Financial Aid

Financial Aid

As part of its mission to meet the needs of students, Studio Incammianti strives to make its education as accessible as possible to all talented art students regardless of financial means. Therefore, Studio Incamminati sets its tuition fees well below the level that would make the studio self-supporting. The school also provides a number of options for students who need financial assistance. For information, please contact Randi Cromer, financial aid administrator, at 215-592-7910 or This email address is being protected from spambots. You need JavaScript enabled to view it.

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Types of Financial Aid

The Financial Aid Administrator will take the Cost of Education, deduct the Expected Family Contribution and the remainder is the Financial Need. The Financial Need will determine the financial aid package that students receive. A financial aid package may consist of a combination of different types of aid. There are three basic types of financial aid:

Grants are funds that do not have to be repaid. Federal grants are based on need, as determined by the Free Application for Federal Student Aid (FAFSA). Visit our Federal Student Aid section for more information on the Pell Grants and other financial aid.

Grants from private foundations and other organizations may be based on need and/or merit. Visit our grants and outside scholarship page at www.studioincamminati.org/othergrantsandscholarships

Scholarships are also awards that do not have to be repaid. Some scholarships may have a need component; however, scholarships generally are merit-based and reward students for academic or artistic excellence, and/or community service.

Loans are funds that must be repaid, usually after graduation or upon leaving school. Federal student loans have lower interest rates than most commercial loans. Student's first loan requires a master promissory note and entrance counseling before disbursement. Students must complete an exit interview before leaving the school.

STUDIO INCAMMINATI SCHOLARSHIPS SUPPORTED BY INDIVIDUALS

Each year, Studio Incamminati offers a number of scholarships that are supported by individual donors. These donors designate their contribution for specific use toward student scholarships.

This year, Studio Incamminati offers two $5,000, one $4,000, and five $3,000 scholarships annually to current students and those considering enrollment in the Advanced Fine Art Program full-time. Overall criteria for the successful applicant includes quality of work, artistic potential, dedication and commitment to becoming an artist and demonstrated financial need. Scholarship money is applied only to tuition, not for materials, housing or any other expenses. The Scholarship Committee of the Board of Directors of Studio Incamminati evaluates all applicants and makes award decisions. The committee's decision is final.

Applications due May 31, 2017 and awards will be announced June 23, 2017.

Individuals wishing to contribute to the Scholarship fund can contact Jay Pennie at 215-592-7910.  Click here to make a donation.

Read more...

Other Grants and Scholarships

Grants and outside scholarships are available from a number of sources. Studio Incamminati encourages students to explore all possible sources of funding their education and will work with students if they seek such funding. A partial list of grant and outside scholarship sources is updated regularly.  

Federal Student Aid

Federal Pell Grant

The Pell Grant is a need-based award that does not have to be repaid. Pell Grants are awarded only to undergraduate students who have not earned a bachelor's degree. Award amounts and eligibility are determined by a standard calculation (established by the U.S. Congress) based on a student's Free Application for Federal Student Aid (FAFSA). The calculation also produces a student's Expected Family Contribution (EFC). The Student Aid Report (SAR) tells students their EFC and eligibility to receive a Pell grant. The Financial Aid Administrator determines the actual award amount based on a student's cost of education, enrollment status, and EFC. The maximum Federal Pell Grant for a full-time undergraduate student is  $5,815 for 2016-2017. A student may receive a maximum of six years of Pell grants.

Iraq and Afghanistan Service Grant

The Iraq and Afghanistan Service Grant is an award for students who are not eligible for Pell Grant on the basis of EFC, but meet the other Pell Grant eligibility requirements and the student's parent or guardian was a member of the U.S. armed forces and died as a result of service performed in Iraq or Afghanistan after Sept. 11, 2001. To receive the grant, the student must be under 24 years old or enrolled in college, at least part-time, at the time of the parent's or guardian's death. The amount of the grant will be equal to the maximum Pell Grant for the award year, although the amount will not exceed the cost of attendance for the year.

 

Watch the video: Financial Aid Overview

 

Federal Subsidized Direct Loan (formerly Federal Subsidized Stafford Loan)

The Federal Subsidized Direct Loan is a fixed rate loan for undergraduate students, if eligible. Undergraduate students may borrow up to $3,500 for the first year, $4,500 for the second year, and $5,500 for two additional years, and if needed, an additional $4,000 for the fifth year for an aggregate undergraduate maximum of $23,000. The loan funds will be electronically transferred to the student's account after completing Entrance Counseling and a valid loan application (Master Promissory Note - MPN) and MPN is certified by the Financial Aid Administrator.

No interest will accrue on the Federal Subsidized Direct Loans and no payments are required of the principal during the entire in-school period, provided that students maintain at least half-time status per semester. The loan also provides a grace period of 6 months after graduation or ceased to be enrolled at half-time status before repayment of principal and interest is due. The repayment period for the Federal Subsidized Direct Loan is 10 years.
A loan fee of 1.051% will be deducted from the gross loan amount prior to each disbursement of both Subsidized and Unsubsidized loans.

Interest Rates for Subsidized Direct Loan:
2016-17 Academic Year (Loans disbursed after July 1, 2016) 3.76%

Federal Unsubsidized Direct Loan (formerly Federal Unsubsidized Stafford Loan)
The Federal Unsubsidized Direct Loan is a fixed-rate loan for undergraduate students. If students do not qualify for a Federal Subsidized Direct Loan, a Federal Unsubsidized Direct Loan at 3.76% can be issued for the full amount of eligibility or in combination with the Federal Subsidized Direct Loan. Interest may be paid quarterly while in school or capitalized (added to principal each year). Repayment of principal starts six months after students leaves school and has ten years to repay the loan.

