FINANCIAL AID & DISCLOSURES
RIGHTS & RESPONSIBILITIES OF AID APPLICANTS
RIGHTS & RESPONSIBILITIES
Students have the right to obtain from the school:
- The names of its accrediting or licensing organizations (see The Ocean Corporation Catalog)
- Information about the school’s programs; its instructional, laboratory and other physical facilities and its faculty (see The Ocean Corporation Catalog)
- The cost of attending (Contact the Financial Aid Office for information)
- The school’s policy and procedures for refunds to students who withdraw or are dropped (see The Ocean Corporation Catalog)
- The types of financial assistance available, including information on all federal, state, local, private, and institutional financial aid programs; (Financial Aid web page)
- The procedures and deadlines for submitting applications for financial aid (Financial Aid web page)
- The criteria used to select financial aid recipients (Contact the Financial Aid Office for information)
- The process used to determine “financial need”. This process includes how costs for tuition and fees, room and board, travel, books, and supplies and personal and miscellaneous expenses are considered in the cost of education. It also includes how resources (such as parental contribution, other financial aid, assets, etc.) are considered in calculating student need (Financial Aid web page)
- Amount of student financial need, as determined by the institution, that has been met (This information is included in your Student Offer Letter)
- The type and amount of assistance in the student’s financial aid package This information is included in your Student Offer Letter)
- The portion of the financial aid award that consists of loans that must be re-paid, and what portion is grant aid that does not need to be repaid This information is included in your Student Offer Letter)
- The interest rate on any loan, the total amount of repayment, the length of time for repayment, the date to start repayment and cancellation or deferment provisions that apply (Loans | Federal Student Aid)
- How to obtain a reconsideration of an aid package, if the student believes that a error has been made or if enrollment or if the student’s financial circumstances have changed (Call or visit the Financial Aid Office if such circumstances occur)
- The policy/process used by the school to determine whether students are making satisfactory academic progress and what happens if students are not (see The Ocean Corporation Catalog)
- Non-discrimination policy and any special facilities and services available to persons with disabilities (Consumer Information web page);
More information can also be obtained in the Ocean Corporation Catalog, or by contacting the Financial Aid Office at (800)321-0298.
It is the responsibility of students to:
- Review and consider all information about the school’s program before enrolling and carefully read the school Catalog and the website to fully understand the school’s policies, procedures, and outcomes
- Pay special attention to the Free Application for Federal Student Aid (FAFSA), complete it accurately and submit it on time at the correct website. Errors can delay or prevent students from receiving aid
- Meet all deadlines for applying or reapplying for aid
- Provide any and all additional documentation, verification, corrections and/or new information requested by the Financial Aid Office, including tax documents and other personal and financial documents
- Read, understand, and keep copies of all forms which they are asked to sign and comply with the provisions of any promissory note and all other agreements that they sign
- Promptly notify the school of any change in name, address, phone number, or attendance status
- Understand the school’s Satisfactory Academic Progress Policy and understand the school’s refund policy and the Return to Title IV Refund policy
- Attend and participate in an “Entrance Counseling” before borrowing federal student loans; and attend and participate in an “Exit Counseling” prior to graduation or upon withdrawal from the school if you have borrowed federal loans
- Honor all copyrights and refrain from unauthorized duplication of copyrighted material
STUDENT LOAN PROCESS AND COUNSELING REQUIREMENTS
Student Loan Counseling Requirements
Before you can borrow under the Federal Stafford Student Loan program, you must complete a requirement known as an “Entrance Interview”. This is not the kind of interview that requires a dress shirt and tie; in fact, it is not really an “interview” at all.
An “Entrance Interview” is really an on-line tool that teaches you about your rights and responsibilities as a student loan borrower. It is also referred to as “Entrance Counseling”. It will contain quiz-type questions to ensure that you understand these rights and responsibilities. Take your time, read thoroughly, and answer the questions carefully.
The Ocean Corporation uses the Direct Loan website to perform the on-line Entrance Counseling Process. Your results are housed with the Department of Education but are accessible to the Financial Aid Office. The Financial Aid Office is available to answer your questions before or after you start classes. So, if you are ready to get started, click this link to “complete “Entrance Counseling”. Once you arrive at the Direct Loans website, click on the ‘Undergraduate Students” tab, and follow the simple instructions. You will need your FSA ID to complete the Entrance Interview.
“Exit Counseling” is required whenever a student who received a Federal Stafford Student Loan graduates or otherwise leaves school. It is particularly important that you complete this process because it teaches you about your rights and responsibilities as a student loan borrower. It will also give you help and information on how to keep your loan in good standing, even if you are having trouble making the payments.
