Financial Aid

Mission

The primary mission of Financial Aid Office (FAO) is to administer all financial aid programs, federal or local in compliance with applicable law and regulations and maintaining integrity, accuracy and timeliness in the delivery of financial assistance to all eligible students admitted to the College of Micronesia-FSM (COM-FSM) to help students pay for their educational expenses. Financial aid is provided by federal, state, and institutional sources and consists of grants, loans, and work-study.

Types of Financial Assistance

Financial assistance may be in the form of:

GRANTS and SCHOLARSHIPS which do not have to be repaid provided you attend classes, do not drop classes, or withdraw from COM-FSM; and

WORK-STUDY that provides an opportunity to work and earn money for educational expenses.

COM-FSM administers one U.S. Federal Student Aid Program (Title IV). To determine if you are eligible, the U.S. Department of Education uses a standard formula, established by the U.S. Congress, to evaluate the information reported on your Free Application for Federal Student Aid (FAFSA) or your Renewal FAFSA.

The formula produces a Student Aid Index (SAI) number which appears on your FAFSA Submission Summary (FSS) or Institutional Student Information Record (ISIR). Your SAI helps determine whether you are eligible for Pell Grant or not.

Upon receipt of your FSS or ISIR, the Financial Aid Office prepares an award letter that will advise you of the types and amount of financial aid you will be awarded as well as information on when the aid will be available to you.

1. Federal Pell Grant

Federal Pell Grant is a grant to help undergraduates pay for their education. For many students, Pell Grant provides the foundation to which aid from other federal and non-federal sources may be added. Federal Pell Grant does not have to be repaid.

The maximum award for the one award year is $7,395. The amount you will receive depends not only on your SAI, but also on the cost of your attendance at COM-FSM, your enrollment intensity which is calculated from your enrollment status and credits as a full-time, three-fourth-time, half-time, or less than half-time student; and the number of semesters attended during the academic year.

Pell Grant Duration of Eligibility

The lifetime limit of Pell Grants is 600% which is an equivalent of 12 full time semesters (6 years). This provision applies to all Federal Pell Grant eligible students regardless of when they received their first Pell grant award. The calculation of the duration of a student’s eligibility will include all years of the student’s receipt of Federal Pell Grant funding.

Example:

NOTE: This policy will have a big impact on students who were enrolled in the 4th Year programs and those students who have been attempting to enroll in more than three programs after graduating from their Associate degree programs. Students who have reached this maximum are advised to seek other means of financial assistance such as state and national scholarships.

2. Federal Supplemental Educational Opportunity Grant (FSEOG)

The Compact of Free Association Amendments Act of 2024 granted back eligibility for citizens of the Republic of the Marshall Islands and the Federated State of Micronesia for to participate under two campus-based programs, Federal Supplemental Educational Opportunity Grant (FSEOG) and the Federal Work-Study (FWS) program. Under this Amended Compact Act, students who began their enrollment after June 30, 2024 are eligible for assistance from these programs.

The Federal Supplemental Educational Opportunity Grant (FSEOG) provides additional financial assistance to students with exceptional need. Like the Pell Grant, it does not have to be repaid.

1. Award Range: $100 – $4,000 per year, depending on financial need and available funding.
2. Eligibility Requirements:

Must meet general eligibility criteria for federal student aid. Must demonstrate exceptional financial need. Must maintain Satisfactory Academic Progress (SAP) as defined by COM-FSM.

3. Federal Work-Study (FWS) Program

The Federal Work-Study Program gives students the opportunity to earn money to help pay for their educational expenses by providing part-time work. College regulations limit students to a maximum of 20 hours per week while classes are in session and 40 hours per week when classes are not in session (Easter break, semester recess, etc.). Students are not eligible to work overtime hours.

Work Study pay rate is at least the current COM-FSM minimum wage, and the total award depends on the level of need of a student and the funding level.

The number of hours students are allowed to work depends on their class schedule, health, and academic progress. Students are paid biweekly.

Work Study funds are made available at the beginning of the school year. If you are awarded Work Study, you should work out a schedule and carefully monitor the number of hours that you work per week and not exceed the amount awarded. Upon depleting your Work Study award, you will be terminated from your Work Study position. For eligibility requirements, check with your financial aid office.

4. National and State Scholarships

There are state scholarships (as well as grants and loans) available or offered through your own state government. The COM-FSM Financial Aid Offices provide assistance in filling out the state scholarship application form, completing and certifying the “expense section” of the form, and forwarding the applications to the respective state scholarship offices. The respective state scholarship offices make scholarship awards.

Scholarship deadlines:

National & State Scholarship: July 31 for Fall semester
December 30 for Spring semester

5. US Veterans Education Benefit Programs.

The College of Micronesia-FSM is an approved educational institution for education and training under the US Veterans Educational Assistance Act (GI Bill). COM-FSM charges veterans and military service members the same tuition rate as all students and there is no in-state or out-of-state tuition differential.

All students who are eligible to receive financial assistance from the US Department of Veterans Affairs under Chapter 30 (Montgomery GI Bill Active Duty), 33 (Post-9/11 GI Bill), and 35 (Survivors and Dependents) are advised to contact the college’s School Certifying Official for clarification and explanation of awards before registering with their assigned advisor.

