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BSP Rules - Finances

Page history last edited by Robert Hackett 4 years, 4 months ago

Recruitment & Selection     |     Program     |     Administration     |     Finances     |     Reporting


Section IV: Finances

 


 

4.1 Bonner Scholarship & the Financial Aid Package


4.1.1 Meeting Total Educational Need

  • The institution, through its financial aid office, will provide a financial aid package that meets the total documented need for the total cost of education (some define this as “Cost of Attendance”) of a Bonner Scholar. Total cost of education includes both direct costs, such as tuition, room and board, and indirect costs, such as books, medical insurance, incidental expenses, and travel (see Bonner Agreements signed by your institution for more information on this requirement). The figure for family contribution should be determined using the FAFSA form.

 

4.1.2 Student Loans

  • Only subsidized Stafford, Perkins or equivalent loans may be used in meeting a Bonner Scholar’s documented need. The amount of loans to meet full documented need of the total cost of education may not exceed that which is allowed under the subsidized Stafford Loan Program (currently $19,000 — $3,500 freshmen, $4,500 sophomore, $5,500 junior and senior). See Bonner Agreements signed by your institution for more information on this requirement.
  • These loans are to be government-subsidized loans. Loans such as PLUS are not to be used to meet undocumented need. Loans such as PLUS loans may be used by parents to meet their estimated family contribution, which will not be counted in the calculation of total student loan indebtedness (currently $19,000).
  • Schools may spread this loan amount out differently over the four-year period (e.g., in equal amounts evenly over the four years) without raising the total amount of student loan indebtedness (currently $19,000).

 

4.1.3 Federal Work-Study

  • Bonner Scholars may be packaged with Federal Work-Study for the community service they perform to meet their Bonner Scholar service requirement so that Bonner Scholars are meeting both work-study and Bonner hour requirements concurrently.
  • Note: In most cases, the Bonner service hour expectation will exceed a work-study award. This would mean that students would receive work-study funds for some of their Bonner service hours but not necessarily for all of them.

 

4.1.4 Bonner Summer Earnings Support

  • If the institution has a defined summer earning requirement as part of its financial aid packaging process, the Bonner Scholar Summer Earnings Stipend funds may go directly to the schools on behalf of each Bonner Scholar who qualifies for those funds. In turn, schools would not have any summer earning/saving requirement for students in that year.

 

4.1.5 Consideration for Commuter Students

  • At a minimum, schools must meet the unmet need of the direct cost of education for commuter students. The schools can determine financial aid for commuter students on a case-by-case basis. This policy will be reexamined periodically.

 

4.1.6 Consideration for International Students

  • For international students, the Bonner Foundation’s financial aid requirement will be implemented on a case-by-case basis. This policy will be reexamined periodically.

 

4.2 Term of Scholarship


4.2.1 Four-year Scholarship

  • The Bonner Scholarship is a four-year scholarship that provides financial support to students for a total of eight semesters and up to three summers. Fifth- and sixth-year “seniors” will not be eligible for continued Bonner Scholarship support.

 

4.2.2 Leaves of Absence

  • Students may take a leave of absence from the program and/or the college and still remain eligible for the remainder of their four years of Bonner Scholarship support. The Foundation will cease allocating Bonner Scholarship funds for students while they are on leave.
  • Students on leave should not be replaced if they are expected to return. However, if a student who withdraws during their leave is replaced by another student but then subsequently decides to return to college, the replaced student must join the pool of replacement candidates to be considered for re-admission into the program.

 

4.2.3 Off-Campus Programs

  • Bonner Scholars participating in off-campus programs (e.g., Washington, DC semester, junior year abroad, exchange) are still eligible for Bonner Scholarship assistance as long as they continue to meet the service expectation of 10 hours per week during the school year.
  • Bonner Scholars enrolled in academic programs that take them away from campus for the final year or two of their college career will not be eligible for the scholarship during those years away from campus (e.g., 3/2 engineering or nursing programs).

 

4.3 Bonner Scholarship Allocation Categories


 

4.3.1 Regular Funding Provided in Semester Allocation Awards

  • The following grant categories are awarded on a per-student basis, based on the enrollment levels reported on the fall and spring semester Registrar’s List provided to the Foundation.
    • School-Year Support
    • Community Fund
    • Administrative Fund
  • The following grant categories are awarded on a per-student basis for the summer semester based on the Registrar’s List provided to the Foundation:
    • Summer Earnings
    • Summer Living
    • Loan Reduction (for graduating Bonner Scholars)
  • Occasionally, the semester when these allocations are made will not fit the above pattern (e.g., a Bonner Scholar graduates at the end of the fall semester).

