YACPA recognizes the importance financial aid can play in supporting students in the pursuit of their educational goals. Additionally, YACPA also recognizes the responsibility it bears to ensure those funds are managed and utilized in a manner that aligns with regulatory requirements as well as good practice. Thus the following practices are considered essential to ensuring the YACPA financial aid department is operated legally and ethically.
- The primary purpose of aid received by YACPA students should be to cover direct expenses related to educational programs and not the expenses they would incur if they were not enrolled.
- The student should only be awarded financial aid after it has been determined that their personal resources are insufficient to cover the student’s total educational expenses. The total amount of aid awarded should not exceed to the student’s total educational expenses.
- No aid can be awarded or disbursed unless the student has completed and submitted all appropriate forms.
- The financial aid department alone will be responsible for administering all Federal Title IV funds and any private loan funding the student may receive.
- The financial aid department is responsible for maintaining records and ensuring aid given is not in excess of need and/or cost of attendance. This includes ensuring aggregate awards do not exceed total expenditures of funds under each program.
- All awards will be made without regard to age, sex, race, color, religions, sexual orientation, national origin, disability, or marital status.
- All students must apply for Federal aid on an annual basis.
- The financial Aid department will cooperate with annual auditing procedures.