US VA School Certifying Officials (SCOs)
Mauricio Santiago, Registrar
Phone: (691) 320-2480 extension 133
Email: santmaur@comfsm.edu.fm
Joey A. Oducado, Vice President for Enrollment Management & Student Services
College of Micronesia-FSM
P.O. Box 159
Kolonia, Pohnpei FM 96941
Phone: (691) 320-2480 extension 121
Email: joducado@comfsm.edu.fm

Student Eligibility Requirements for Financial Aid

Before receiving any federal student aid, you must meet the general eligibility requirements listed in this section, as well as those requirements, which are unique to each program. In order to comply with the general eligibility provisions, you must:

1. Have a high school diploma or a General Education Development (GED) certificate, pass an independently administered test approved by the U.S. Department of Education (DOE), or meet other standards your state establishes that are approved by the U.S. DOE. A copy of your diploma or GED certificate must be submitted with your application.
2. Be accepted and enrolled as a regular student working toward a degree or certificate in an eligible program.
3. Be a U.S. citizen or eligible non-citizen. (FSM, Palau, and Marshall Island citizens are eligible non-citizens.)
4. Have a “demonstrated” financial need. Your yearly educational expenses must be greater than the contribution you and your family can make toward these expenses.
5. Maintain satisfactory academic progress once in school.

Application Information and Procedure

Application Information

To be considered for financial aid at the College of Micronesia-FSM, each applicant must complete and submit the Free Application for Federal Student Aid (FAFSA) online, and submit all required documents and forms identified below following the instructions given. Your application will not be processed until the Financial Aid Office receives the required documents and forms, and you have been officially accepted into a COM-FSM degree/certificate program.

The Financial Aid Office at COM-FSM should receive all applications for aid and supporting documents not later than 10 days before the end of summer and 30 days before the end of Fall and Spring semesters. Applications received after these deadlines will be evaluated only to the extent to which funds are available.

New students should apply for financial aid when applying for admission to college. Financial aid cannot be awarded to applicants who are not officially admitted and enrolled in college. Continuing COM-FSM students must reapply for financial aid each year.

Financial aid application forms, related materials, and information can be obtained from the Financial Aid Offices at the State Campuses and can also be obtained at this financial aid website.

Application Procedure

Free Application for Federal Student Aid (FAFSA) will be completed and submitted online through the studentaid.gov website: https://studentaid.gov/

In order to apply for FAFSA students and contributors (spouse and/or parents) must first create a studentaid.gov account through the studentaid.gov website. Check with your financial aid staff for details on how to complete the FAFSA online. When applying for FAFSA it required that all students must provide verify their identity with the financial aid office providing a valid photo ID.

Step 1:

Create studentaid.gov account: Student, spouse and parent must create individual accounts

Step 2:

Complete FAFSA online. Student will start the FAFSA online, competes the student section, then invites the spouse or a parent. If a parent is married, the parent will complete the first parent’s section then invites the spouse to complete the spouse section and to submit the FAFSA.

Step 3:

Complete the COM-FSM Application for Financial Aid (COM-AFA) and submit it directly to the Financial Aid Office with the prior-prior year wage and tax statement or a prior-prior year untaxed income verification form. Confirm with financial aid which year is required for the year you are applying for.

Step 4:

Submit a copy of your passport or birth certificate for citizenship verification or valid driver’s license or state ID for identity verification to the Financial Aid Office. Make sure your name and date of birth in the passport or birth certificate and ID is exactly the same with what you provided in your FAFSA application and all other forms submitted. A difference in names will require an affidavit to be submitted with the documents.

Award Packaging Policy

Financial Aid Package

Students with SAI of -1500 are eligible for the maximum Pell Grant award and will be awarded in the following manner based on their enrollment intensity and cost of attendance.

Receiving Your Award

Students can monitor or view their award status in their MyShark account. Log in to your MyShark account and check if you have been awarded. Contact financial aid office if there is delay in your award.

Satisfactory Academic Progress Policy

Due to changes in the federal regulations, effective fall 2011 semester, SAP for federal financial aid will continue to be at the end of every term. The Financial Aid Office will be looking at cumulative progress instead of annual progress and the student is expected to complete 67% of all credits attempted in order to graduate within the 150% timeframe allowed by federal government. The Department of Education’s goal is to limit how long students who are not making SAP can continue to receive Title IV aid.

The Satisfactory Academic Progress (SAP) Policy is composed of two standards of measurements stated below:

Qualitative Measurement

Measures students’ academic progress, such as Cumulative Grade Point Average

Quantitative Measurement

Measures maximum time frame toward the completion of students’ program and the pace of progression [credits completion rate]

Students must meet the new COM-FSM SAP standards both qualitative and quantitative in order to receive or continue to receive financial aid.

1. Financial Aid Good Standing

Financial aid recipients must meet the following standards of COM-FSM SAP policy in order to be eligible for financial aid.

