*New Process for Completing FAFSA*

The financial aid reapplication process for the 2012-2013 (fall 2012 and spring 2013) has begun. Priority deadline to file FAFSA: May 1, 2012. (Note: students enrolling for the summer of 2012, fall of 2012 and spring of 2013, must complete the 2012-2013 FAFSA form).

New Process: When you complete the 2012-2013 FAFSA, you are able to access IRS tax information and have it automatically transferred onto the FAFSA. This will save you time and reduce errors.

Beginning Feb 1, 2012, the FAFSA will offer IRS tax retrieval for the 2012-2013 year. 

You are strongly urged to select the "2011 Tax Retrieval Option" in order to have your correct tax return data transfer to your FAFSA.

After you file your 2011 federal income tax return, please allow two weeks for the IRS to process the return before completing the FAFSA form and retrieving the tax information.

Please note: not all applicants are able to do this - for example: if an amended tax return was filed or an individual is filing separate from his/her spouse. Only eligible applicants will be able to retrieve IRS data - saving time and confusion.

Due to recent regulation changes, the Student Financial Services Office can no longer accept copies of student or parent federal tax returns beginning with the 2012-2013 application year. If you do not successfully transfer the IRS tax information onto your FAFSA, you will be required to provide an official IRS transcript to the Student Financial Services Office instead of a copy of the federal income tax return.

If you have any questions, contact the Student Financial Services Office at 413-565-1301 or by email at finaid@baypath.edu

How to Pay Student Loans: Too much debt? Too little income? Find a game plan that works for you.

Article found at Kiplinger.com by Jane Bennett Clark, Senior Associate Editor

You got through college with straight A's, but now you face your first big test as a young adult: squaring a starting salary with the payments on your student loans.

That's a pressing issue for June grads as their six-month grace period on student-loan repayment ends. The challenge is especially great for borrowers whose debt includes private loans. Whereas federal loans -- including Staffords as well as Grad PLUS loans -- generally carry a fixed interest rate (Staffords issued before July 2006 have variable rates) and flexible repayment terms, private loans usually have variable rates and less-forgiving repayment policies. You could end up paying far more than you expected, with no relief in sight.

Best strategy? Figure out a way to make the federal loans manageable, then throw every spare nickel at the private loans (assuming the lender allows you to prepay), says Edie Irons, of the Project on Student Debt. "Because there are fewer protections, it should be a priority to try to pay off private loans first."

Luckily, you have plenty of choices on the federal-loan side, whether your loan comes from a private lender who participates in the Federal Family Education Loan (FFEL) program or from the government's Federal Direct Loan program.

I have Stafford loans and want to repay them as painlessly as possible. Which plan should I choose? You're automatically enrolled in the standard repayment plan unless you say otherwise. Stick with this plan, under which you make 120 equal monthly payments over a ten-year period. Be sure to take advantage of any discounts, such as 0.25% off the interest rate for having payments deducted automatically. If you want to unload your loans on a faster timetable and save on interest, pay a bit more than the allotted amount each month. Be sure to specify in writing that you want the extra amount to be applied to the principal.

My salary is low now, but I expect it to jump in the next few years. The graduated repayment plan suits your situation. Monthly payments start low and rise in increments over the ten-year period. Because you pay less in the early years, you pay a bit more in interest over the life of the loan than you would with the standard plan.

Say you have a total of $25,000 in Stafford loans, each with a 6.8% interest rate. With a standard repayment plan, you'd pay $288 in 120 monthly payments, for a total of $34,524. With a graduated plan, you could pay $142 a month for the first three years and $375 a month for the remaining seven. Your total payments would add up to $36,590.

I have $40,000 in Stafford loan debt and can't afford the monthly payments. The extended repayment plan applies to borrowers who owe more than $30,000 on their federal loans. The plan lets you stretch the payments as long as 25 years, lowering the monthly amount but increasing the cost of the loan. On $40,000, you would pay $227 a month for 25 years, for a total of $83,289.

I'm a freelance writer. I don't expect to earn enough to make my payments affordable anytime soon. If you're in the Federal Direct Loan program, look into the income-contingent plan, which calculates monthly payments according to your income, family size and the total amount of your loans. You get up to 25 years to repay the debt, after which the feds forgive the remainder.

Thanks to recent legislation, borrowers who work in the public sector -- say, as a firefighter, teacher or government employee -- and who make 120 payments after July 2008 in this or the standard plan qualify for loan forgiveness after ten years. The income-contingent plan is available only to borrowers in the Direct Loan program, which you can switch into by consolidating your loans in that program (go to http://www.loanconsolidation.ed.gov/ for details).

Parking Sticker Clarification

All students on campus must have a valid parking sticker for the 2011-2012 school year. If you are looking for a parking application, please check your Bay Path email, as several attachments have been sent to you. Once we receive the application, we will be happy to give you a parking sticker.  You may send them to cdame@baypath.edu, fax to 413.565.1171, or drop off in person Monday - Friday 9am - 12pm or 2 pm - 2 pm.

Stickers will not be available for pick up on Saturdays as our Business Office is closed.

Mass Grant Letter - Are You Confused? Read On!

