College Catalog 2014-2015

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Falcon Loans, Book Deferments and Other Receivables


Falcon Loans

Falcon
Loans have been replaced with the e-Cashier Payment Plan; however, a limited amount of Falcon Loans may be available when the e-Cashier has closed. Generally, students must make a down payment of 50 percent of the cost of tuition. The Falcon Loan will be awarded to cover the other 50%. A service charge of $45.00 per loan will be assessed in lieu of charging interest.

Loans for full-semester courses are due 60 days from the start of classes. Loans for 7-week classes or late-start classes vary but will always be due before the end of the semester. If the loan is not paid in full by the due date, a late fee will be added to the account. Late fees are 5 percent of the total amount due OR $10.00, whichever amount is greater.

From the date the loan is awarded until it is paid in full, a hold will be placed on the borrower's records, diplomas and transcripts. The hold will also prevent any future registration activity including withdrawals. The loan will be referred to an outside collection agency and to appropriate credit bureaus in the event of default. Resulting collection fees will be added to the original loan and the student must pay these fees and attorney's fees if applicable.


Falcon Loan Application - Bring completed loan applications to the Office of Student Accounts on the Daytona Campus or to the Enrollment Center on any other campus.

Book Deferments

Book deferments are available to students who have applied for financial aid and have submitted all required paperwork but who have not yet been awarded. Deferments are based on the number of credit hours the student is enrolled:

Student is Registered For

Book Loan Amount

1 – 5 credits

$200

6 – 8 credits

$325

9 – 11 credits

$500

12 or more credits

$650

Additional amounts may only be approved with appropriate written documentation verifying the cost of the books or required supplies.

Book deferments can only be used for new purchases at the Daytona or DeLand Daytona State Bookstore. Deferments cannot be used on previous purchases or at any bookstores other than the Daytona or DeLand Daytona State Bookstores. Funds may be used to purchase required books and supplies only. If a student does not use the full amount of the deferment, the charge to the student account will be reduced to the actual amount spent at the bookstore. Books that are returned to the bookstore will be credited back to reduce the amount of the deferment if they are returned by the bookstore refund deadline. No cash refunds will be given.

Unpaid book deferments will result in a hold being placed on the student's records, diplomas and transcripts. The hold will also prevent any future registration activity including withdrawals. Outstanding deferments will be referred to an outside collection agency and to appropriate credit bureaus in the event of default. Resulting collection fees will be added to the deferment amount and the student must pay these fees and attorney's fees if applicable.

Book Deferments are available in the Office of Student Accounts on the Daytona Campus or in the Enrollment Center on any other campus.

Veterans Deferment

Veterans eligible for VA education benefits are granted a deferment once per academic year. See the Veterans Specialist in the Veteran's Center in Building 130, Room
124, on the Daytona Beach Campus to apply for a deferment. The deferment may be for up to 60 days, but will always be due before the end of the semester. This deferment must be paid by the due date whether or not benefit checks are received from the United States Department of Veterans Affairs.

From the date of this deferment until it is paid in full, a hold will be placed on the borrower's records, diplomas and transcripts. The hold will also prevent any future registration activity including withdrawals. The deferment will be referred to an outside collection agency and to appropriate credit bureaus in the event of default. Resulting collection fees will be added to the original deferment and the student must pay these fees and attorney's fees if applicable.

Emergency Loans

Limited funds may be available to assist students with an emergency or crisis financial situation. These funds are not intended to substitute for financial aid and will be deducted from the first available financial aid the student may subsequently receive. The funds are awarded based upon an individual's documented need.

A service charge of $1.00 per hundred of principal (or portion thereof) will be assessed in lieu of charging interest. You may have up to 60 days to repay the loan; however, the loan may be due sooner depending on the number of days remaining in the semester. If the loan is not paid in full by the due date, a late fee will be added to the account. Late fees are 5 percent of the total amount due OR $10.00 whichever amount is greater.

From the date the loan is awarded until it is paid in full, a hold will be placed on the borrower's records, diplomas and transcripts. The hold will also prevent any future registration activity including withdrawals. The loan will be referred to an outside collection agency and to appropriate credit bureaus in the event of default on the loan. Resulting collection fees will be added to the original loan and the student must pay these fees and attorney's fees if applicable.

Title IV Repayment

A Title IV Repayment is a receivable that results from a mandatory federal requirement to return Title IV funds to the U.S. Department of Education when a student withdraws or ceases attending all classes. Title IV funds include Pell Grants, SEOG Grants and Direct Student Loans. Financial aid awards are based on attendance for the entire semester. When the student withdraws or ceases attendance prior to completing at least 60 percent of the semester, the federal government has determined that the student has not earned the entire amount of the grant or loan. Therefore, the unearned portion must be returned to the appropriate federal aid program.

The student will initially be notified by the Financial Aid Department of any Title IV Repayments. The Office of Student Accounts will follow up with several notices to the student. If the Title IV Repayment is not paid by the due date, this obligation will be referred to an outside collection agency and to appropriate credit bureaus. Resulting collection fees will be added to the original debt and the student must pay these fees and attorney's fees if applicable.

Financial Aid Repayment

A financial aid repayment is a receivable that results from a reduction in a student's financial aid award. The receivable may be for tuition, a book voucher, or a refund the student received before their aid was reduced. Financial Aid may be reduced because the student either dropped all classes, reduced their registered hours (ie. dropped from full-time to half-time) or otherwise became ineligible for financial aid.

The Office of Student Accounts will notify the student of a Financial Aid Repayment and will follow up with additional notices to the student. If the Financial Aid Repayment is not paid by the due date, this obligation will be referred to an outside collection agency and to appropriate credit bureaus. Resulting collection fees will be added to the original debt and the student must pay these fees and attorney's fees if applicable.

Misc Accounts Receivable

These receivables result from various different scenarios. It may be that a student signed a purge hold agreement and then was either not awarded any aid or was not awarded enough to cover the student's tuition and fees. It may be the result of a balance remaining for an access fee, lab fee or online fee. Or, it may be that a third-party sponsor declined to pay and the receivable is now the student's responsibility.

Regardless of the reason for the receivable, the Office of Student Accounts will notify the student of the outstanding obligation and will follow up with additional notices to the student. If the receivable is not paid by the due date, this obligation will be referred to an outside collection agency and to appropriate credit bureaus. Resulting collection fees will be added to the original debt and the student must pay these fees and attorney's fees if applicable.

Last Updated: 4/1/14