaid over a period of time.
Rights and Responsibilities
As a student you have the right to:
- know what financial assistance is available to you.
- know the deadlines for submitting applications for applicable financial aid programs and the process required.
- know how your financial need is determined, including how cost of attendance budgets are developed.
- know what resources are considered in the calculation of your financial need, and how much of your need as determined by Platt College has been met.
- an explanation of the types of aid contained in your financial aid award as well as how to retain eligibility for those funds (if applicable).
- request a review of your current financial situation if you meet certain criteria based on changes since filing the current aid year FAFSA application.
- know what portion of your aid must be repaid. In addition, you have the right to know interest rates, total amount to be repaid, procedures for repayment, when repayment begins, and how long you have to repay the loan.
- know the criteria for continued financial aid eligibility, including guidelines for the determination of Satisfactory Academic Progress as defined by the Department of Education and outlined by Platt College in Policy 02:24:00 Satisfactory Academic Progress (SAP).
- know the method and frequency of financial aid disbursements.
As a student you have the responsibility to:
- be aware of your ability to pay any institutional charges based on your available financial aid and personal resources.
- review and understand the terms and conditions of your financial aid award.
- complete all requirements accurately, in a timely manner, and by the appropriate deadlines.
- inform us if you intend to enroll less than full time for any given term so that your aid can be properly adjusted and disbursed.
- inform us of any outside scholarships, assistantships, or additional resources that you receive.
- fill out the FAFSA application completely and accurately. If selected for verification you will provide all requested documents in a timely manner, and ensure that all submitted materials are complete and accurate. Falsification of information on application forms for federal financial assistance is considered a criminal offense, and you may be subject to penalties under the U.S. Criminal Code.
- read and understand all forms that you are asked to submit or sign, realizing that you are legally responsible for all agreements that you sign.
- know and comply with all policies and procedures of Platt College.
- manage your financial aid experience.