The College of the Marshall Islands administers the following financial aid and scholarship assistance.

To be eligible to receive financial aid from College-administered programs students must:

1. Complete the College’s Financial Aid Application process;
2. Be admitted to the College and enrolled in an approved degree or certificate program;
3. Have a high school diploma, GED certification, complete a state approved home school program* or pass an approved Ability to Benefit Test;
4. Be a citizen of the Republic of the Marshall Islands (RMI), Federated States of Micronesia (FSM), the Republic of Palau (ROP), USA, or other eligible non-US citizen;
5. Hold a valid US Social Security number* (RMI, FSM, and ROP students will be assigned an identification number);
6. Comply with all pertinent College and U.S. Department of Education financial aid rules, regulations, and procedures including, but not limited to:
• Maintaining Satisfactory Academic Progress;
• Certifying that you will use federal student aid only for educational purposes;
• Certifying you do not owe money to any U.S. Title IV federal student grant or loan program;
• Registering with the U.S. Selective Service (U.S. citizen males aged 18-25)*;
• Supplying necessary documentation to the College or the U.S. Department of Education on demand.

 

Students who are eligible for aid must meet the “demonstrated financial need” test to receive funding. *Applies to U.S. Citizens only

The College of the Marshall Islands Financial Aid Application process requires:

1. A completed Free Application for Federal Student Assistance (FAFSA) form listing the College of the Marshall Islands (code number 030224). Students are strongly encouraged to complete this form on the Internet at http://www.fafsa.ed.gov. The priority filing date in March 1st of every year. Students filing after the priority filing date may receive reduced FSEOG, FWS, or College awards.
2. Submit to the College Financial Aid Office the CMI Financial Aid Application, a birth certificate, a verification worksheet, and proof of income from the previous fiscal year.
3. A signed copy of the CMI financial Aid Award letter must be returned to the Financial Aid Office within three (3) weeks of the date of issue.

CMI processes financial aid applications on a rolling basis throughout the year, but the process must be started six to eight weeks in advance of the semester attended in order to receive timely payment. Students who submit an application after the application deadline may receive reduced awards from some sources.

Students should save all records and other materials used to prepare their applications. Applications for federal student aid may be selected for a process known as “verification.” The verification process requires students to prove the accuracy of what is reported on their application by providing verification worksheets, federal tax returns, and/or other supporting documents. Applicants selected for verification cannot be issued a financial aid award until their information has been verified. Students will be notified in writing if they have been selected for verification. They will normally have 60 days to submit the required verification documents. Failure to submit the verification documents will result in their financial aid file being closed and no award being issued. If any of the data reported on the FAFSA is found to be incorrect, the student’s financial aid eligibility will be recalculated.

Eligibility for financial aid is determined by the following equation:

COA - EFC = FAN

where: COA is the Cost of Attendance,

           EFC is the Expected Family Contribution, and

           FAN is the Financial Aid Need

The Cost of Attendance (COA) budget for the period covered by the financial aid award is comprised of the following:

• Tuition and Fees
• Housing
• Books & Supplies
• Transportation
• Personal Expenses

The U. S. Federal Government determines a student’s Expected Family Contribution (EFC) based on the income and family information submitted in the FAFSA. The amount of a student’s EFC determines the student’s eligibility for the Federal Pell Grant and the amount the student and/or parents are expected to contribute towards payment of the student’s budget.

This sample Cost of Attendance is based on an off- campus student. The Financial Aid Office at CMI will try to meet the students’ Financial Aid Need, subject to student eligibility and the availability of financial aid funds.

The figures stated below reflect the estimated Cost of Attendance (COA) at CMI for a full-time student taking 24-36 credits during the 2007-2008 academic year and 6 credits during the summer:

The total credits for which a student is enrolled at the end of the add/drop period of each term determines a student’s enrollment status for that term. Enrollment for 12 credit hours or more is considered full-time; 9-11 credit hours is considered three-quarter time; 6-8 credit hours is considered half-time; and less than 5 credit hours is considered less than half-time.

