PPM 83-000 Financial Aid (Policy) on www.olc.edu

Last Update

<<- Back to TOC
<-- Back

                                              FINANCIAL AID (POLICY)


         The statement of principles quoted below was developed and endorsed by the institutional membership of
         the college Scholarship Service assembly of the College Entrance Examination Board.

          1.  The purpose of any financial aid program - institutional, governmental, or private - should be to
              provide monetary assistance to students who can benefit from further education but who cannot do so
              without such assistance.

          2.  Each college has an obligation to assist in realizing the national goal of equality of educational
              opportunity.  The college, therefore, should work with schools, community groups, and other
              educational institutions in support of this goal.

          3.  The college should publish budgets that state total student expenses realistically including, where
              applicable, maintenance at home, commuting expenses, personal expenses, and necessary travel.

          4.  Parents are expected to contribute according to their means, taking into account their income,
              assets number of dependents, and other relevant information.  Students themselves are expected to
              contribute from their own assets and earnings, including appropriate borrowing against future
              earnings.  The financial aid director will have total authority of waiving P-S Contribution.

          5.  Financial aid should be offered only after determination that the resources of the family are
              insufficient to meet the student's educational expenses.  The amount of aid difference between the
              student's total educational expenses and the family's resources.

          6.  The amount and type of self-help expected from students should be related to the circumstances of
              the individual.  In the assignment of funds to these students designated to receive financial aid
              to receive financial aid, the largest amounts of total grant assistance should go to students with
              the least ability to pay.

          7.  The college should review its financial assistance policies annually and adjust them, if necessary,
              to reflect changes in the financial needs of students and the expenses of attending the institution.
              The college has an obligation to inform students and parents of the financial aid renewal policies
              for enrolled students at the time of the initial offer of financial assistance.

          8.  Because the amount of financial assistance awarded reflects the economic circumstances of the
              student and their families, the college should refrain from any public announcement of the amount
              of aid offered, and encourage the students, their secondary schools, and others to respect the
              confidentiality of the information.

          9.  All documents, correspondence, and conversations between and among the aid applicants, their
              families, and financial aid officers are confidential and entitled to the protection ordinarily
              arising from a counseling relationship.

         10.  Concern for the student should be paramount.  Financial aid should be administered in such a manner
              that other interests, important though they may be are subordinate to the needs of students.

         11.  Any student has the right to appeal a decision(s) by the Financial Aid Director through the Student
              Service Committee.

Document Version Pdf Version

Olc Main Page

Valid HTML 4.01! Valid CSS! Viewable With Any Browser