Of course, the Financial Aid Office staff is always available to help with your student loan questions, even after you leave school. If you ever are having trouble making your payments, please contact us. We can help you to work with your loan servicer and stay out of trouble. We can probably even help you get a “deferment” or “forbearance”, which will allow you to stop making payments for a while with no penalty until you get back on your feet. Call us – we’re here to help.
The Ocean Corporation uses the Direct Loan website to perform the Exit Counseling on-line. Your results will be sent to the Financial Aid Office electronically upon your completion of the “Counseling”. So, if you are ready to get started, click on this link to start your “Exit Counseling” . You will need your FSA ID to complete Exit Counseling.
COSTS AND NET PRICE CALCULATOR
The Federal Cost of Attendance:
Your federal financial aid eligibility is determined based upon a number of different factors, including the cost of attendance (also known as “COA” or “student budget”) for your program of study. The COA includes both direct costs (like tuition, books, and supplies) and indirect costs (like housing, food, and transportation costs). The federal COA is used primarily as a tool for computing eligibility for federal student aid. Your actual costs may vary depending on multiple factors (particularly the indirect costs).
The costs used in the federal COA are for one academic year or the length of the entire program — whichever is less. For most students, the program equals exactly one academic year, so these time periods are identical.
Your direct costs include tuition, books, and supplies. These are billed to you by the school (minus any payments you have made, estimated financial aid, or approved education loans).
Most of a student’s indirect costs are living expenses. Students would likely have these expenses whether or not they were attending school. The school will NOT bill students for these costs; they are simply estimates to help students plan for living costs and other out-of-pocket expenses while attending school.
Cost of Attendance Budgets:
The standardized COA budgets at the Ocean Corporation are calculated annually and can be obtained by contacting the Financial Aid Office. While most students will fall into one of the standardized budgets, your individual budget may be customized to meet your specific enrollment circumstances. Your individual COA budget will be provided to you in your offer letter after completion of your financial aid application.
If you have any questions about program costs, direct costs, indirect costs or how your financial aid is calculated, please visit the Financial Aid Office. We’ll be happy to help you!
The Federal Net Price Calculator:
The Ocean Corporation provides an electronic Net Price Calculator to allow students and families to create an estimate of costs and financial aid. Please click on the link to access the estimator program. Please remember that this is ONLY A ROUGH ESTIMATE. For more accurate information about program costs and available financial aid, please visit the Financial Aid Office.
REFUNDS AND R2T4
Refund computations will be based on scheduled course time of class attendance through the last date of attendance. Leaves of absence, suspensions and school holidays will not be counted as part of the scheduled class attendance.
The effective date of termination for refund purposes will be the earliest of the following:
(a) The last day of attendance if the student is terminated by the school;
(b) The date of receipt of written notice from the student; or
(c) Ten school days following the last date of attendance
If tuition and fees are collected in advance of entrance, and if after expiration of the 72-hour cancellation privilege the student does not enter school, not more than $100 in any administrative fees charged shall be retained by the school for the entire residence program or synchronous distance education course.
If a student enters a residence or synchronous distance education program and withdraws or is otherwise terminated after the cancellation period, the school or college may retain not more than $100 in any administrative fees charged for the entire program. The minimum refund of the remaining tuition and fees will be the pro rata portion of tuition, fees, and other charges that the number of hours remaining in the portion of the course or program for which the student has been charged after the effective date of termination bears to the total number of hours in the portion of the course or program for which the student has been charged, except that a student may not collect a refund if the student has completed 75 percent or more of the total number of hours in the portion of the program for which the student has been charged on the effective date of termination . 1*
Refunds for items of extra expense to the student, such as books, tools, or other supplies are to be handled separately from refund of tuition and other academic fees. The student will not be required to purchase instructional supplies, books, and tools until such time as these materials are required. Once these materials are purchased, no refund will be made. For full refunds, the school can withhold costs for these types of items from the refund as long as they were necessary for the portion of the program attended and separately stated in the enrollment agreement. Any such items not required for the portion of the program attended must be included in the refund.
A student who withdraws for a reason unrelated to the student’s academic status after the 75 percent completion mark and requests a grade at the time of withdrawal shall be given a grade of “incomplete” and permitted to re-enroll in the course or program during the 12-month period following the date the student withdrew without payment of additional tuition for that portion of the course or program.
A full refund of all tuition and fees is due and refundable in each of the following cases:
(a) An enrollee is not accepted by the school;
(b) If the course of instruction is discontinued by the school and this prevents the student from completing the course; or
(c) If the student’s enrollment was procured as a result of any misrepresentation in advertising, promotional materials of the school, or representations by the owner or representatives of the school.