 

4.3.2 Additional Funding Provided on an Application or Reimbursement Basis

  • The following grant categories are awarded on the basis of an application proposal or on a reimbursement basis:
    • Bonner Student Congress Travel
    • First-Year Bonner Service Trip
    • Rising Senior Summer Enrichment Fund
    • Summer Service Placement in Local Campus Community

 

4.4 Allocation Guidelines


The amount and process for disbursing Bonner Scholarship funds should be made known to the Bonner Scholars in writing and through a meeting with a financial aid officer as part of the Bonner Scholars Program Orientation at the beginning of the year. Please note that Bonner Scholars Programs that receive annual funding from the Bonner Foundation will receive these funds directly from us, while those programs supported from their Bonner endowments will access these funds from that source. The funds should be disbursed as follows:

 

4.4.1 School-Year Support

  • $2,500 per Bonner Scholar is allocated during the school year ($1,250 per semester) to support the Scholar’s educational costs (i.e., books, transportation, and personal expenses).
  • The School-Year Support portion of the Bonner Scholarship should be paid directly to each student in the form of a series of at least three separate checks paid during the semester.
    • The disbursement schedule should be announced in writing at the beginning of the school year so students can set up their personal budgets.
    • Each institution should establish a process for ensuring that students are completing the required service hours before receiving their School-Year Support checks (see Section 2.1.1 for school-year service hour requirements).
  • The School-Year Support should be disbursed directly to Bonner Scholars regardless of their indebtedness to the institution for direct educational costs such as tuition, room, board, and fees. (At many institutions this requirement will differ from the standard treatment of financial aid.)
  • Bonner Scholars may elect voluntarily to have a portion or all of their school-year funds deposited in their student account to pay for tuition, room, board, or books and academic supplies charged to the bookstore.
  • During the school year, the only form of additional payment Bonner Scholars may receive is Federal Work-Study payment. They may not receive payment from their service site.
  • If a Bonner Scholar withdraws from the program in the middle of a semester, the balance of the school-year support should be reimbursed (see Section 5.3.1 for a description of the reimbursement process).

 

4.4.2 Summer Earnings

  • Beginning with the Class of 2005, up to $1,500 in summer earnings is awarded to each Bonner Scholar who completes his/her required summer service expectation.
    • These funds are available for two summers only.
    • These funds are allocated to the college in the summer allocation award, but are payable to the student only after completion of the 280-hours-over-seven-weeks service requirement.
    • Summer Earnings may be awarded on a pro-rated basis, upon prior approval by the Foundation.
  • The $1,500 Summer Earnings portion of the Bonner Scholarship may be used in two ways: either (a) paid directly to each Scholar or (b) credited to his/her student account to meet the institution’s “prior-year earnings” or “student contribution” requirement.
  • In addition to their Summer Earnings, students may be paid for their summer service work, either through Federal Work-Study and/or their service site.
  • Bonner directors or coordinators must inform site supervisors that Bonner Scholars have Bonner Summer Living and Earnings funds available to them. This information should be conveyed in the Community Learning Agreement that is signed by the site supervisor, student, and Bonner Scholar director or coordinator.
  • Bonner Scholars who do not return to the program in the fall will not receive the Summer Earnings. However, if a student decides to take a leave of absence after completing the previous summer’s service requirement, he/she may receive the Summer Earnings upon his/her return to the program. Students who transfer to another Bonner college are eligible to receive their earnings at their new institution.

 