Dependent students whose parents apply and are rejected for a Federal Direct Parent PLUS Loan may be eligible for additional unsubsidized Direct Loan funding. Freshmen and sophomores may receive an additional $4,000 each year and juniors and seniors may receive an additional $5,000 each year. For independent students, the additional unsubsidized loan amounts will automatically be calculated for based on grade level and will be included as part of your financial aid award(s).

A loan fee of 1.051% will be deducted from the gross loan amount prior to each disbursement of both Subsidized and Unsubsidized loans.

Direct Loan Chart

 
Base Amount (Subsidized or Unsubsidized depending upon financial need as determined by the FAFSA)
Base Unsubsidized Dependent
Total Amount of Direct Loan Funding Available
Additional Unsubsidized Loan
for Independent Undergraduate Students OR for Dependent Students whose
Parent was denied the PLUS loan
Total Direct Loan amount possible 
Freshman $3,500 $2,000 $5,500 $4,000 $9,500
Sophomore 
$4,500 $2,000 $6,500 $4,000 $10,500 
Junior $5,500 $2,000 $7,500 $5,000 $12,500 
Senior $5,500 $2,000 $7,500 $5,000 $12,500

 

Federal Direct Parent PLUS Loan
For dependent students, the Federal Direct Parent PLUS Loan allows parents to borrow money for education. The PLUS Loan has a fixed rate of 6.31%. A 4.288% fee is deducted from the loan from each disbursement. The maximum amount parents can borrow is the cost of education minus any other financial aid received. Eligibility for the Federal Direct Parent PLUS Loan is determined by a credit check. To apply for the Parent PLUS Loan, please go to www.studentloans.gov.

If a parent is rejected for a PLUS Loan due to adverse credit history, they may be eligible for additional funds under the Federal Unsubsidized Direct Loan. Freshmen and sophomores may receive an additional $4,000 each year and juniors and seniors may receive an additional $5,000 each year. A parent must apply for the PLUS loan each academic year as it is a credit-based loan.

Financial Need

Financial need is the difference between the Cost of Education and the Expected Family Contribution. The Cost of Attendance consists of tuition, fees, books and supplies, transportation, and personal expenses. The Expected Family Contribution is the amount of family support the student (if dependent) and the student's family (if dependent), is expected to contribute toward their student's education.

Expected Family Contribution (EFC)

The Expected Family Contribution is determined by the U.S. Department of Education from the information submitted on the Free Application for Federal Student Aid (FAFSA).

Student Housing Status

A student's application for financial aid will be based in part on his or her housing status because it is a factor in determining their cost of education. This information is taken from the Free Application for Federal Student Aid (FAFSA). There is a box at the end of the FAFSA where the student checks if they will be living "on campus," "off campus" or "with parent." For example, a student may be 35 years old but if he or she lives at home, the Cost of Attendance will be based on the "with parent" budget. Students may be required to submit a copy of their lease or deed to the Financial Aid Administrator.

Full-time vs. Half-time Enrollment Status

The amount of financial aid students receive also depends on their enrolment status.
To be considered enrolled full-time for Federal financial aid purposes, students must be taking 12 credit hours per semester over at least 15 weeks. Students must be taking at least 6 credit hours per semester (half-time) to be considered for direct loans. Students may be taking less than 6 credit hours to be considered for Pell Grants.

How Grades Impact Your Financial Aid Eligibility

Students are required to maintain satisfactory academic progress each academic year to renew financial aid. The receipt of financial aid is a privilege that creates both rights and obligations. The United States Department of Education requires every post-secondary institution receiving federal funds (Title IV) to have an academic progress policy that is used to determine eligibility for and continued receipt of funds. To be eligible for financial aid, you must make satisfactory academic progress each year. Refer to Satisfactory Academic Progress Policy at Important Financial Aid Policies

Applying for Financial Aid can be a very simple process, but must be done each year. Everything begins with the filing of the Free Application for Federal Student Aid (FAFSA). This can be done for the next financial aid year as early as October 1. Applicants should have the family's income tax material available, so that information is accurate when completing the FAFSA.

Watch the video: Financial Aid Myths

 

 

Steps to File the FAFSA

1.) Dependent students and their parents must apply for a verified FSA ID  from the U.S. Department of Education, https://fsaid.ed.gov/npas. A FAFSA is not considered complete until both the parent and student have updated it with their FSA ID. Independent Students must apply for a verified FSA ID. This is considered the online signature form.

2.) Upon receiving a FSA ID, students complete the FAFSA online, www.fafsa.ed.gov and must include Studio Incamminati's Federal Code 04232000

3.) When filing FAFSA on the web, students are encouraged to use the IRS DRT (Data Retrieval Tool), which allows the U.S. Department of Education to access tax year data directly from the IRS, rather than the student providing the data. This ensures the most accurate aid award and may satisfy the need for further tax information if selected for Federal Verification.

4.) After submitting the FAFSA, students receive notification from the Federal Government in the form of a Student Aid Report (SAR). The SAR contains the Expected Family Contribution and Pell Grant and Federal Direct Loans eligibility. Students must review carefully and correct any errors found.

An online tutorial is at www.finaid.ucsb.edu/fafsasimplification/

When Should Students File?
Students must file a FAFSA each academic aid year to be eligible for financial aid. We encourage new and returning students to file their FAFSA by Oct. 15. This new, earlier date allows students to get a head start on determining what type of aid they qualify for.

