student policies and procedures
Policy 03:14:00
Financial Aid Award Policy
Purpose:
To explain the process for awarding aid at Platt College
Revision Responsibility: Director of Financial Aid
Responsible Executive Office: President
Created into formal policies: June 6, 2014, Revised June 9, 2015 to reflect updated years and EFC update, Revised June 29, 2018 to reflect 2018-2019 year, July 18, 2019 to reflect 2019-2020 year, Revised July 1, 2020 to reflect 2020-2021 year, July 29, 2021 to reflect 2021-2022 year.
Policy Introduction
At the beginning of a student's award year, the Director of Financial Aid evaluates and determines the FSEOG grid as listed in eligibility requirements.
The FSEOG Program provides need-based grants to help low-income undergraduate students finance the costs of a College education.
Eligibility Requirements
- Must be a U.S. citizen or eligible non-citizen
- Must be enrolled at least half-time in an undergraduate degree program
- Must demonstrate exceptional financial need (i.e. Pell eligible)
At the beginning of the year when federal authorization is made the Director of Financial Aid at Platt College evaluates and determines the FSEOG grid. Generally, the amount authorized only covers a portion of students, so in fairness the amount awarded is based on Expected Family Contribution (EFC). Expected Family Contribution (or EFC) is a term used in the college financial aid process in the United States to determine an applicant's eligibility for federal student aid. It is located on the Student Aid Report and Institutional Student Information Record received after completing the FAFSA.
All monies are awarded to the lowest expected family contribution (EFC) as a priority. Once the lowest EFCs have been awarded, then the remaining funds may be distributed based on priority of need. If any exceptions are made to funding the EFC by priority, all exceptions will be fully documented and will only occur at the approval of the Director of Financial Aid based on policy.
The funds are divided per calendar year to ensure they are the same for each quarterly start.
Federal SEOG Matching Policy
The college matches 25% of funds disbursed. The match is then deposited into the Federal Funds Bank account as is used towards the disbursement of aid to student.
Application Process
To receive an FSEOG award, the student must file a Free Application for Federal Student Aid (FAFSA) as part of the application process. Students who will receive Federal Pell Grants and have the most need will receive FSEOG first. Platt College receives a certain amount of FSEOG funds each year from the U.S. Department of Education's office of Federal Student Aid. FSEOG funds are first come, first served.
SFA budgets
The SFA budgets are reviewed annually in July and reflect an academic year at Platt College which is equivalent to 9 months. Because of the nature of the program offered at Platt College, the Financial Aid department uses one budget based on the cost of living in comparison in metro Denver.
The financial aid department conducts a student need analysis estimating the amount of assistance a student will require after accounting for the expected resources available from that student and his or her family. The need analysis has two basic components: (1) the student’s cost of attendance (COA), which is a reasonable estimate of what it will cost the student to attend Platt College for 36-months; and (2) an estimate of the expected family contribution (EFC), which is calculated by a federally-approved formula that accounts for income, assets, number of family members attending college, and other information. The difference between the COA and the EFC determines the eligible amount of need-based financial aid an eligible student will be awarded.
The following table shows the Student Budget Base for FY 2021-2022 and 2022-2023 for Students Living at Home, and Students Living off Campus. The student monthly budget base includes monthly costs typically incurred by all students. The table is based on the Colorado Commission of Higher Education’s (CCHE) FY 2021-2022 Student Budget Parameters and Colorado Commission of Higher Education's (CCHE) FY 2022-2023 Student Budget Perimeters available online.
(These amounts are subject to change and may vary from student to student depending on academic progression.)
Table 1 STudent Monthly Budget Base
| Students Living at Home 2022-2023 | Students Living at Home 2023-2024 | Students Living Away from Home 2022-2023 | Students Living Away from Home 2023-2024 | |
| Housing | 290.00 | 830.00 | 855.00 | 1,165.00 |
| Food | 293.00 | 258.00 | 524.00 | 466.00 |
| Local Transportation | 185.00 | 185.00 | 185.00 | 185.00 |
| Personal Expenses | 152.00 | 160.00 | 169.00 | 179.00 |
| Total | 920.00 | 1,433.00 | 1,733.00 | 1,995.00 |
Table 2 Supplemental STudent Budget Expenses
| Computer Allowance, scrubs, and other out of pocket expenses Additional Expenses: (1) TEAS Examination at $115.00 paid directly to vendor, (2) Background Check and Drug Screen starts at $80.00 paid directly to vendor, (3) Platt College cranberry scrubs with insignia approximately $175.00 paid directly to vendor, (4) My Clinical Exchange Subscription one time payment of $39.50 paid directly to vendor, (5) Complio one time payment of $58.00 paid directly to vendor, and (6) Laptop Computer either PC or MAC that meets program requirements approximately at $1,000 paid directly to vendor of choice. Students must furnish all texts, tools and supplies required for the program of enrollment at his/her expense. Students are not required to purchase texts, tools or instructional supplies before such materials are actually needed for coursework. Students are not obligated to purchase any text, tools or instructional supplies from Platt College, with the exception of science kits and ACLS certification. The cost of texts, tools, and instructional supplies specified on page one of the Enrollment Agreement and as part of the current College Catalog is an estimated cost only and is subject to change based on fluctuations in manufacturer and supplier prices. If texts, tools or supplies are purchased from Platt College, the cost of these items is nonrefundable. | Program Total = 1,387.50 |
Fee structure
To help divide the fees into manageable increments, Platt College charges a flat fee each quarter for lab, supplies, clinicals, and information technology.
Fees Per Quarter:
- Lab = $150
- Supplies = $140
- Clinical = $480
- Information Technology = $360
Tuition, fees, lab, supplies, estimated books, liability insurance and additional fees as stated on the enrollment agreement. Other: loan fees at current rate = $200.00 estimated. Computer/software, scrubs, and other out of pocket expenses = and estimated $1,500.00 per year.