A full or partial refund may also be due in other circumstances of program deficiencies or violations of requirements for career schools and colleges.
REFUND POLICY FOR STUDENTS CALLED TO ACTIVE MILITARY SERVICE.
A student at the school or college who withdraws from the school or college as a result of the student being called to active duty in a military service of the United States or the Texas National Guard may elect one of the following options for each program in which the student is enrolled:
(a) If tuition and fees are collected in advance of the withdrawal, a pro rata refund of any tuition, fees, or other charges paid by the student for the program and a cancellation of any unpaid tuition, fees, or other charges owed by the student for the portion of the program the student does not complete following withdrawal;
(b) A grade of incomplete with the designation “withdrawn-military” for the courses in the program, other than courses for which the student has previously received a grade on the student’s transcript, and the right to re-enroll in the program, or a substantially equivalent program if that program is no longer available, not later than the first anniversary of the date the student is discharged from active military duty without payment of additional tuition, fees, or other charges for the program other than any previously unpaid balance of the original tuition, fees, and charges for books for the program; or
(c) The assignment of an appropriate final grade or credit for the courses in the program, but only if the instructor or instructors of the program determine that the student has:
(1) satisfactorily completed at least 90 percent of the required coursework for the program; and
(2) demonstrated sufficient mastery of the program material to receive credit for completing the program.
The payment of refunds will be totally completed such that the refund instrument has been negotiated or credited into the proper account(s), within 60 days after the effective date of termination.
More simply, the refund is based on the precise number of course time hours the student has paid for, but not yet used, at the point of termination, up to the 75% completion mark, after which no refund is due. Form PS-1040R provides the precise calculation.
RETURN OF TITLE IV FUNDS
Recipients of Federal student financial aid who withdraw from enrollment at The Ocean Corporation, or have their enrollment terminated for administrative, disciplinary, attendance, or other reasons will have their financial aid eligibility re-calculated under a formula prescribed by the U.S. Department of Education. In general, a student will keep only the pro-rated portion of student aid “earned” through attendance in the first sixty percent of the enrollment period. Upon completion of the first sixty percent of the enrollment period, all of a student’s financial aid is considered “earned” and no return of funds is necessary. The school will calculate the amount of aid earned/retained using the following method:
Determine the percentage of the payment period (or period of enrollment) the student attended before withdrawing.
Determine the amount of Title IV aid earned by multiplying the total Title IV aid for which the student qualified by the percentage of time enrolled.
Compare the amount earned to the amount disbursed. If less aid was disbursed than was earned, the student may receive a late disbursement for the difference. If more aid was disbursed than was earned, determine the amount of Title IV aid that must be returned (i.e., that was unearned) by subtracting the earned amount from the amount actually disbursed.
Allocate the responsibility for returning unearned aid between the school and the student according to the portion of disbursed aid that could have been used to cover institutional charges and the portion that could have been disbursed directly to the student once institutional charges were covered (as defined by federal regulation).
Distribute the unearned aid back to the Title IV programs.
More detailed information on the Return to Title IV funds may be obtained from the Financial Aid Office.
FINANCIAL AID OFFICE CODE OF ETHICS
Code of Ethics for Student Financial Aid and Admissions
The Ocean Corporation abides by a Code of Conduct for Institutional Financial Aid Professionals. The code requires an institutional financial aid professional to always maintain exemplary standards of professional conduct in all aspects of carrying out his or her responsibilities, including all dealings with any entities involved in any manner in student financial aid, regardless of whether such entities are involved in a government sponsored, subsidized, or regulated activity. The code is partially based upon guidelines promulgated by the National Association of Student Financial Aid Administrators (NASFAA).
The Financial Aid and Business Office staff (and staff in related offices as applicable) are bound by the following Code of Conduct:
- All employees within the Financial Aid and Business Offices will treat all individuals (including students, students’ family members, co-workers, and the public) with appropriate respect, concern, and courtesy.
- The privacy rights of students and parents will be carefully guarded in accordance with school and departmental policies.
- Financial Aid and Business Office staff will never discriminate in the administration of the aid programs or any other professional activities on the basis of race, color, national or ethnic origin, ancestry, age, religion or religious creed, disability or handicap, sex or gender, sexual orientation, gender identity/expression, military or veteran status, or any other characteristic protected under applicable federal, state or local law.
- No action will be taken by Financial Aid and Business Office staff that is for their personal benefit or could be perceived to be a conflict of interest.
- Employees within the financial aid office will not award aid, and Business office personnel will not disburse aid to themselves or their family members. Staff with a potential conflict in this area will defer this task to a different staff member, to avoid the appearance of a conflict of interest.