Who is Eligible to Submit a FAFSA?
1. A student applying for, or already enrolled in, the Advanced Fine Art Program and
2. Is a U.S citizen or eligible non-citizen and
3. Has a valid Social Security card on file with the Social Security Administration

Dependent Student v. Independent Student
When applying for aid, it must be determined if students are dependent or independent status. The U.S. Department of Education has specific criteria that determine a student's status. The FAFSA will ask a series of questions that helps determine status. For an Independent Student, one of the following criteria must be met:
• Be 24 years of age
• Be in a graduate program (beyond a bachelor's degree)
• Be married
• Have children he or she supports
• Have legal dependents
• Be an orphan or ward of the court
• Be a veteran
• Be emancipated
• Be an unaccompanied youth who was homeless or at risk of being homeless

Dependent Students are claimed on the parent's income taxes. Federal aid programs are based on the concept that a dependent student's parents have the primary responsibility for their children's education. If students do not meet the Independent Student criteria listed above, parent information is required.

Additional Tips
Students should pay special attention not to make errors when filing the FAFSA and verify all personal information, including the Social Security number and date of birth. Errors can cause delays in financial aid awards.

Students also should review the information that is sent back after filing the FAFSA on the Student Aid Report. Errors are indicated on the report. Corrections can be made by going back into the FAFSA at any time. The report may also indicate students have been selected for a Verification Audit Review.

NOTE: Federal Student Loans will not be disbursed to student's account until he or she electronically completes both an Entrance Interview and signs the Master Promissory Note (MPN). Both of these can be completed by visiting www.studentloans.gov. A FSA ID and Social Security number are required to complete this process. The FSA ID is assigned when filing the FAFSA. The number can be retrieved by visiting https://fsaid.ed.gov/npas.

Important FAFSA Information
After submitting the FAFSA application to the Federal Processor (U.S. Dept. of Education), students will receive a Student Aid Report (SAR) in the mail (if applied by paper application) or by the WEB (if applied online). The SAR is a hard copy of the information provided on the FAFSA. This report tells the student's Expected Family Contribution (EFC). It also gives the opportunity to correct any errors or update data. Students, who estimated their financial information when originally filed, must now use the SAR to correct data with accurate information. Students who are dependent must also have their parent sign the form. The third item students should review is the list of educational institutions that will receive financial information. Important: Students must ensure that the Studio Incamminati code, number 04232000 is listed on the SAR.

Verification
Each year the U.S. Department of Education requires schools participating in the Title IV, Federal Student Aid programs to verify the consistency and accuracy of data submitted on the Free Application for Federal Student Aid (FAFSA). Any student who completes a FAFSA may be chosen for verification by the Department of Education. Nationwide, about 30% of all FAFSA applications are selected.

If selected, students (if independent) and their parents (if dependent) must supply documentation to confirm the data reported on the FAFSA form. Students must submit the verification worksheet and copies of their federal income tax transcripts or their parents. The Financial Aid Administrator notifies students regarding the necessary documentation that is required to satisfy the verification requirement. No federal financial aid may be credited to the student's account until this process is completed.

"C" Flags
The U.S. Department of Education checks the FAFSA information with other federal agencies. "C" Flags indicate inconsistent information or information that could not be verified by the USDE system. All "C" flags are identified on the Student Aid Report (SAR) with an explanation on Part I of the SAR. All "C" flag issues must be resolved before the Financial Aid Administrator can disburse any financial aid. Resolution can occur through the assistance of certain federal agencies. You will be notified by the Financial Aid Administrator of the documentation or actions required to remove the "C" flags.

Selective Service
Men aged 18 through 25 are required to register with the Selective Service System in order to receive federal funding. Men who are between the ages of 18-25 and have not registered must register at www.sss.gov as soon as possible. Men over the age of 25 and have not registered for the Selective Service should contact the Financial Aid Administrator.

2016-2017 School Year

It is the student's responsibility to plan ahead, anticipate cost, budget resources, and request aid for the entire academic year.

Direct cost paid to Studio Incamminati

Tuition $12,600

Estimated Fees $25

Total Direct Costs $12,625

Additional Estimated Personal Expenses

Living on own

   First Year Second Year Third Year Fourth Year
Art Supplies $1,500 $1,500 $1,500 $1,500
Transportation $1,710 $1,710 $1,710 $1,710
Room and Board $10,530 $10,530 $10,530 $10,530
Misc./Personal $2,745 $2,745 $2,745 $2,745
Total $16,485 $16,485 $16,485 $16,485

 

 

 

 

 

 

Combined Direct Costs and Estimated Personal Expenses

Direct Costs $12,625
Personal Costs $16,485
Total Cost of Attendance $29,110

 

 

 

 

Living with parent

   First Year Second Year Third Year Fourth Year
Art Supplies $1,500 $1,500 $1,500 $1,500
Transportation $1,710 $1,710 $1,710 $1,710
Room and Board $4,320 $4,320 $4,320 $4,320
Misc./Personal $2,745 $2,745 $2,745 $2,745
Total $10,275 $10,275 $10,275 $10,275

 

 

 

 

 

 

Combined Direct Costs and Estimated Personal Expenses

Direct Costs $12,625
Personal Costs $10,275
Total Cost of Attendance $22,900

 

 

 

 

Net Price Calculator

To process Federal Direct Loans, students need to complete a Master Promissory Note (MPN) and Loan Entrance Counseling. Students must follow the instructions below to complete the MPN and Entrance Counseling electronically.

Go to studentloans.gov.

Click on the green button to sign in with your FSA ID. Students will need their social security number, personal information, employer information and school name.

Student must complete the Master Promissory Note (MPN). Two references must be entered: one to be a parent or close relative, not living with the student and the other may be a friend.

Students then e-sign the MPN.

Loan Entrance Counseling is required for first-time borrowers. Entrance counseling is a federal regulation mandated by the Department of Education which explains the student's rights and responsibilities as a borrower.

