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 Administrator during business hours and request our financial aid assistance information pamphlet and Federal Pell Grant application forms.

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.

The system of need analysis used for Title IV programs is the Federal Pell Grant system approved by Congress each year.

In addition to the Federal Pell Grant application, the school requires verification of income and assets of the applicant (and spouse) and parents, if applicable, for the base year and academic year and/or award year prior to the determination of the applicant's eligibility status and amount of aid for which the student is eligible. The written estimated offer must also be accepted in writing by the student prior to any aid being disbursed.

The financial aid paid to eligible students will be paid toward their tuition. The disbursements will be made in a minimum of two equal installments: one at the beginning of the program, and the second at the completion of the program's mid-point. Kensington College does not disburse Title IV aid for living expenses. Eligibility funding will be applied to the extent of the program cost.

Satisfactory academic progress is required for all disbursements of Title IV program awards. For the purpose of financial aid disbursements, satisfactory progress must be maintained.

If the student does not maintain satisfactory academic progress, the subsequent scheduled disbursements will be withheld until the conditions causing the funds to be withheld have been rectified and written verification is received by the Financial Aid Administrator based on established policy of the Executive Director, the Program Director, and instructors involved in classes in which the student failed to maintain satisfactory academic progress. Please refer to the Satisfactory Progress description found in the Academic Policies of this catalog.

Students dismissed from school for other than failure to maintain satisfactory academic progress will not be eligible to receive any subsequent scheduled awards and will be required to complete the school process for re-admission. An exit interview will be required with the Financial Aid Administrator upon dismissal.

Exit interviews are required of all loan recipients who have graduated, dropped, or been dismissed. During the exit interview loan recipients will be given a repayment schedule and disclosure form which summarizes the total amount borrowed, the total amount of interest, and the interest rate as outlined on the borrower's interim (in-school) promissory note. The repayment schedule will also fix the first date, in addition to the number of monthly payments, required to pay the loan plus interest.

During the exit interview, the Financial Aid Administrator will also review the borrower's rights and responsibilities and provide a copy for future reference. All documents must be signed by the borrower if the borrower does not wish to invalidate any conditions allowed for the repayment of the loan.

All loan recipients will receive payment books through the mail prior to the first payment-due date of the loan. All loan recipients are required to notify the Financial Aid Administrator regarding any change of address to ensure all communications regarding the repayment of the loan are received on a timely basis and for the protection of the borrower's rights, since the school has specific United States Department of Education reporting requirements on individual loans made with Federal funds or guarantees of interest payments on an individual basis.

Any aid recipient who has dropped or been dismissed is accorded all terms and conditions of the institutional refund policy. If any institutional refund is due on a tuition payment from which Title IV payments have been made, the school will deposit the institutional refund to the individual's Title IV account, not to exceed the amount awarded to the student from that account, in the following order:

1. Federal Family Education Loan Programs: If you need to borrow to help pay for college, there are Federal Stafford loans (unsubsidized and subsidized) for students, and Federal PLUS loans for parents. The amount you can borrow varies by the type of loan and your enrollment status.

(1) Subsidized: are need-based. The interest rate is variable, with a cap of 8.25%. The federal government does not charge interest while you're in school. Six months after graduating, leaving school or dropping below half-time status, you must begin repaying your loan.

(2) Unsubsidized: are for qualified students, regardless of income. While you don't have to show financial need, you do have to meet all the other requirements for the subsidized stafford loan. Interest payments also begin immediately but may be deferred. Payments on the principal start six months after you're no longer enrolled at least half time. The interest rate on unsubsidized loans is also variable, not to exceed 8.25%.

(3) Federal PLUS (Parent) Loan: are for parents with a good credit history to help pay for their dependent's college costs. Interest begins to accrue when the first funds are released. Repayment begins within 60 days after the last disbursement for the school year. PLUS loans are variable, with a cap of 9%. To apply, your parents must complete the PLUS loan application promissory note.

2. Federal Pell Grant: is the largest financial aid program and provide a foundation for additional aid. Pell Grants are awarded to qualified undergraduates and don't have to be repaid.