4.4.3 Summer Living

  • Beginning with the Class of 2005, up to $2,000 will be available to students to cover summer living expenses.
  • On paper, each Bonner Scholar will have a “Summer Living Account.”
    • In the first summer they commit to doing service, Bonner Scholars will have $1,000 available in their summer living account to draw upon. Provided they complete that first summer service requirement, any unused summer living funds from that first summer will remain in their account for their second summer of service.
    • In the second summer they commit to doing service, another $1,000 will be added to their summer living account. This amount is added to the remaining balance, if any, that has been carried over in their summer living account from their first summer of service.
    • This summer living policy has been established to allow Bonner Scholars to budget their summer service support. Therefore, Bonner Scholars may choose to access less summer living funds in their first and/or second summer of service so that they have more available for their second and/or third summer of service. For example, a Bonner Scholar may spend his first summer of service in the hometown and, therefore, might request only $250 of summer living expenses, leaving $750 in his “summer living account.” As this Bonner Scholar plans his second summer of service, he can now develop his summer living budget knowing that he will have up to $1,750 available in his account to help cover expenses ($750 that has carried over from his first summer of service and $1,000 that was added for his second).
  • All students must submit their proposed summer living/travel budget to the Bonner Scholars Program director for approval. The director at each institution should establish a process for approving students’ requests. This process should be included in the written guidelines provided to Bonner Scholars at the beginning of the year.
  • A student who does not complete his/her summer service requirement during a particular summer should be asked to repay a portion of the summer living allocated to him/her, prorated on the basis of the actual number of hours completed. These funds will be reimbursed to the Bonner Foundation or the school’s Bonner endowment (see Section 5.3.1 for a description of the reimbursement process).
  • The Summer Living should be paid to the students according to a disbursement schedule determined by the program director and approved by the Foundation.
  • Note: Rising senior Bonner Scholars may apply for an additional $500 from the Rising Senior Summer Enrichment Fund (see Section 4.4.9 for allocation guidelines).

 

4.4.4 Loan Reduction Fund

  • Up to $2,000 will be allocated to reduce each Bonner Scholar’s total educational loan indebtedness at the time of graduation.
  • To be eligible for the Loan Reduction Award, graduating Bonner Scholars must have met the following requirements:
    • Attended first-year orientation;
    • Attended sophomore service exchange;
    • Completed the school-year hourly service requirement every year in the program;
    • Participated in two full-time summer service opportunities (one full-time summer service for replacements who begin in their junior year);
    • Participated in a recommitment exercise at the end of second year in the program;
    • Completed first-year, midpoint, and graduating Student Impact Surveys;
    • Participated in the Student Development Model;
    • Made a senior capstone “presentation of learning and service impact”;
    • Attended a senior exit interview with the director of the Bonner Program;
    • Graduated from the college where he/she was a Bonner Scholar.
  • Individual schools have the option of adding additional requirements or waiving one or more of these requirements, with approval from the Bonner Foundation.
  • Students who graduate without educational loans will be allowed to use their loan reduction funds towards graduate school. This option must be used within seven years of graduation.
  • The Loan Reduction Fund should be disbursed through a college check to the lender or graduate school on behalf of the student.
  • For replacement Bonner Scholars, loan reduction will be calculated by subtracting $250 per missed semester from the maximum of $2,000.
  • Bonner Scholars who take an extra semester or more to graduate will still be eligible for the Loan Reduction Fund, but not until they receive their diploma. For these students, the loan reduction funds will be included with the semester allocation that follows their actual date of graduation.

 

4.4.5 Administrative Fund

  • $350 ($175 per semester) per Bonner Scholar is allocated for staffing and other costs related to the administration of the Bonner Scholars Program.
  • In the fall semester, an additional $50 is allocated per first-year Bonner Scholar to support the Bonner Cluster Event (see Section 2.10 for a description of the Bonner Cluster event).
  • The Foundation does not require any official reporting on the use of administrative funds, but may on occasion survey the campuses to better understand the overall costs of the program.
  • When a Bonner Scholar withdraws from the program, administrative funds are not required to be reimbursed.

 

4.4.6 Community Fund

  • $100 per Bonner Scholar ($50 per semester) is allocated for the Bonner Community Fund account to support community service projects involving or initiated by Bonner Scholars.
  • A committee of Bonner Scholars should be established to review student proposals for accessing Community Funds. This committee of Bonner Scholars should decide on the process and criteria for allocating the Community Funds. The Bonner Scholars Program directors should have final approval of Community Fund proposals, but they are not permitted to make their own proposals for the use of Community Funds.
  • If necessary, the Community Fund should be held in an account separate from other Bonner Scholarship funds. Accurate records should be maintained, as well as appropriate security measures to ensure that these funds are used appropriately. A Community Fund report is required twice a year, including a detailed budget report (see Section 5.3.3 for directions for the Mid-Year and Year-End Community Fund Reports).
  • Examples of appropriate uses of the Community Fund include:
    • Covering the start-up expenses for a Bonner Scholar-designed service project;
    • Purchasing books or other supplies for the students Bonner Scholars are tutoring;
    • Paying summer camp tuition for kids tutored by Bonner Scholars;
    • Training-related expenses, including travel and registration expenses forconferences and workshops (with a maximum training expense of no more than 25% of the total opening balance in any semester).
  • Examples of inappropriate uses of the Community Fund include:
    • Donations to agencies or projects where Bonner Scholars or other students from your institution are not directly involved;
    • Travel expenses to and from service sites during the school year and the summer;
    • Supplement to summer living funds for summer placements or internships;
    • Food or drinks for Bonner Scholar meetings;
    • Expenses related to an awards program;
    • Expenses related to the general administration of the Bonner Scholars Program (travel, printing, phone, equipment, salaries).
  • When a Bonner Scholar withdraws from the program, community fund money is not required to be reimbursed.