- The Ocean Corporation will not institute or distribute a “preferred lender list” or other similar document.
- A borrower’s choice of a private education loan lender will not be denied, impeded, or unnecessarily delayed by the school.
- No amount of cash, gift, or benefit in excess of a de minimis amount shall be accepted by a Financial Aid or Business Office staff member from any financial aid applicant (or his/her family), or from any entity doing business with or seeking to do business with the institution.
- All information provided by the Financial Aid and Business Offices will be accurate, unbiased, and will not reflect preference arising from actual or potential personal gain.
- Institutional award notifications (Financial Aid Offer Letters) shall include the following:
- A breakdown of the institution’s Cost of Attendance by individual components, designating all potentially billable charges.
- Clear identification of each award, indicating type of aid, (i.e. grant, scholarship, work, or loan).
- Standard terminology and definitions.
- Renewal requirements for each award, if any.
- All required consumer information will be displayed in a prominent location on the school’s website and in any printed materials, easily identified and found, and labeled as “Consumer Information.”
- Financial aid and Business Office staff will promptly disclose to the school any involvement, interest in, or potential conflict of interest with any entity with which the school has a business relationship.
- Financial Aid and Business Office staff will immediately disclose to the school any federal student loan/federal parent loan default or delinquency, allegation or conviction of fraud (including fraud with federal funds), debarment from financial aid administration by ED, or other personal situation which might limit or call into question the staff member’s ability to administer federal financial aid.
Admissions Code of Conduct:
The school also maintains a written Admissions Code of Conduct that is applicable to personnel whose duties involve student recruitment, enrollment, and/or admissions (including Admissions and Financial Aid Office personnel). The Code of Conduct is mandated by ACCSC and provides both general principles and a list of prohibited activities. Each employee in the Admissions and Financial Aid Offices shall sign a copy of the Admissions Code of Conduct form document as a condition of employment.
FINANCIAL SKILLS, PLANNING & BUDGETING
FINANCIAL SKILLS TRAINING
You came to the Ocean Corporation because you knew you needed TRAINING to be successful in your career. Of course, that training is specific to your program, but what about training for handling your money? Have you ever been “trained” in how to handle your personal finances, make a personal budget or manage your credit score? Do you have the RIGHT TOOLS for the job of building your financial future?
The tools and links on this page are provided to give you the personal financial training you need to be as prepared and successful in your personal business as you will be when working in your career.
Our most highly recommended personal financial training site is CashCourse. This free site offers tools and strategies to help you learn to get the most out of your money. We strongly encourage you to visit them at:
- CashCourse | Your Real-Life Money Guide – A real-life guide to taking charge of your money and helping you get and stay on the right financial path.
OTHER FINANCIAL TRAINING SITES
Of course, there are numerous other sites that provide similar services and personal financial training. The list below offers some different options for you. A particular site may be more appealing to you or more appropriate to your current financial/family situation. We recommend you spend some time reviewing some alternate sites and see which one fits you the best.
- 360 Degrees of Financial Literacy (360financialliteracy.org) – A comprehensive site with specific sections for college students, working adults, veterans and more.
- Jump$tart Coalition | Advancing Financial Literacy for Students (jumpstart.org) – This site is designed for students, from pre-K through college. It also has useful information for parents of young children.
- MyMoney.Gov – MyMoney Home – Financial Education – A federal site combining information from 21 different federal agencies and departments.
The links below provide information on certain specific topics in managing your personal finances:
- Identity Theft | FTC Consumer Information – The Federal Trade Commission (FTC) site with information about preventing identity theft and recovering after the fact.
- Consumer’s Guide to Credit Cards (federalreserveeducation.org) – A Federal Reserve System site about credit cards, from interest rates and fees to repayment options (also has some Spanish content).
- Home | America Saves – A not-for-profit site dedicated to helping people save money, reduce debt and gain wealth.
- Feed The Pig: The Campaign to Save Money (debtdiscipline.com) – Another site dedicated to strategies for saving money.
YOUR CREDIT REPORTS
Do you know what your credit report looks like? Did you know you can get a truly free credit report? (Avoid websites that charge you a one-time or monthly fee for access to your own credit report!)
- Free Credit Score & Free Credit Reports With Monitoring | Credit Karma
- Annual Credit Report.com – Home Page
You actually have three credit reports… one from each of three reporting agencies… If you are having credit problems, you may need to view all three credit reports to find and fix any errors or omissions.
- Equifax: Credit Reports & Scores Guide | Credit.com
- Identity Theft & Credit Protection from Experian
- Credit Report, Credit Scores & Credit Lock | TransUnion
If you have any questions about personal financial management, please visit the Financial Aid Office. We’ll be happy to help you!