Federal Financial Aid Eligibility Requirements

To receive Federal financial aid at Charter Oak State College, a student must be enrolled in a degree program eligible for financial aid (most programs are). Eligibility for federal student aid does not carry over from one academic year to the next. Therefore, students must reapply for financial aid each year.

Charter Oak State College will use the student information on the FAFSA to determine financial need and the different types of financial aid that a student may be eligible for. The Office of Financial Aid uses the following formula when awarding student aid:

Cost of Attendance - Student Aid Index- Other Financial Assistance = Financial Need

One of the key factors, in addition to need, that determines the amount of aid a student can receive is availability of funds.  As a result, grant funding may fall short of the amount for which a student is eligible.  

Charter Oak State College, like most schools, is not able to meet full need as demonstrated by many financial aid applicants without self-help aid (i.e., federal Direct Loans). Therefore, it is very important to meet application priority dates to receive the maximum amount of grant aid available based on a student's eligibility.

Please note that during the course of processing some changes, updates or modifications to financial aid offers may be necessary if certain circumstances exist. Listed below are some of the factors that may cause modifications:

• Updates or corrections are made to the FAFSA;
• There is conflicting information from any source;
• Post-screening alerts from the National Student Loan Data System;
• Changes in enrollment status (i.e., less than full-time, withdrawing or dropping classes, and not attending or participating in classes)
• Receipt of outside sources of financial assistance such as a scholarship or tuition assistance benefit;
• Academic standing and progress

Note: Financial aid does not cover the College’s application fee.

Federal Verification

Federal regulations require the College to verify selected students for accuracy of information on their submitted FAFSA.  Charter Oak State College has partnered with Inceptia to expedite the verification process for students and their families. If an applicant is selected for verification by the U.S. Department of Education, or by Charter Oak State College, additional documentation will be required to validate data reported on the FAFSA which includes income tax information. Please note that the Office of Financial Aid has the legal authority to request additional information and documentation to authenticate information reported on the FAFSA.  If your FAFSA application is selected for verification you will use Inceptia’s verification online portal to complete the review of your FAFSA data.

Other Application Requirements

Social Security Number/Tax Identification Number

In order to comply with federal tax law, all students must provide their valid Social Security Number (SSN) or Federal Tax Identification Number (TIN) to the College.  Failure to do so may result in financial penalty under Internal Revenue Code (IRC) 6723. This information can be provided on the student’s application for admission, via the completion of a FAFSA, or by submitting IRS Form W-4, W-9, or W-9S. Financial aid will not be processed onto the student’s billing account without this information. 

Other Forms and Documents

Additional forms and documents may be requested from applicants as their aid applications are reviewed.  Once an application is completed and reviewed, the Office of Financial Aid will notify the applicant of their eligibility for financial aid.

Active Participation In Class

Students must be academically engaged prior to the disbursement of federal, state, and/or institutional financial aid funds. Logging into an online course without active participation, or participating in academic advisement or counseling, is not considered attendance and therefore a student would be required to return all amounts received through financial aid.

Financial aid students who withdraw or stop attending classes may be required to return all or a portion of the financial aid that they have received.  Please work with your advisor to understand the impact of withdrawing or not participating in class.