1. Maintain a Cumulative Grade point Average (cum GPA) of 2.0 or better AND
2. Successfully complete at least 67% of cumulative credits attempted according to the pace of progression (Credits Completion Rate) formula: (divide cumulative credits earned by cumulative credits attempted). AND
3. Must complete degree within 150% of slated time.
   • 150%, for 60 credits or AA/AS = 90 credits

The table below is an example of pace of progression to assist you.

2. Financial Aid Warning

Students are automatically placed on Financial Aid Warning when they fail to meet SAP standards indicated above. Students on financial aid warning status may continue to receive financial aid (Title IV funds) for one payment period (one semester). No appeal is necessary.

3. Financial Aid Suspension

Students who are placed on financial aid warning status and fail to achieve SAP standards at the end of the payment period (one semester) will lose their financial aid eligibility. If students believed that they have experienced circumstances out of their control, they can appeal. As a result of the appeal, students may be placed on financial aid probation, on an academic plan or denied financial aid eligibility.

Financial Aid Probation

• Students are placed on Financial Aid Probation when they have been disqualified for not meeting SAP standards and their appeal was approved. They were determined to have the ability to achieve the SAP standards at the end of the payment period. They may continue to receive financial aid (Title IV funds) for one payment period and must achieve SAP standards at the end of the payment period; otherwise, they will lose their financial aid eligibility.

Academic Plan

• Students are placed on an Academic Plan when they have been disqualified for not meeting SAP standards and their appeal was approved. It was determined that these students do not have the ability to meet SAP standards at the end of the payment period, therefore, an academic plan for financial aid purpose is developed for them in order to meet the SAP standards at the end of the payment period. They may continue to receive financial aid (Title IV funds) for one payment period and must achieve SAP standards or meet the conditions of an academic plan at the end of one payment period; otherwise, they will lose their financial aid eligibility.

Denial

• The appeal is denied if the committee determines that there were no extenuating circumstances. The student loses his/her financial aid eligibility.

Appeal of Financial Aid Suspension (Exception to the Policy)

You may appeal determination of ineligibility by submitting an appeal in writing to the Chairman of the Financial Aid Committee within ten working days of receipt of your suspension notice. The appeal must include the following:

1. Your reasons for not achieving the minimum academic (qualitative and/or quantitative) requirements and/or for not completing your education objective within the time frame allowed; and
2. A non-academic reason why your aid should not be terminated (i.e., illness or death in the family, personal injury or illness, or other special circumstances) with supporting documents from a doctor, counselor, and/or academic advisor.

Submission of an appeal does not guarantee reinstatement of eligibility. Each appeal will be reviewed by the Committee on a case by case basis to determine whether or not the appeal is valid and contains sufficient reasons for reinstatement. All appeal decisions are final. You will be notified in writing of the Committee’s decision. Appeal letter forms are available at the Financial Aid Offices at all COM-FSM campuses.

Reinstatement

If your financial aid eligibility has been suspended due to lack of satisfactory academic progress, it may be reinstated when you have made up ALL prior credit deficiencies and/or have achieved the required grade point average at your own expense.

Treatment of Incomplete and Withdrawal

Courses with the following grades will not be considered as successfully completed:

“F” (failure),
“I” (incomplete), and
“W” (withdrawal)

Credits will not be awarded for the course.

Repeated Courses

Courses that are repeated will count in the calculation of hours attempted and completed hours earned for the time frame. A student may attempt a course a second time and still be eligible for financial aid. However, a student will not receive financial aid after the second attempt of the same course.

Verification Process

Selected for Verification? Read this for help!

If you are selected for verification, you are not alone! About 30% of all FAFSA filers are selected for the verification process, which requires the school to collect documentation to check the accuracy of the FAFSA information.

If your FAFSA is selected for verification, Financial Aid will notify you of which form to fill out. You have 45 days to complete verification. If the process is not complete within the 45 days window, your aid must be cancelled which may result in a balance owed to the school.

See the definitions of verification groups below and the information to be verified for each group. Click on the appropriate form to download and fill out and submit with required signatures to financial aid office as soon as possible. Your Pell grant award will not be processed until you submit your verification.

Verification Forms

V1 – standard verification group will verify:

• Adjusted Gross Income (parent and student, if the student is dependent)
• Taxes Paid (parent and student, if the student is dependent)
• Income Earned from Work (for non-tax filers)
• Certain Untaxed Income Items (parent and student, if the student is dependent)
• Household Size
• Number in College (excluding parents for a dependent student)
• Any other inconsistent or conflicting information

V4 – Custom verification group will verify:

• Identity

V5 – Aggregate verification group will verify:

• both a student’s identity in V4 and all applicable financial/tax data from the standard verification group in V1

Failure to meet the verification deadlines may result in certain types of aid not being offered. In addition, delays in sending documentation may result in the student not having aid by the time their bills are due each semester. In this case, the student is obligated to pay the account balance on the student account, or their classes could be canceled.

Once verification has been completed students will be notified of an original financial aid award package or changes to a financial aid award package by e-mail. The student will be instruction to log into their MyShark account to review the original or revised financial aid award package and take any appropriate action as instructed.