New student borrowers will not receive credit for their Federal Direct Loan until both the Master Promissory Note AND Loan Entrance Counseling is completed. If students need assistance completing their MPN, they can contact the Direct Loan customer service center at 800-557-7397.

 

Definition of an Academic Year

Studio Incamminati uses a standard academic year that spans two enrollment terms (semesters). These two terms total at least 37 weeks of instruction. Full-time students are expected to complete 25-26 credit hours during an academic year. For financial aid purposes, the academic year is defined by 25-26 credit hours and 37 weeks of instruction.


The Standard Academic Year starts with the fall semester and finishes at the end of the spring semester. Summer sessions may be added to the end of the standard academic year. The 2016-2017 Standard Academic Year begins on Sept. 6, 2016, and ends June 16, 2017.


Definition of Full-Time and Part-Time Status

The amount of financial aid students receive also depends on their enrolment status. To be considered enrolled full-time for Federal financial aid purposes; students must be taking 12 credit hours per semester over at least 15 weeks. Students must be taking at least 6 credit hours per semester (half-time) to be considered for direct loans. Students may be taking less than 6 credit hours to be considered for Pell Grants.

Verification

Each year the U.S. Department of Education requires schools participating in the Title IV, Federal Student Aid programs to verify the consistency and accuracy of data submitted on the Free Application for Federal Student Aid (FAFSA). Any student who completes a FAFSA may be chosen for verification by the Department of Education. Nationwide, about 30% of all FAFSA applications are selected.

If selected, students (if Independent) and their parents (if Dependent) must supply documentation to confirm the data reported on the FAFSA form. Students must submit a required Verification Worksheet and copies of their (and their parents’) federal income tax transcripts. In some instances, students will be required to provide proof of identification and graduation of High School (or the equivalent). If selected, the Financial Aid Administrator will notify the student and provide a copy of the institution’s detailed Verification Policies and Procedures. No federal financial aid may be credited to the student's account until this process is completed.

Primary documents collected are:

2015 IRS Tax Return Transcript
This is required for the student, the student's spouse if married, and for the parents of a dependent student. The form can be ordered on-line at www.IRS.gov, or call 1-800-908-9946. Be sure to request a "2015 IRS Tax Return Transcript" and not an "IRS Tax Account Transcript."


2015 W-2 Form(s)
Copies of all 2015 W-2 forms are required for the student, the student's spouse if married, and for the parents of a dependent student.

Studio Incamminati Verification Worksheet
Studio Incamminati verifies all students who are selected by the U.S. Department of Education. The Financial Aid Administrator may use its own discretion in selecting students for verification. Students selected for verification will be notified by the Financial Aid Administrator. Students will have 45 days from the time of notification to submit all appropriate documents to the Financial Aid Administrator or risk losing all or a portion of their financial aid. No funds will be credited to a student's bill until the verification process is completed. Should verification result in a change in financial aid, the student will be notified via a revised award letter. The Financial Aid Administrator has the right to request additional information and documentation beyond the forms listed above.

Satisfactory Academic Progress (SAP)

Federal regulations require all schools participating in Federal Title IV, HEA Student Financial Aid programs to establish and apply reasonable standards for measuring Satisfactory Academic Progress. These standards are applicable to all students enrolled in the Advanced Fine Art Program and are used to measure their satisfactory progress toward graduation. The policy is provided to all students prior to the first class session and is consistently applied to all students in the program, regardless of the student’s participation in the Title IV programs. Evaluations are maintained in students’ files.

New SAP definitions went into effect on July 1, 2011. Studio Incamminati developed policies to determine the academic standards that students must meet and constructed a means and a schedule of measuring acceptable Quantitative (Pace of Progress) and Qualitative (Grade Point Average) standards. The Quantitative measure ensures students are progressing through their program of study at a minimum Pace that will provide for completion of their program within 150% of the normal timeframe.

SAP standards are established by the faculty in consultation with the Director of Education Programming, and in compliance with Accrediting agency standards and Federal Title IV regulations. Students must maintain SAP according to the following standards in order to continue enrollment. SAP is measured at the end of each payment period, and will be checked prior to disbursement of aid.
The SAP policy for Title IV, HEA students is identical to the school standards for students enrolled in the same educational programs who are not receiving Title IV aid.

Evaluation Periods

Formal evaluations for SAP are conducted at the end of each Term (payment period) as follows:

Fall Semester - January

Spring Semester - June

Evaluations determine if students have met the minimum requirements for SAP. The frequency of evaluations ensures that students have continuous knowledge of their progress toward completion.

Academic Year Definition

For purposes of Federal financial aid, the academic year definition is a minimum of 24 credits and 37 weeks of instructional time.

Quantitative Measure (Pace of Progression) and Maximum Time Frame

Studio Incamminati’s SAP policy contains a measure of Pace of Progression. Students must progress through the Advanced Fine Art Program at a sufficient pace to ensure completion within the maximum timeframe of 150% of the published length of the program, as expressed in attempted credits.

The maximum time for students to complete the Advanced Fine Art Program is as follows:
Credit Hours in Program        Maximum Attempted Credit Hours
99 credits                               148 credits

To be considered making SAP, students are required to earn a minimum of 67% of the credits attempted, cumulatively, at each evaluation point. This will ensure completion of the program within the 150% of the normal timeframe. Evaluations are conducted at the end of each payment period to determine if students have met the minimum requirements and are based on the cumulative credit completion percentage as of the last day of the evaluation period. The Pace of Progression is determined by dividing the cumulative credit hours earned/completed by the cumulative credit hours attempted. At the end of each evaluation period, the school determines if students have maintained at least 67% cumulative Pace of Progression since the beginning of the course. This indicates that, given the same Pace, the student will graduate within the maximum time frame allowed.

