Financial Planning and Financial Aid Programs
Davis & Elkins offers a complete range of financial planning services and financial assistance programs. Approximately 91 percent of our students receive scholarships and/or some type of financial assistance. The average financial aid package is well over $30,000 from all sources. The purpose of the College’s financial planning program is to help students and their parents identify all the sources of assistance and funding for which they are eligible. Types of financial assistance vary according to the source of funding, whether it is federal, state, institutional or private agency.
Eligibility is determined by a review of the student’s application materials and other information, including test scores, grade point average, class rank, evidence of service and leadership potential, performance auditions and athletic promise. Scholarships awarded by the College are competitive. They are designed to recognize and reward student success. Thus, not all students should expect to receive scholarship awards. Generally, the types of financial aid available include those listed below.
Scholarships Awarded by the College
Scholarships awarded by the College may range from several hundred dollars to as much as $20,000 per year and are renewable for up to four years and as much as $80,000. Students that are eligible for multiple scholarship programs will be awarded a single program with the greatest value to the student. Institutional scholarships, in conjunction with other financial aid resources, cannot exceed a student’s direct cost of attendance. Changes in campus residency status may impact the scholarship amount awarded. Students must be taking a full-time course load in order to be eligible for all institutional scholarships.
Merit Scholarships are available to freshmen, non-traditional, transfer and re-admitted students. The award amount is determined by the student’s grades, scores, campus residency status and other distinguished characteristics. Any student must have at least a 2.0 high school or transfer grade point average in order to be eligible for the scholarship.
Highlands Scholarships are available to students that have graduated from a high school in West Virginia. A student must have at least a 2.5 final high school grade point average to qualify for this scholarship.
International Scholarships are available to students that are not eligible for federal financial aid due to citizenship status. Students in a cost share program or with full sponsorship may not eligible for the International Scholarship.
Presbyterian Scholarships are available to students who are active members of the Presbyterian Church (U.S.A.). Students must provide documentation from their church confirming their membership.
Alumni Legacy Scholarships are available to students whose parent, grandparent, step-parent, or step-grandparent graduated from D&E.
HSTA Scholarships are available to students that completed the Health Sciences and Technology Academy. Students must provide documentation of successful program completion.
D&E Yellow Ribbon Grants are available to eligible student veterans and dependents to fund their tuition and mandatory fees after the application of Chapter 33 benefits. Yellow Ribbon Program eligible students are not eligible for other institutional scholarship programs.
Athletic Scholarships are awarded based on the recommendation of the Athletic Department and require participation in intercollegiate athletics.
Performing Arts Scholarships are awarded based on the recommendation of the Division of Creative Arts and require an appropriate level of participation in the programs of the College.
Endowed Scholarships are awarded as part of the financial planning review for each applicant and may be awarded to a student as a portion of their institutional scholarship offer. These scholarships may be based on specific criteria. Unless otherwise stated, recipients are selected during the admission process or through a review of current student records. Funds for endowed scholarships come from the generosity of many individuals, families and organizations. Click here for a list of endowed scholarships.
Gift Supported and Annual Fund Scholarships
These gifts are awarded from funds donated each year for the purpose of providing assistance to students. Recipients are selected through the financial aid review process, and these scholarships may be awarded to a student as a portion of their institutional scholarship offer. Click here for a list of current scholarships.
Davis & Elkins participates in the William D. Ford Federal Direct Loan Program allowing students to utilize Direct Subsidized/Unsubsidized Stafford Loans and Parent PLUS Loans based upon their eligibility as determined by the results of their FAFSA. Additionally, the College participates in the Federal Perkins Loan program (program expiration 2017-2018). The Financial Planning Office also maintains a listing of recommend private student loan lenders.
Many students are offered opportunities for on-campus and off-campus employment in a variety of positions through the Federal Work-Study Program based upon their eligibility as determined by the results of their FAFSA.
Federal and State Programs
The College participates in the following Federal programs:
- Pell Grants
- Supplemental Educational Opportunity Grants
- Veteran Administration Grants
- Direct Subsidized/Unsubsidized Stafford Student Loans
- Work-Study Program
- TEACH Grants
Additionally, the College participates in the following state programs:
- West Virginia Higher Education Grant Program
- West Virginia Promise Scholarship
- All reciprocal state grant programs
To be considered for any federal aid, the student must file a Free Application for Federal Student Aid (FAFSA). To be considered for West Virginia state aid, the student should file a FAFSA by March 1.
To apply for scholarships, students simply indicate their interest on the admission application.
