Financial Aid Information
BGU understands the financial stress that can result from the pursuit of graduate-level education. To help ease that burden, BGU has sought to identify various financial aid opportunities for qualified students wishing to attend BGU but who do not have the financial resources to do so. Our hope is that these resources and financial aid packages will help you move forward with your educational goals. To begin with, here are a few helpful links for internet access to Financial Aid Information:
- www.fafsa.ed.gov (complete the FAFSA online)
- www.wiredscholar.com (general financial aid information and outside scholarship search)
- www.finaid.org (general financial aid information)
- www.fastweb.com (outside scholarship search)
- www.GIbill.va.gov (Montgomery GI Bill information)
- www.finaid.org/otheraid/natamind.phtml (Native American Financial Aid information)
BGU has been approved as an institution whose students are eligible for Title IV Federal loans. This form of financial aid is based upon the needs of the student. Need is determined based on the cost of attendance and the expected family contribution (EFC) as calculated through the Free Application for Federal Student Aid (FAFSA) system. Students who are interested in obtaining a loan through the Direct Loan or FFELP (Stafford Loan Program) should fill out the FAFSA application by going to the government website: www.fafsa.ed.gov. Once the application is completed, the student will submit the application electronically at the same website after entering BGU’s school code G31108.
The U.S. Department of Education will send you a Student Aid Report (SAR), a summary of the FAFSA data you submitted, and will contain your Expected Family Contribution (EFC) – the number used to determine your federal student aid eligibility. BGU will also be sent your SAR and will develop your award package based on your EFC and the cost to attend BGU. This award letter will include a promissory note that you will sign and return to BGU as your official acceptance of your loan package. Upon receipt of your promissory note, BGU will be able to access money directly from the Federal Government to apply towards your account. If your loan amount exceeds your tuition charges, BGU will pay you the credit balance by check or other means. Graduate students are eligible for up to $20,500 per academic year in FFELP Loan assistance. Students are encouraged to thoughtfully consider their financial needs and be careful not apply for more funds than the student anticipates needing.
In order to qualify for Federal Financial Aid, a student must maintain a minimum status of half time (8 credits for the DMin program and 6 credits for the master’s programs) and maintain satisfactory academic progress (see Section V, F “Satisfactory Academic Progress” in student catalogue for specific details). The applicant must have already been officially accepted into BGU as a student before applying for a loan.
Students may apply for loans for courses taken during the prior year’s academic term. For example, if a student took two 4-credit courses (qualifying them for half time) in the 2008-09 Academic Term (between July 1, 2008 and June 30, 2009), and their application was submitted before July 1, 2009, funds could be obtained to cover tuition costs for those two courses.
Return of Title IV Policy
Federal statute requires BGU to recalculate federal financial aid eligibility for students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60% of a payment period or term. The federal Title IV financial aid programs must be recalculated in these situations. Therefore, if a student leaves the institution prior to completing 60% of a payment period or term, the financial aid office recalculates eligibility for Title IV funds. Recalculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula:
Percentage of payment period or term completed = the number of days completed up to the withdrawal date divided by the total days in the payment period or term. (Any break of five days or more is not counted as part of the days in the term.) This percentage is also the percentage of earned aid.
Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula:
Aid to be returned = (100% of the aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period or term.
If a student earned less aid than was disbursed, the institution would be required to return a portion of the funds and the student would be required to return a portion of the funds. Keep in mind that when Title IV funds are returned, the student borrower may owe a debit balance to the institution. If a student earned more aid than was disbursed to him/her, the institution would owe the student a post-withdrawal disbursement which must be paid within 120 days of the student's withdrawal.
Refunds are allocated in the following order:
Please direct all financial aid questions to:
Art Zylstra
Chief Financial Officer
Bakke Graduate University
1013 8th Avenue, Ste. 401
Seattle, WA 98104
(206) 264-9100 ext. 115
Fax: (206) 264-8828
www.bgu.edu