Qualitative Measure

The qualitative measure of progress is based on grade point average. Students must maintain a cumulative grade point average of at least 2.0 at the end of each evaluation point (semester).

The Financial Aid Administrator and the Director of Education Programming monitor qualitative progress.

Grade Points Description
A 4.00 Superior: Mastery of subject matter
A- 3.70
B+ 3.30 Good: Above average of mastery of subject matter
B 3.00
B- 2.70
C+ 2.30 Satisfactory: Acceptable mastery of subject matter
C 2.00
C- 1.70
D+ 1.30 Low pass: Limited mastery of subject matter
D 1.00
F 0.00 Failure: Deficiency in subject matter

 

Financial Aid Warning

Studio Incamminati evaluates SAP at the end of each semester (payment period). Students who fail to meet either the Quantitative and/or Qualitative measures of SAP are considered in a status of “Not Making SAP”. Students Not Making SAP will be put on Financial Aid Warning for one semester/payment period. Students who are put on a Financial Aid Warning continue to receive Title IV aid for one semester/payment period after they are placed on Financial Aid Warning status. The status will be conferred automatically without the student appealing the SAP status. Students will be notified in writing of their failure to meet SAP requirements and placement on FA Warning status.

Appeal Process

Students who do not make SAP at the end of the Financial Aid Warning period are considered “Not Making SAP” and lose their Title IV financial aid eligibility. These students will be placed on Academic Development Status and the right to appeal. Students may have the opportunity to have their Title IV, HEA financial aid eligibility reinstated by appealing the Not Making SAP/Academic Development Status, and being placed on Financial Aid Probation if the appeal is granted.

In order to appeal, students have three (3) business days after being notified to submit an appeal. The appeal must be in writing and given to the President, who will meet with the Financial Aid Academic Appeals Committee to make a decision on the appeal.

The basis on which a student may file an appeal are: injury or illness; death of a relative; or other special circumstance. Students must provide supporting documents and describe in writing any unusual circumstances that warrant special consideration. Students must provide information as to why they did not make SAP and what has changed that will allow them to make SAP by the next evaluation point.

The President will provide a decision in writing within five (5) business days.

Financial Aid Probation

If Probation Status is granted, students regain Title IV, HEA eligibility for one semester/payment period only. Students must be meeting all required SAP measures at the end of the payment period on Probation to regain Title IV, HEA funding for the subsequent payment period.

Students who regain SAP at the next evaluation period regain full eligibility for Title IV, HEA funding. Students not making SAP continue to be ineligible to receive Title IV funds without the option to appeal.

Reinstatement of Title IV, HEA Aid

Reinstatement of aid is limited to the period under evaluation. Students making SAP by the conclusion of the Financial Aid Warning or Financial Aid Probation period will be removed from said status and will regain eligibility for Title IV, HEA funding.

A former student requesting to be reinstated as an active student should do so in writing. Supportive documentation and/or information concerning any mitigating circumstances should be noted in the request. The requesting former student shall be notified of the Reinstatement Review within five (5) business days following the decision of the Financial Aid Academic Appeals Committee. A returning student always re-enters the program in the same SAP status as when the student left the program.

Course Incompletes, Withdrawals, Repetitions and Transfer Credits

Students who withdraw and re-enroll will return in the same SAP status as at the time of withdrawal.

Course incompletes, repetitions and non-credit remedial courses do not apply. Therefore, the school does not issue incompletes or offer non-credit remedial courses. All hours attended are considered attempted. Students are not permitted to withdraw from individual subjects. Students withdrawing from school will receive credit for all work successfully completed up to the point of withdrawal.

Due to the unique nature of Studio Incamminati’s curriculum, transfer credits are not accepted from other institutions.

Official Withdrawal from the School

Students who withdraw from the school must consult with the President and/or Director of Education Programming and notify in writing of his/her official last day.

Unofficial Withdrawal from the School

If Studio Incamminati unofficially withdrawals a student from the school, the President and/or Director of Education Programming will record the circumstances and last day in writing and include the information in the student’s official file. A student who fails to attend classes for 14 consecutive calendar days will be considered to have unofficially withdrawn from the institution.

Policy on Return Of Title IV Funds When A Student Withdraws

When students apply for financial aid, a statement is signed that the funds will be used for educational purposes only. Therefore if students withdraw before completing the program, a portion of the funds received may have to be returned. Studio Incamminati will calculate the amount of funding to be returned to the Title IV HEA Federal fund programs according to the
policies below:


A. Return To Title IV Funds Policy

This policy applies to students who withdraw officially, unofficially or fail to return from a leave of absence or are dismissed from enrollment. It is separate and distinct from Studio Incamminati’s Refund Policy.

The calculated amount of the Return of title IV, HEA funds that are required to be returned for the students affected by the policy, are determined according to the following definitions and procedures as prescribed by the regulations.

The amount of title IV, HEA earned is based on the amount of time a student spent in academic attendance, and the total aid received; it has no relationship to the student’s incurred institutional charges. Because these requirements deal only with Title IV HEA funds, the order of return of unearned funds does not include funds from sources other than the title IV, HEA programs.

Title IV, HEA funds are awarded to students under the assumption that he/she will attend school for the entire period for which the aid is awarded. Students who withdrawal may no longer be eligible for the full amount of Title IV, HEA funds that were originally scheduled. Therefore, the amount of Federal funds earned must be determined. If the amount disbursed is greater than the amount earned, unearned funds must be returned.

The Payment period for a term-based credit hour program is one half the academic year and one half the credits.

