CBE Question and Answers
How to apply for financial aid?
Complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov. 2017-2018 and 2018-2019. The earlier the better.
When am I awarded?
Once we received the results of the FAFSA, we begin our internal processing. We may need additional information; we may also have to resolve conflicting information. We will notify students by mail if additional information is required to complete your file. Once it has been determined that the student has financial aid eligibility he/she will be awarded once the CBE coordinator has been notified of enrollment and start date.
How is aid disbursed?
Once you have completed the Free Application for Federal Student Aid (FAFSA) and it has been determined you qualify for financial aid, you will be awarded student federal once enrolled. Funds will disbursed based on direct and indirect cost, if applicable. The first disbursement will go towards your direct cost and indirect cost (if applicable). Afterwards direct cost will only disburse after six credit hours have been completed, then 12 and 18 credits hours have been completed; afterwards the student would need to wait until he/she completes 24 credits hours before receiving direct cost disbursements for the following 32- week Academic/loan period. In addition, upon completion of the six courses, students must start another set of courses at least two courses, before the disbursements will occur; disbursements will occur in four increments over a 32-week period and over four payments. Indirect cost will occur every 8 weeks, again if applicable, over a four-payment period, again over a 32-week period. The 32- week period starts the first day (called pre-test) the student starts their first course. It is very important, to know that even though the CBE program currently, this is subject to change, allows students a year to complete their course(s) financial aid will not consider future disbursements/processing if a student has not completed all courses he/she has registered for in those 32 weeks; a new 32 weeks begins after the 32 weeks has passed. Students must enroll for 24 credit hours within a 32-week period in order to receive federal student loans and must self-certify the course(s) for which he/she intends to enroll within the 32-week period.
What is meant by the terms Direct Cost and Indirect Costs?
Direct costs is money that is paid directly to the school for tuition and in the case of the CBE program, it includes a book allowance even though that is not paid directly to the school. Indirect costs is money for housing and other living expenses and are not paid to the school. You can possible receive financial aid to help cover both direct and indirect costs.
What makes up an Academic year?
For CBE students the academic year begins on your start date and consist of 32 weeks of instruction. The 32- week period starts the first day (called pre-test) the student starts their first course. A new academic year begins once the 32 weeks have passed.
What if I do not complete my course work, what will happen to my financial aid?
Students will be considered progressing in the program for federal student aid if the student completes at least six credit hours within the first 16 weeks of starting the program. If the student does not complete at least six credit hours within the first 16 weeks of the program, students will not receive further student federal aid disbursements unless it is self-certified that the student will still begin at least 12 credit hours within the 32- week Academic/Loan period. If a student will be unable to start at least 12 credit hours within the 32 week Academic/Loan period, no additional federal student aid disbursements will occur during the period, students will be reported as being enrolled less-than half-time to the Department of Education, and will no longer be considered for in-school deferment on prior federal student loans received. If a student cannot complete at least 12 credits hours during the 32-week Academic/Loan period, no additional federal student aid will be reviewed for disbursement unless it is self-certified and will still begin at least an additional 12 credit hours during the next 32-week Academic/Loan period. For each 32 weeks of enrollment, students must self-certify at the beginning of the period the courses for which he/she intends to enroll. If the student wishes to receive and/or maintain loans, they must be enrolled for at least 12 credit hours. The program is designed for students to work at their own pace; however, students are expected to make academic progress in a timely manner. If a student ceases to be academically engaged or fails to enroll in any competencies for 45 days UofL will consider the student withdrawn and no further Title IV, financial aid, may be disbursed.
How does billing occur?
Billing occurs only when the student starts (pre-test) a course.
Are students eligible for state aid?
What if I take both CBE and traditional course work?
Financial Aid will be awarded and disbursed in accordance with the CBE plan.
Do I have to maintain Satisfactory Academic Progress to receive financial aid?
You must be on target to complete your academic program within a set time frame. To determine if you are meeting this standard, total cumulative earned hours are compared to total cumulative attempted hours. Pace is calculated by dividing the total cumulative earned hours by the total cumulative attempted hours. The result must be 66.66% or greater, which means you must complete and pass at least two-thirds of your cumulative attempted hours.
Revised: November 7, 2017