Many of you have recently received a letter or an email from the Massachusetts Office of Student Financial Assistance (OSFA) reminding you that you have at least one ineligible condition that still remains with your 2011-2012 MASSGrant record.  The email also notifies you that you have two weeks to fix said conditions or face losing your MASSGrant altogether.  Although some of you may need to change or update information with the state, I will list for you below a few of the ineligible reasons that can not be fixed.  *Please note: If you were eligible for the MASSGrant, the Financial Aid office will have already awarded it to you.  If the grant was not listed on the award letter you received, it is because one or all of the following reasons below rendered you ineligible.

1. You must be a permanent legal resident of Massachusetts.  This does not apply to those who live here while attending school.   
2. The Federal Processor must receive the FAFSA by May 1st, in order for the student to meet the MASSGrant application priority deadline date. This means anyone who files after May 1st will not receive the grant.
3. You must not not have received a prior bachelors degree or its equivalent. This means if you are a Graduate student you are not eligible.
4. You must be eligible for Title IV financial aid.  This means if you do not already receive a Pell grant you will not be eligible for the MASSGrant.

For more information about the MASSGrant or how you may be able to avoid being disqualified in the future please visit http://www.osfa.mass.edu/default.asp?page=massGrant.

Parking Passes for 11-12 School Year

Parking Passes are now available to all resident and commuter students who have already completed the parking application. They will be available Monday - Friday in the business office (the Annex 2nd floor) from 9 am - 12 pm, and 2 pm - 5 pm. 

For any RESIDENT STUDENT who has not completed the parking application with payment, the deadline for applying is this Friday (8/19/11). Limited spaces are still available, but on a first come first serve basis, however a space is not guaranteed at this time.

Commuters can also pick up their passes, or have them mailed to the home address the school has on file by request.  Applications may also be faxed to (413) 565-1171

Traditional, MOT, MPY, and MFS Health Insurance Deadline - August 1st!

If you are an Undergraduate Traditional, Masters in Occupational Therapy, Masters of Psychology, or Masters of Forensic Science student, the deadline to waive your $1799 health insurance charge on your fall semester bill is THIS Monday, August 1st (the original deadline was July 1st...we gave you a 30 day extension!!!)

If you already have comparable coverage and don't want to be unnecessarily charged $1799, please go online this weekend to http://www.chpstudent.com/ and waive the charge by selecting from the drop down menu under "Bay Path College -Traditional Undergraduate".

If you do not decline coverage by this Monday, August 1st you will need to complete a written petition and fax it to both CHP at 413-747-8418 and Student Financial Services at 413-565-1101. Deadline for the petition is Friday, August 19th. The form will be available at http://www.chpstudent.com/ on Monday, August 1st.

Bills, Due Dates, and Deadlines

The new academic year is quickly approaching and we have a few important dates for you to keep in mind:

Traditional students are coming back to campus at the end of August, and fall semester bills and paperwork were due on July 1, 2011. If you still have a balance on your account, please contact the Student Financial Services Office to reconcile, as your online resources have been placed on hold which is limiting your access to your grades, schedule, and syllabus. The second notice went out this week with an August 1, 2011 due date. Failure to submit payment, a loan certification, or payment arrangement will result in a finance fee and/or withdrawal from fall semester courses.

One-Day Saturday students are coming back to campus on September 17, 2011. Fall semester bills are going to be sent out next week. Please make sure your 11-12 FAFSA is completed, and that your Bay Path Financial Aid Application, 2010 Federal Income Tax Return AND W-2's are all submitted to the Student Financial Services Office. (If you attend one of our satellite campuses in Charlton or Burlington, please fax the information directly to our office at 413-565-1101). We will not be able to award any aid for the 11-12 school year without the proper documentation.

**If you need assistance or additional consideration because your financial situation has changed recently, please submit an Appeal for a Special Circumstance to the Student Financial Services Office.

Looking for the forms noted above? Click here!

...but I only attended ONE class!!!

Have you ever wondered why you were charged for a percentage of a class, even though you didn't complete it or attend most of the classes? This is a very common question that our office is faced with on a daily basis, and for those of you who think the percentages are selected at random, please read further! Bay Path's Institutional Refund Policy as noted in our Financial Information brochure is listed as a refresher below.

Sessions containing 8 weeks: (Graduate Program)
Within the first week - 90% refund
Within the second week - 30% refund
After the second week - NO REFUND

Sessions containing 6 weeks: (One Day Saturday Program)
Within the first week - 90% refund
After the first week - NO REFUND

Sessions containing 15 weeks: (Traditional Program)
Within the first week - 80% refund
Within the second week - 60% refund
Within the third week - 40% refund
Within the fourth week - 20% refund
After four weeks - NO REFUND

Please note: if you withdraw prior to the first scheduled class, you get 100% refund. You may be subject to a $100 drop fee if you withdraw within the 2 week deadline.

"Can I Get My Deposit Back?"

Student Financial Services has received a lot of questions from returning traditional students regarding deposits and their refundability. To be clear: they are NOT refundable. When you deposit from one year to the next, that money goes toward your bill for the following semester. When you graduate, or end your year at Bay Path, the money is not available to you because we've already used it to cover your bill. So essentially, you are "getting it back" when your bill comes due in July because you will owe us that much less!

Deposit Clarifications:

1. They do not go toward the Alumni fund.
2. They do not pay for Student Financial Service's Spring Picnic.
3. They help pay your tuition.

Hope this helps! Have a safe and happy summer!