Students who do not complete all the days in the payment period or period of enrollment that the student was scheduled to complete are considered to be withdrawn. Students who ceases attendance (drops or withdraws) from all his or her title IV eligible courses in a payment period or period of enrollment are also considered to be withdrawn.


Date of Determination that the Student Withdrew

The Date of Determination is the date of the institution’s determination that the student withdrew varies depending on the type of withdrawal. Students who officially withdrawal or provide official notification of their intent to withdraw, the date of the institution’s determination that the student withdrew would be the date the student began the official withdrawal process or the date of the student’s notification, whichever is later. Students who do not begin the official withdrawal process or provide notification of his/her intent to withdraw, the date of the institution’s determination that the student withdrew would be the date the school becomes aware that the student ceased attendance.

Studio Incamminati does take attendance and so the last date of attendance will always be used when calculating Return to Title IV.

Studio Incamminati has 45 days from the date that the institution determines
that the student withdrew to return all unearned funds for which it is responsible.
The school is required to offer a post withdrawal disbursement that is not credited to the student’s account within 30 days of the date of determination.

The Date of Determination that the student withdrew is a maximum 14 days after the last date of attendance. The Date of Determination starts the clock for timely refunds of Title IV Programs. Funds must be returned within 45 days after the Date of Determination. All dates are based on required official Studio Incamminati attendance records.

Studio Incamminati’s Office is required by federal statute to calculate the percentage of earned Title IV Funds received or pending and to return the unearned funds for students who withdrew, were terminated or failed to return from an approved leave of absence. For students who fail to return from a Leave of Absence, the Date of Withdrawal is the last day the student attended class before the Leave began. Therefore, for students enrolled in credit hour term programs for a LOA to be an official LOA a school must allow a student returning from a LOA to complete the coursework that he or she began prior to the LOA. In addition the institution may not impose additional charges and may not award the student additional Title IV assistance.

Payment Period:
For a student in an eligible program in semesters, and measures progress in credit hours, the payment period is the semester.

Rounding:
Enter dollars and cents using standard rounding rules to round to the nearest penny. Final payment amounts that the school and student are each responsible for returning may be rounded to the nearest dollar.

Percentages are calculated to four decimal places and rounded to three decimal places.

Students who reenter within 180 days of their withdrawal are immediately eligible
to receive all Title IV funds that were returned when they ceased attendance.

“Official” Voluntary Withdrawal

Students are considered to be “Officially” withdrawn on the date he/she notifies the Financial Aid Administrator or Director in writing of their intent to withdraw. The date of the termination for return and refund purposes will be the earliest of the following for official withdrawals:

1. Date student provided official notification of intent to withdraw in writing.

2. Date student began the withdrawal from the school’s records.

Students will be permitted to rescind his/her notification in writing and continue the program if so chosen. However, students who subsequently drop, the withdrawal date is the original date of notification of intent to withdraw.

Upon receipt of the withdrawal information the Studio Incamminati will complete the following:

1. Determine the student’s last date of attendance as of the last recorded date
of academic attendance on the school’s attendance record, and

2. Perform two calculations

a. The students ledger card and attendance record are reviewed to
    determine the calculation of Return of Title IV, HEA funds the student
    has earned, and if any, the amount of Title IV, HEA funds for which
    the school is responsible. Returns made to the Federal Funds Account
    are calculated using the Department’s Return of Title IV, HEA Funds
    Worksheets, scheduled attendance and are based upon the payment period.

b. Calculate the school’s refund requirement (see school refund calculation).

3. Student’s grade record will be updated to reflect his/her final grade.

4. Studio Incamminati will return the amount for any unearned portion of the
    Title IV, HEA funds for which the school is responsible within 45 days of
    the date the official notice was provided.

5. If applicable, Studio Incamminati will provide students with a letter
    explaining the Title IV, HEA requirements. To include,

a. The amount of Title IV, HEA assistance the student has earned. This
    amount is based upon the length of time the student was enrolled in
    the program based on scheduled attendance and the amount of funds the
    student received.

b. Any returns that will be made to the Federal program on the student’s
    behalf as a result of exiting the program. If a student’s scheduled
    attendance is more than 60% of the payment period, he/she is considered
    to have earned 100% of the Federal funds received for the payment
    period. In this case, no funds need to be returned to the Federal funds.

c. Advise the student of the amount of unearned Federal funds and tuition
    and fees that the student must return, if applicable.

6. Supply the student with ledger card record noting outstanding balance
    due to the school and the available methods of payment. A copy of the
    completed worksheet, check, letter and final ledger card will be kept in the
    student’s file.

Students who decide to rescind his/her official notification to withdraw must provide a signed and dated written statement indicating he/she is continuing his or her program of study, and intends to complete the payment period. Title IV, HEA assistance will continue as originally planned. Students who subsequently fail to attend or cease attendance without completing the payment period will have their withdrawal date return to the last date of attendance.

Unofficial Withdrawal

A student who does not provide official notification of his/her intent to withdraw and is absent for more than 14 consecutive calendar days, fails to maintain satisfactory academic progress, fails to comply with the school’s attendance and /or conduct policy, does not meet financial obligations to the school, or violates conditions mentioned in the School contractual agreement, will be subject to termination and considered to have unofficially withdrawn.

Within two weeks of the student’s last date of academic attendance, the following procedures will take place:

1. The Office will make three attempts to notify the student regarding his/her
    enrollment status.

2. Determine and record the student’s last date of attendance as the last
    recorded date of academic attendance on the attendance record.

3. The student’s withdrawal date is determined as the date the day after 14
    consecutive calendar days of absence.

4. Notify the student in writing of their failure to contact the school and
    attendance status resulting in the current termination of enrollment.