To apply for need-based financial aid, students submit a completed Free Application for Federal Student Aid (FAFSA) online at www.FAFSA.gov after October 1. The determination of eligibility for financial assistance is accomplished through a process referred to as need analysis. Information provided on the FAFSA is evaluated in accordance with federal and institutional guidelines and formulas. Since eligibility is determined by a variety of factors, there are no fixed income cut-offs for most aid programs. A determination of ineligibility for federal aid does not necessarily exclude the student from other forms of assistance. Several types of institutional aid and other non-need-based programs may be available. Within about two weeks of submitting the FAFSA online, a Student Aid Report (SAR) will be emailed to the student. The student should review the report carefully for errors; if any are found, the student must make corrections to the FAFSA online and then immediately notify the Davis & Elkins Financial Planning Office.
Early application may increase chances of receiving assistance. However, the FAFSA cannot be submitted prior to October 1.
West Virginia residents must submit the FAFSA prior to March 1 to apply for the West Virginia PROMISE Scholarship and prior to April 15 to apply for and renew the West Virginia Higher Education Grant.
Financial Aid Package
Upon receipt of a Student Aid Report and Need Analysis Report, the Office of Financial Planning will determine which aid programs and what amounts of assistance are available for the student. The aid received will be based on eligibility, level of demonstrated need, program restrictions and availability of funds. The financial aid awarded becomes the student’s financial aid package and may include several types of aid in varying amounts. The student will be provided an award letter detailing their aid package. The total amount of need-based aid in the package will not exceed the amount of demonstrated need. The total amount of the entire package, less loans and work awards, will not exceed the student’s costs of tuition, room/board and mandatory fees.
A complete aid package is not directly renewable from one year to the next. Reapplication and re-evaluation of a student’s need is required each year. Students receiving financial aid will be required to meet specific academic standards.
Contact the Office of Financial Planning for complete details on all forms of financial assistance and scholarship awards.
The amount of assistance in most categories is limited; therefore, it is advisable for an entering student to complete applications for admission and financial assistance by March 1. In determining a student’s eligibility for assistance the following factors are taken into account: financial need, academic record, cost of attendance, campus residency status and school or college citizenship record.
In addition to the college-related programs, many states have state-sponsored scholarship and loan programs for qualified students. Students applying for assistance should familiarize themselves with these programs prior to making application for assistance from Davis & Elkins.
Renewal of Financial Aid and Scholarships
To be eligible for renewal of need-based financial aid awards, the student must demonstrate satisfactory academic progress as outlined in the College Catalog. Students should also file a FAFSA each year no later than May 1. To be eligible for renewal of scholarship funds the student must meet stated requirements and pre-register for the next academic year during the pre-registration period.
Satisfactory Academic Progress Policy
Federal regulations require that all students who receive any form of federal or state assistance make measurable, satisfactory progress toward a degree at Davis & Elkins College. Satisfactory academic progress is measured by evaluating a student’s progress toward degree completion in accordance with both a grade point average standard and a pace of progression/maximum time frame standard.
Davis & Elkins College reviews academic progress at the end of each semester/term. Failure to achieve a minimum, cumulative GPA (for the number of credit hours attempted) and/or to maintain a satisfactory pace of progression and/or to remain within the maximum time frame may result in a student’s loss of financial aid eligibility.
Grade Point Average Standard of Satisfactory Academic Progress
The grade point average standard sets a minimum Cumulative Grade Point Average (GPA) for the number of hours a student has completed. To remain in compliance, a student must maintain the following cumulative GPA after each period of assessment:
|Semester Hour Credits Completed||Minimum Cumulative GPA for Good Academic Standing|
|23.5 or fewer||1.6|
|24 to 47.5||1.8|
|48 to 71.5||1.9|
|72 or greater||2.0|
*Please note, maintaining the minimum, cumulative GPA for good academic standing allows a student to maintain his or her eligibility for financial aid. This GPA may, however, not be sufficient to allow a student to graduate from particular programs of study.
Pace of Progression/Maximum Time Frame Standards for Satisfactory Academic Progress
Pace of Progression/Completion Rate: The credit hour completion rate reflects the pace at which students must progress to ensure that they are able to complete their degree program within the maximum time frame. The pace of progression is calculated by dividing the cumulative number of hours the student has successfully earned by the cumulative number of hours the student has attempted. All students must satisfactorily complete (i.e. receive a passing grade) 67% of all hours attempted.
Maximum Time Frame: The federal financial aid maximum time frame for completion of a degree is 150% of the published length of the program measured in credit hours. A degree that requires 124 credit hours must be completed by the time a student reaches 186 credit hours attempted (124 hours x 150% = 186 hours). A degree that requires 72 credit hours must be completed by the time a student reaches 108 credit hours attempted (72 hours x 150% = 108 hours). If a student completes 67% of the coursework attempted, he or she will complete the program within the maximum time frame.