A student enrolled at the College of the Marshall Islands must be making satisfactory academic progress in accordance with the U.S. Department of Education’s General Provisions Regulations (Standards of Satisfactory Academic Progress Policy (SAP)) before Title IV aid will be disbursed or awarded.

The College of the Marshall Islands defines the Satisfactory Academic Progress (SAP) Policy using two measures of student’s progress: the Grade Point Average (GPA) and enrollment status. At the end of each academic year, the College determines whether the student has made satisfactory progress according to these standards. Students must meet both requirements to maintain satisfactory progress. It should be noted that, regardless of the length of the increments, the College must make the determination that the student is making satisfactory progress for each payment period.

1. Grade Point Average (GPA). Students must maintain a minimum cumulative GPA of 2.00. Students whose academic cumulative GPA falls below 2.00 will be given a maximum of two (2) consecutive semesters/terms to make it up. If at the end of the two semesters the student’s GPA is not elevated to 2.00 or better, he/she will be suspended from financial aid.
2. Enrollment status.
• Students enrolled for a minimum of 24 credits in an academic year are considered to be full time. They must complete a minimum of 18 credits by the end of each year to maintain satisfactory academic progress.
• Students enrolled for a minimum of 18 credits in an academic year are considered to be ¾ time. They must complete a minimum of 12 credits by the end of each year.
• Students enrolled for a minimum of 12 credits in an academic year are considered to be ½ time. They must complete a minimum of 9 credits by the end of each year.
• Students enrolled for 8 credits or less in an academic year are considered less than ½ time. They must complete all 8 credits by the end of each year.

Should a student change his or her enrollment status from semester to semester (for example within an academic year attend Fall Semester full-time and Spring Semester half-time) CMI will average the full-time and part-time course load based on the above credit load requirements.

A student enrolled for only one (1) semester within an academic year will have his/her academic progress determined at the end of the academic year based upon the one (1) semester of attendance. The following requirements apply:

1. A student enrolled full-time (12 and above attempted credits) for one (1) semester must complete a minimum of 9 credits.(/li>
2. A student enrolled ¾-time (9-11 attempted credits) for one (1) semester must complete a minimum of 6 credits.
3. A student enrolled ½ time (6-8 attempted credits) for one (1) semester must complete a minimum of 4 credits.
4. A student enrolled less than ½-time (1-5 attempted credits) for one (1) semester must complete all credits attempted.

Note: Remedial courses, if required, will be counted in determining the student’s satisfactory academic (quantitative) progress.

Financial assistance to any one student shall be limited to the equivalent of eight (8) full-time semesters or four (4) years; or ¾ time or six (6) years; or ½ time or eight (8) years; or ¼ time or twelve (12) years. If a student changes major(s) or graduates with an A.S./A.A. degree and re-enrolls into a new program, the above limitation may be reduced depending on the number of credits required for graduation. All semesters of attendance apply whether financial aid was received or not.

Withdrawal from all classes during a term may also result in a change in the financial aid award for that term. U.S. Department of Education policy states that students who withdraw before the 60 percent point of the term (as calculated by the number of days in the term) will have their financial aid award reduced. Upon withdrawal the Financial Aid Office will calculate the percentage of the term in which the student was enrolled prior to withdrawal. This percentage will be applied to the amount of aid received for the term, with the student retaining only the amount of aid for the percentage of the term actually completed. The unearned portion of the financial aid award must be returned.

Students considering withdrawal from classes should consult the Financial Aid Office prior to initiating the withdrawal process. Withdrawal can have a significant impact on institutional charges, the current financial aid award, and future financial aid eligibility. Complete financial aid regulations concerning withdrawals and the Return of Title IV Funds Policy may be obtained from the Financial Aid Office.

Students who cease attending all classes during a term may also be subject to the Return of Title IV Funds Policy outlined above. In all cases, official withdrawal procedures should be followed. Students who fail all classes during the semester will be reviewed to determine if the failure was due to inattendance. Students who stopped attending classes before the end of the term will be administratively withdrawn.