5. Studio Incamminati will calculate the amount of Federal funds the student
    has earned, and, if any, the amount of Federal funds for which the school
    is responsible.

6. Calculate the school’s refund requirement (see school refund calculation).

7. The school’s Controller will return to the Federal fund programs any
    unearned portion of Title IV funds for which the school is responsible
    within 45 days of the date the withdrawal determination was made, and
    record on student’s ledger card.

8. If applicable, Studio Incamminati will provide the student with a refund
    letter explaining Title IV requirements:

a. The amount of Title IV aid the student has earned based upon the length
of time the student was enrolled and scheduled to attend in the program
and the amount of aid the student received.

b. Advise the student in writing of the amount of unearned Title IV, HEA
aid and tuition and fees that he/she must return, if applicable.

9. Supply the student with final student ledger card showing outstanding
    balance due the school and available methods of repayment.

10. A copy of the completed worksheet, check, letter, and final ledger card will
     be kept in the student’s file.

Withdraw Before 60%

Studio Incamminati must perform a return to Title IV to determine the amount of earned aid through the 60% point in each payment period. The school will use the Department of Education’s prorate schedule to determine the amount of the return to Title IV funds students have earned at the time of withdrawal.

Withdraw After 60%

After the 60% point in the payment period, students have earned 100% of the Title IV or HEA funds he/she was scheduled to receive during this period. Studio Incamminati must still perform a return to title IV to determine the amount of aid students have earned.

Studio Incamminati measures progress in credit hours, and uses the payment period for the period of calculation.

The Calculation Formula

Determine the amount of Title IV or HEA aid that was disbursed plus Title IV or HEA aid that could have been disbursed.

Calculate the percentage of Title IV, HEA aid earned by student:

a) Determine the percentage of the period completed:
    Divide the calendar days completed in the period by the total calendar
    days in the period (excluding scheduled breaks of five days or more AND
    days that the student was on an approved leave of absence).

    COMPLETED DAYS
    TOTAL DAYS IN PERIOD = % EARNED (rounded to one significant digit to the right of the decimal point, ex. .4493 = 44.9 %)

b) If this percentage is greater than 60%, the student earns 100%

    If this percent is less than or equal to 60%, proceed with calculation.

Percentage earned from (multiplied by) Total aid disbursed, or could have been disbursed = AMOUNT STUDENT EARNED.

Subtract the Title IV aid earned from the total disbursed = AMOUNT TO BE RETURNED.

100% minus percent earned = UNEARNED PERCENT

Unearned percent (multiplied by) total institutional charges for the period = AMOUNT DUE FROM Studio Incamminati.

c) If the percent of Title IV aid disbursed is greater than the percent unearned  multiplied by) institutional charges for the period, the amount disbursed will be used in place of the percent unearned.

If the percent unearned (multiplied by) institutional charges for the period are less than the amount due from the school, the student must return or repay one-half of the remaining unearned Federal Pell Grant.

Students are not required to return the overpayment if this amount is equal to or less than 50% of the total grant assistance that was disbursed /or could have been disbursed. The student is also not required to return an overpayment if the amount is $50 or less.

Studio Incamminati will issue a grant overpayment notice to students within 30 days from the date the school’s determination that students withdrew, giving students 45 days to either:

1. Repay the overpayment in full to Studio Incamminati
or
2. Sign a repayment agreement with the U.S. Department of Education.

Order of Return

The School is authorized to return any excess funds after applying them to current outstanding Cost of Attendance (COA) charges. A copy of the Institutional R2T4 work sheet performed on your behalf is available through the office upon student request.

In accordance with Federal regulations, when Title IV, HEA financial aid
is involved, the calculated amount of the R2T4 Funds is allocated in the
following order:

• Unsubsidized Direct Stafford loans (other than PLUS loans)

• Subsidized Direct Stafford loans

• Direct PLUS loans

• Federal Pell Grants for which a Return is required

• Iraq and Afghanistan Service Grant for which a Return is required

• Institutional aid

Post Withdrawal Disbursements

Studio Incamminati must offer any amount of a post-withdrawal disbursement within 30 days of the Date of Determination to students or parents. This must be done by providing a written notification to the student or parent and identify the type and amount of the Title IV Funds that make up the Post-withdrawal Disbursements. Students must either accept or decline some or all of the Post-withdrawal Disbursement. If the Post-withdrawal Disbursement is accepted by the student and/or parent, the institution has 45 days for grants and 180 days for loans from the Date of Determination to disburse the funds or decline to do so at its own discretion.

A Post Withdrawal Disbursement must be made from available grant funds first, before taking available loan funds. No permission is required to disburse
grant funds.

Institutional Responsibilities

Studio Incamminati’s responsibilities in regards to Title IV, HEA funds follow:

• Providing students information with information in this policy;
• Identifying students who are affected by this policy and completing the
return of Title IV funds calculation for those students;
• Returning any Title IV, HEA funds due to the correct Title IV programs.

The institution is not always required to return all of the excess funds; there are situations once the return to Title IV calculations have been completed in which the student must return the unearned aid.

Overpayment of Title IV, HEA Funds

Any amount of unearned grant funds that students must return is called an overpayment. The amount of grant overpayment that students must repay is half of the grant funds received. Students must make arrangements with Studio Incamminati or the U.S. Department of Education to return the amount of unearned grant funds.
Student Responsibilities in regards to return of Title IV, HEA funds

• Returning to the Title IV, HEA programs any funds that were dispersed in
   which the student was determined to be ineligible for via the return to Title
   IV calculation.

• Any notification of withdraw should be in writing and addressed to the
   appropriate institutional official.