Hours Attempted: Davis & Elkins College includes the following in its cumulative calculation of credit hours attempted: all credits attempted at Davis & Elkins College (this includes withdrawals, incompletes, failing grades and repeated coursework) and all transfer credits accepted by the College. All courses for which a student is enrolled at the conclusion of the College’s drop-add period for a given semester or term count toward a student’s attempted hours.
Repeated Coursework: Students are allowed to repeat a previously passed course and have it count toward enrollment for financial aid eligibility only once. However, all repeats count against the maximum time frame (total attempted credits) and reduce the pace/completion rate because they count as earned credits only once. When students repeat a course at Davis & Elkins College, the highest grade earned in the repeated course is the grade used in the calculation of the student’s cumulative GPA. Davis & Elkins College offers select courses that may be repeated for credit (e.g. concert choir). Students remain eligible for financial for courses of this variety. Students who have questions about what courses may fall into this category should consult the Office of the Registrar.
Financial Aid Warning: Davis & Elkins College reviews academic progress at the conclusion of all semesters (or their equivalent). Students who do not meet the SAP standards at the conclusion of a semester (or equivalent) are placed on Financial Aid Warning. Students placed on Financial Aid Warning will be notified of their status, in writing, by the Office of Financial Planning and encouraged to seek academic counseling and to take advantage of other student services available to support academic success at Davis & Elkins College. While on Financial Aid Warning, students continue to receive financial aid.
Financial Aid Termination: Students who do not meet SAP standards for two, consecutive semesters (or their equivalent) may be prohibited from receiving financial aid. Students who do not meet SAP standards for two, consecutive semesters (or their equivalent) will be notified, in writing, by the Office of Financial Planning of the pending termination of their financial aid.
Appealing the Termination of Financial Aid: Students who are notified that their financial aid is being terminated due to their failure to meet SAP standards for two, consecutive semesters (or their equivalent) are entitled to appeal this decision. All appeals must be submitted by the student, in writing (with supporting documentation attached), to the Office of Financial Planning. Students are advised to submit financial aid appeals as expeditiously as possible. All appeals must be received by the Office of Financial Planning prior to the last day of classes of a student’s subsequent term of enrollment for which they wish to regain aid eligibility. A complete financial aid appeal must include the following:
- An appeal letter addressing the circumstances that contributed to the student not meeting SAP standards and explaining why the student believes that he or she will be able to meet SAP standards in the future. Federal guidelines identify the following as legitimate circumstances for failing to achieve satisfactory academic progress:
- The death of an immediate family member;
- Medical/hospitalization of the student; or
- Mitigating circumstances beyond the student’s control that affected his or her academic progress.
- Supporting documentation for each circumstance cited (e.g. medical records, death certificates, and/or any other documentation that provides evidence of the student’s mitigating circumstances).
- An academic completion plan endorsed (i.e. signed) by the student’s academic adviser. The plan should detail specific benchmarks (i.e. courses to be taken; percentage of courses to be completed; minimum grades to be earned in specific courses; GPA to be achieved; etc.) that the student will meet during the coming semesters/terms, that will allow him or her to meet SAP standards.
Incomplete appeals will not be granted. The Director of Financial Planning will approve or deny appeals in a timely manner. All appeal decisions will be communicated to the student in writing. Any student whose appeal is denied by the Director of Financial Planning has the right to appeal to the Admission and Academic Standing Committee of Faculty Assembly. A student wishing to appeal the decision of the Director of Financial Planning should communicate his or her decision to the Director of Financial Planning and the Office of the Registrar. The Admission and Academic Standing Committee will respond to any such appeals in a timely fashion, and use the same criteria outlined above in rendering its decision.
Possible Outcomes of the Appeal Process
Appeal is Approved
If a student’s appeal is approved, the student will be placed on financial aid probation. A student on financial aid probation will continue to be eligible for financial aid on a term-by-term basis provided he or she makes measurable, adequate progress toward achieving SAP standards in accordance with the terms and conditions of his or her academic completion plan. A student on financial aid probation will have his or her progress toward successfully meeting the benchmarks established in his or her academic completion plan reviewed regularly by the SAP Committee. Failure to make measurable, adequate progress toward these requirements on a term-by-term basis may result in the termination of financial aid.
Appeal is Denied
If a student’s appeal is denied, he or she will be ineligible for financial aid until he or she once again meets the SAP criteria. Students who are declared ineligible to receive financial aid due to their failure to demonstrate satisfactory academic progress are free to continue to pursue their education at their own expense. Students who have lost their financial aid eligibility may regain their eligibility if they demonstrate satisfactory academic progress.
