MONROE COLLEGE LOAN PROGRAMS
HARRY E. JEROME LOAN FUND
The Harry E. Jerome Loan Fund was established for the purpose of alleviating
temporary, but severe hardships imposed
upon students through extenuating circumstances beyond their control. The awards made under this program are in the form
of a loan and are expected to be repaid.
INSTITUTIONAL LOANS
The Monroe Institutional Loan program is designed to provide funds for students
who temporarily need funds for additional
cost of attendance expenses. Students who
make use of this option, must meet with
a financial aid counselor to begin the application
process and will finalize the process by
signing a promissory note at the Bursar’s
Office. These loans are expected to be repaid
by the end of the semester in which they
were taken. Students will be billed by the
Bursar’s Office. In some circumstances repayment
may not have to begin until six months after
graduation. The student will have to see
a loan counselor to discuss this option.
All Institutional loans become due upon
a student’s withdrawal from the college.
TITLE IV DISBURSEMENTS
Title IV Grants are generally disbursed to student accounts after the third week
of each term on a regular basis contingent
on when the award is finalized. Loans will
be paid to each student’s account within
three days of the receipt of the funds.
Loan funds are generally delivered to the
college via Electronic Funds Transfer (EFT).
A student will receive notification (receipt)
of the loan in an attached reminder that
he/she has the right to cancel all or part
of the loan within 14 days.
Students whose financial aid is greater than institutional charges will be sent
a refund of these proceeds within two weeks
after the credit occurs. Pending and/or
estimated aid will not result in a credit. A credit will only occur once financial
aid proceeds are paid to the stu-dent’s
account.
STUDENT ELIGIBILITY REQUIREMENTS FOR TITLE IV FUNDS (FEDERAL FINANCIAL AID PROGRAMS)
All male students between the ages of 18 and 25 must be registered with the
Selective Service System to be eligible
for any Title IV financial aid program.
This applies to all United States citizens
and eligible non-citizens. Members of the
National Guard or Reserves must also register.
Only permanent residents of the Trust Territory
of the Pacific Islands and the Northern
Marina Islands are exempt from this requirement.
Male students may register or confirm their selective service status by going to sss.gov.
Male students who have reached their 26th birthday and who are not registered
with the Selective Service System must advise
the admissions counselor and resolve this
issue prior to starting classes.
Please note: It is the responsibility of the student who has not received clearance from the
Selective Service System prior to beginning
classes to speak to a financial aid counselor.
STANDARDS OF PROGRESS FOR TITLE IV ELIGIBILITY
To remain eligible for Title IV aid, students must make satisfactory progress
towards completion of their degree. Satisfactory
progress is measured by a qualitative standard (students must maintain a minimum GPA) and a quantitative standard (students
must earn a percentage of credits attempted.)
