Presentation on theme: "Nichol Westendorf Director of Financial Aid Bethany College- 4 yr Private Non-Profit."— Presentation transcript:
Nichol Westendorf Director of Financial Aid Bethany College- 4 yr Private Non-Profit
Federal Student Aid Handbook Vol. 8 Chapter 3 pg. 8-17 to 8-21. NASFAA Knowledge Base Borrower Based Schools Policies & Procedures Why It Matters? Its important to define the period of enrollment or loan period at the outset, because the length of the loan period will determine the timing and amount of disbursements.
Scheduled Academic Year Scheduled AY is a fixed period of time that doesnt change, and generally begins and ends at the same time each year. Only term based credit hour programs can use standard AYs. For most schools, consists of Fall/Spring/Summer Borrower Based Acad. Year BBAY not a set period of time, follow the borrower. A term based credit hour program can elect to use BBAYs if the programs academic year provides at least 30 weeks of instruction. You can use it for all of your students, or just those enrolled in certain programs.
SummerSummerSpringSpringFallFall Term B Term C Term A Term B Term C Term A Scheduled- Semester Borrower Based- Trimester Term B Term C Term A
Borrower Based Aid Year depends on the students enrollment and progress. Schools must use BBAY for clock hour and non-term credit hour programs Clock hr programs and non-term programs often allow students to begin when they want and progress at their own pace. The BBAY must contain at least 24 credit hours, 36 quarter credit hours, or 900 clock hours. The BBAY does not end until the student has completed the number of weeks or the number of credit hours in the AY. A self paced student may then front load or back load their credits.