Eligibility
Students applying for any Federal Financial Aid Program must meet the following requirements:
- Demonstrate financial need;
- Have a high school diploma or equivalent or GED certificate;
- Must be enrolled or accepted for enrollment as a regular student working toward a degree or certificate program;
- Be a U.S. citizen or eligible non-citizen; (citizens of the Republic of the Marshall Islands (RMI), Federated States of Micronesia (FSM), and the Republic of Palau are all eligible.)
- Have a valid U.S. Social Security number (with the exception of students from the Republic of the Marshall Islands, Federated States of Micronesia, and the Republic of Palau);
- Certify that use of Federal Student Aid only for educational purposes. Students must also certify that they are not in default on a federal student loan and do not owe money on federal student grant (which could happen if they withdraw from school, for example).
- Must be enrolled at least half-time to be eligible for an Academic Competitiveness Grant;
- Register (if haven’t already) with the Selective Services, if you’re male between ages of 18 and 25.
- Returning students must also demonstrate Satisfactory Academic Progress towards the completion of a degree or certificate
Pell Grant Lifetime Eligibility Use (LEU)
The amount of Federal Pell Grant funds a student may receive over his or her lifetime is limited by a new federal law to be the equivalent of six years of Pell Grant funding. Since the maximum amount of Pell Grant funding a student can receive each year is equal to 100%, the six-year equivalent is 600%.
Note: Students who have reached 600% of Pell LEU will no longer be eligible for Pell Grant. They will be advised to seek other means of funding.
| Year | Fall | Spring | Summer | Total Percentage | Cumulative Percentage |
|---|---|---|---|---|---|
|
2010-11 |
$2,775 = 50% |
|
2010-11 |
100% |
100% |
|
2011-12 |
$2,775 = 50% |
$2,180 = 37.5% |
$694 = 12.5% |
100% |
200% |
|
2012-13 |
|
$2,775 = 50% |
$1,387 = 25% |
75% |
275% |
|
2013-14 |
$2,823 = 50% |
$2,822 = 50% |
|
100% |
375% |
|
2014-15 |
$2,865 = 50% |
$2,865 = 50% |
|
100% |
475% |
|
2015-16 |
$2,887 = 50% |
$2,888 = 50% |
|
100% |
575% |
|
2016-17 |
$1,454 = 25% |
|
|
|
600% |
Students who are required to take remedial courses should be aware that their financial aid eligibility is limited. Students may only receive Pell Grant for 30 credit hours of developmental coursework. Students may resume their Pell Grant eligibility once they reach credit-level coursework
Application Process and Procedures
To receive financial aid, students must:
- Apply for CMI admission. Students must be accepted for admission to the College before a financial aid award can be issued;
- Complete a Free Application for Federal Student Assistance (FAFSA) form, listing the College of the Marshall Islands, Code Number 030224, to receive the Student Aid Report (SAR). Students are strongly encouraged to complete the FAFSA on the Internet at www.fafsa.ed.gov. The priority filing date is March 31 of every year;
- Sign the financial aid award letter from CMI within three (3) weeks of the date of the letter or during registration week;
- Submit to the Financial Aid Office the CMI Financial Aid Application, and other supporting documents (birth certificate, verification worksheet, and proof of gross income/wages and taxes from the previous fiscal year, Valid photo ID (State ID/Driver’s License/Passport)) that will be requested by Financial Aid Office.
CMI processes financial aid applications on a rolling basis throughout the year, but the process must be started at least eight weeks in advance of the semester attended in order to prevent delays in payment. Students who submit an application after the deadlines may receive less financial aid. Assistance is offered to CMI students and high school students through Financial Aid Workshops and through individual consultations.
Application Deadlines
Students must have a complete financial aid application with the Financial Aid Office at CMI by the following deadlines:
Fall Deadline
March 31 – Continuing/Returning Students
June 30 – New Students/Readmitted or Transfer Students ONLY
Spring Deadline
October 31 – Continuing/Returning Students
November 30 – New/Readmitted and Transfers Students ONLY
Summer Deadline
April 30
Note: Aid from the federal programs is not guaranteed from one year to the next. Students must apply for financial aid every year.
Applicants Selected for Verification
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.