 

4.4.7 Bonner Student Congress Travel Fund

  • Up to $250 per trip per Bonner Student Congress representative with a maximum of $500 is available to cover travel expenses to Bonner Congress meetings.
  • Please submit your reimbursement requests of up o $250 per Bonner Congress representative and no more than $500 directly to the Bonner Foundation, accompanied by the receipts. If a school currently has a Bonner Endowment, the funds will be drawn directly from that endowment.

 

4.4.8 First-Year Bonner Service Trip Funds

  • Up to $250 per first-year Bonner Scholar is available to cover expenses related to meeting the required first-year service trip. An additional $250 is available for each of two people (students or staff members) who attend in a supervisory capacity.
  • Proposals to support your first-year Bonner Scholar service trip should be made no later than six (6) weeks before the trip to allow the Foundation time to review the proposal and process a check.
  • Please use the following proposal form:

 

4.4.9 Rising Senior Fund

  • Rising senior Bonner Scholars may apply for an additional $500 to support their summer service activities or a service-related activity during their senior year.  These activities may include covering the cost of attending a conference related to their service or to travel to an interview for a fellowship, graduate school, or a job with a non-profit or government agency.
  • To receive this additional support, rising seniors must submit a proposal requesting these funds. This proposal should be submitted to their Bonner director or coordinator, who will then forward it to the Bonner Foundation for final approval. These proposals must be received by the Foundation prior to the summer and in time for these funds to be allocated along with the Summer Allocation award.
    • Please use the following proposal form:
    • If approved, these additional funds will be allocated in the Bonner Scholar semester allocation.

 

4.4.10 Bonner Summer Service Placement in Local Campus Community

  • Campuses can apply for additional funds to help build local summer service placements for Bonner Scholars who want to stay in their college community. These projects should continue service projects or related initiatives that also operate during the school year.
    • The maximum amount available for each campus each summer is determined by the number of enrolled Bonner Scholars based on a calculation of $75 per student per year. For example, a school with 60 Bonner Scholars would be eligible for an additional $4,500 ($75 x 60) to help establish and support these summer service opportunities.
    • These funds may be used to provide additional summer living or summer earnings to the participating students and/or to cover administrative costs associated with running the summer program.
    • The maximum supplemental amount that an individual student engaged in your local summer service program can receive is $1,500.
    • The Bonner Scholars Program director must submit a formal request for these funds at least six (6) weeks prior to the summer in which the funds would be used. (Note: Bonner Scholar institutions with Bonner endowments must submit a formal request before these funds can be withdrawn from their endowments.)
  • Please use the following proposal form:

 

4.4.11 Junior/Senior Leadership Fund 

  • At the end of each academic year, the Foundation calculates the amount of unexpended program money due to under-enrollment or lack of proposals for certain funds (i.e., local summer service, rising senior summer living, etc.). The total of these unexpended funds from the prior academic year at your institution are the source of your Bonner Leadership Fund.
  • To access these funds schools are asked to submit a proposal to the Bonner Foundation to support enrichment activities that involve Bonner Scholars who are in their junior or senior year. The goal of these initiatives should be to enhance student learning and development, not simply to implement current aspects of the Bonner Scholars Program. In addition, we encourage programs to think strategically about how to do this in ways that are structural, supporting and engaging multiple students rather than as funds for individual students (the Rising Senior Fund is appropriate for that use).
  • Please use the following proposal form:
  • Please note the following restrictions regarding your budget:
    • For every 10 students, Bonner will fund a staff member. If there are 20 students, Bonner will fund 2 staff members.

    • For international trips up to 10 days, there is a $600/participant cap. For international trips 10 days or longer there is $750/participant cap.

    • For conferences, there is a $250 cap for participants.

    • Students must first expend their Sr. Enrichment before requesting Leadership Fund money as a supplement.  

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