• Students may rescind his/her notification of intent to withdraw.
   Submissions of intent to rescind a withdraw notice must be filed in writing.

• Either these notifications, to withdraw or rescind to withdraw, must be
   made to the Director of Educational Programming or President.

Refund vs. Return to Title IV

The requirements for the Title IV, HEA program funds when students withdraw are separate from the Studio Incamminati refund policy. Therefore, students may still owe funds to the school to cover unpaid institutional charges or if applicable, receive a credit balance. Studio Incamminati may also charge for any Title IV, HEA program funds that they were required to return on your behalf.

Studio Incamminati’s refund policy is located in the 2015-2016 School Catalog and the 2016-2017 Policies & Guidelines. A paper copy can be provided from the office.

Return to Title IV Questions

Students who have questions regarding Title IV, HEA program funds after visiting with the Financial Aid Administrator may call the Federal Student Aid Information Center at 1-800-4-fedaid (800-433-3243). TTY users may call 800-730-8913. Information is also available on student aid on the web
www.studentaid.ed.gov.


This policy is subject to change at any time, and without prior notice.

 

 

Students who have borrowed federal direct loans are required to complete Exit Counseling upon completion of a program of study (graduation) or if they cease enrollment at Studio Incamminati (transfer out or withdrawal).

This requirement can be satisfied by visiting the National Student Loan Data System (NSLDS) website at www.NSLDS.ed.gov and by clicking the "Exit Counseling" link. Students need their social security number, date of birth, and FSA ID to log in.

The Exit Counseling session consists of the following sections:

Getting Started - Types of Federal Student Loans, Loan Terminology
Repaying Your Loan - Loan Summary Information (NSLDS), Interest Rates & Payment of Interest, Entering Repayment, Repayment Incentives, Repayment Plans, Making Payments
Having Trouble Making Payments - Deferments, Forbearances, Delinquency and Default, Loan Consolidation
Loan Discharge and Loan Forgiveness
Resources - Financial Literacy, Additional Information, Borrower's Rights and Responsibilities

At the end of the Exit Counseling session, students are asked for information that will be included in their loan record. This includes names, addresses and phone numbers for your next of kin, two references who live in the United States, future employer (if known), and driver's license number.

Students planning to continue their education within six months of completing their program of study or of dropping below part-time status, their Federal Loans will be deferred if they are enrolled at least half-time. For additional information on personal federal loan history, students should click on the "Loan History & Consolidation" link.

Students who have any questions or concerns should contact Yvonne Smith, financial aid administrator to discuss Exit Counseling in person.

Loan History

The National Student Loan Data System (NSLDS) is the U.S. Department of Education's (ED's) central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other Department of ED programs. NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data.

Students can view their complete federal student loan history by visiting www.NSLDS.ed.gov. To log in to the system, students need to provide their social security number, date of birth and their FSA ID.


Federal Loan Consolidation

For information on federal loan consolidation, visit www.loanconsolidation.ed.gov and click on "Borrower Services."

Studio Incamminati's officers and employees may not receive directly or indirectly, points, premiums, payments, stock or other securities, prizes, travel, entertainment expenses, tuition payment or reimbursement, the provision of information technology equipment at below market value, additional financial aid funds or any other inducement from a guaranty agency or eligible lender in payment for securing applicants for loans.

The school or its employees may not provide names and addresses and/or e-mail addresses of students or prospective students or parents to eligible lenders or guaranty agencies for the purpose of conducting unsolicited mailings, by either postal or electronic means, of Title IV student loan applications.

Studio Incamminati will not allow any employee of the guaranty agency or eligible lender to perform any school-required function with the possible exception of exit counseling. The institution will not permit guaranty agencies to conduct fraudulent or misleading advertising concerning loan availability, terms or conditions.

Studio Incamminati will not permit employees to enter into a consulting arrangement or other contract with an eligible lender. In addition, the school will not permit an employee working in the student financial aid office to serve on an advisory board for an eligible lender.

Students are encouraged to contact Randi Cromer, Financial Aid Administrator with any questions or concerns at This email address is being protected from spambots. You need JavaScript enabled to view it. or 215-592-7910

Mailing Address:
Studio Incamminati
Financial Aid Office
340 North 12th St., Suite 400
Philadelphia, PA 19107

Hours:
9 am to 5 pm, Monday through Friday

Other Important Financial Aid Contact Information

The Department of Education
1.800.4.FED.AID (1.800.433.3243)
studentaid.ed.gov/sa/
If you have questions or are experiencing technical issues with the Free Application for Federal Student Aid (FAFSA) or your FSA ID.

AES/PHEAA
1.800.692.7392
www.aesSuccess.org
If you have questions about the PHEAA State Grant, your Stafford Loan Master Promissory Note (MPN) or your Stafford Loans.

The Internal Revenue Service (IRS)
1.800.829.1040
www.IRS.gov
If you cannot locate your tax returns and need to request a transcript in order to either file the FAFSA or to complete Verification Paperwork.

The Selective Service System
1.888.655.1825
www.sss.gov
If you are a male student and have questions about the Selective Service Registration requirement mandated by the federal government.

The Department of Veteran's Affairs (VA)
1.888.442.4551
www.va.gov
If you have questions regarding educational benefits (G.I. Bill).

Veterans Benefits

In appreciation to those who have served our country, Studio Incamminati is now approved to accept students wishing to use their Veterans Education Benefits. Students entitled to Veterans Education Benefits may register for the Advanced Fine Art Program. The Department of Veterans Affairs determines the eligibility of educational benefits to which students are entitled. The Department of Veteran Affairs administers…

Tuition Payment Options

Studio Incamminati realizes each student has a different financial situation and offers several tuition payment plans to meet his or her needs.