Treatment of Grades: Courses for which a student receives a letter grade of A, B, C, D or P at Davis & Elkins College are included in the calculation of cumulative credit completion percentage as courses successfully completed. Courses successfully transferred to Davis & Elkins College are also included in the calculation of a student’s cumulative credit completion percentage as courses that have been successfully completed. Courses for which a student receives a letter grade of I, IP, or F will be treated as credits attempted, but not successfully completed.
Withdrawals: Credits for which a grade of “W” is received are considered attempted credits but not successfully completed credits. A grade of “W” does not impact GPA but does negatively impact the cumulative completion percentage and counts toward the maximum time frame.
Repeated Coursework: At Davis & Elkins College, students may repeat any course as often as they like. Students are allowed to repeat a previously passed course and have it count toward enrollment for financial aid eligibility only once. However, all repeats count against the maximum time frame (total attempted credits) and reduce the pace/completion rate because they count as earned credits only once. When students repeat a course at Davis & Elkins College, the highest grade earned in the repeated course is the grade used in the calculation of the student’s cumulative GPA. Davis & Elkins College offers select courses that may be repeated for credit (e.g. concert choir). Students remain eligible for financial for courses of this variety. Students who have questions about what courses may fall into this category should consult the Office of the Registrar.
Consortium Credits: Credits for which financial aid is received under a consortium agreement will be included in the calculation of cumulative GPA, completion percentage, and maximum time frame.
Audited Course: Audited courses will not be funded by financial aid and are not included in any financial aid satisfactory academic progress measurements.
Transfer Credits: A minimum grade of C or better from a regionally accredited college or university will be accepted by the College and applied toward a student’s degree. Grades of C- are not acceptable unless such a grade carries quality points of 2.0. If, at the point of admission, a transfer student’s prior academic record does not meet the College’s minimum cumulative qualitative or quantitative SAP standards, the College may place the student under financial aid warning or on financial aid probation for financial aid eligibility.
Cancelation of Awards
The College reserves the right to review the record of a student receiving financial assistance at the close of any semester or term and to cancel the unused portion of the award if the student’s academic or citizenship record fails to meet the required standards.
Refund and Return of Title IV Financial Aid Policy
The Financial Planning Office is required by federal statute to recalculate federal financial aid eligibility for students who withdraw, drop out, are dismissed or take a leave of absence prior to completing 60 percent of a payment period or term. The federal Title IV financial aid programs must be recalculated in these situations.
If a student leaves the institution prior to completing 60 percent of a payment period or term, the Financial Planning 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 percent 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.
The institution must return the amount of Title IV funds for which it is responsible no later than 30 days after the date of the determination of the date of the student's withdrawal.
Refunds are allocated in the following order:
- Unsubsidized Federal Stafford Loans
- Subsidized Federal Stafford Loans
- Unsubsidized Direct Stafford Loans (other than PLUS loans)
- Subsidized Direct Stafford Loans
- Federal Perkins Loans (program expires 2017-2018)
- Federal Parent (PLUS) Loans and Graduate Plus
- Direct PLUS Loans
- Federal Pell Grants for which a Return of funds is required
- ACG Grant
- SMART Grant
- Federal Supplemental Opportunity Grants for which a return of funds is required
- Federal Teach Grants for which a return is required
A student who begins attendance and does not officially withdraw during a term but fails to earn a passing grade in at least one course offered over that term will have his/her financial aid reviewed and may be required to return a portion of any financial aid received. Unless documentation can be provided by the student that verifies the academic term was completed, the institution must assume, for Title IV and state aid purposes, that the student has unofficially withdrawn and must recalculate the student’s Title IV and state-aid eligibility based on the assumption that the student completed only 50 percent of the term. This review and return of financial aid is completed in accordance with federal guidelines.
Student Aid Eligibility and Offenses Involving Drug Possession and Selling
Davis & Elkins College is required to remind students who receive federal financial aid that the Higher Education Act includes a student eligibility provision related to drug possession and selling. A student who is convicted of a state or federal offense involving the possession or sale of an illegal drug that occurs during a period of enrollment in which federal student aid was received is not eligible for federal funds. Federal aid is comprised of grants, student loans and college work study.
The timeframe for ineligibility begins on the date of conviction and lasts until the end of a specified period as outlined below.
|Possession of Illegal Drugs||Sale of Illegal Drugs|
|1st Offense||1 year from date of conviction||2 years from date of conviction|
|2nd Offense||2 years from date of conviction||Indefinite period|
|3+ Offenses||Indefinite period|
Provisions do exist for regaining eligibility sooner. For additional information, please contact the Office of Financial Planning at 304-637-1271.
Appeals Process for Financial Exceptions
Appeals of the application of institutional financial policies by parents or students who feel that individual circumstances may warrant exceptions from the published policy must be addressed in writing to:
Financial Aid Manual
Complete policies and procedures can be found in our Financial Aid Manual.