Please check back often for updates. Please note, due to Financial Aid’s reliance on outside entities and “process” oriented nature, the Financial Aid department is not held to MCU’s 48 hour response time rule. Standard updates will be given to students upon request, but we encourage students to understand that answers cannot be instantaneous or tailored to a personal timeline.
Title IV Student Handbook: Title IV P&P Manual
Midwives College of Utah (MCU) is proud to now offer its students Title IV Federal Student Aid.
If you are interested in applying for Federal Student Aid, please submit your Free Application for Federal Student Aid (FAFSA) today! (Be careful of fraudulent websites claiming to be the FAFSA, only use this official link). In addition, students interested in financial aid are encouraged to check out Funding Education Beyond High School: The Guide to Federal Student Aid online at http://studentaid.ed.gov/guide.
Financial Aid Programs Offered:
• FEDERAL PELL GRANT PROGRAM, 20 U.S.C. §§ 1070a et seq.; 34 C.F.R. Part 690.
• FEDERAL DIRECT STUDENT LOAN PROGRAM, 20 U.S.C. §§ 1087a et seq.; 34 C.F.R. Part 685.
This is the same application that all students in the U.S. complete when seeking federal financial aid to attend higher education. Once this application is completed, the student will indicate whether he/she would like to attend Midwives College of Utah by including our school code (042183). This begins the process of awarding you aid that can be used toward your education, based on your family income, Independent/Dependent status (24 years old or younger = Dependent), full vs. part-time enrollment status, and past student loan award amounts.
Federal Student Aid Eligibility:
Federal student aid is available to enrolled degree seeking students only. Audited courses and non-credit courses are ineligible for student aid. All Federal Student Aid recipients must be U.S. citizens or eligible non-citizens. In addition, if you are a male over the age of 18, you must register for Selective Service in order to receive Federal Student Aid. Please register here: http://www.sss.gov/default.htm.
How to Apply:
To apply for Federal Student Aid, you will need to complete the Free Application for Federal Student Aid (FAFSA). This may be done online at www.fafsa.ed.gov. If you have questions about the FAFSA, please contact the Financial Aid Director. Each FAFSA covers the federal award year, which runs July 1 through June 30. You must apply for aid annually. Continuing students should submit a renewal FAFSA.
Eligibility for aid is based on the information provided on the FAFSA and will vary by program. All eligibility is determined by Department of Education formulas. Students do not have to be admitted to Midwives College of Utah before submitting the FAFSA. Financial Aid awards will only be made to students accepted into an eligible program. Continuing Education students are not eligible for federal student aid.
FAFSAs still under verification are not considered complete.
When completing the FAFSA, you will need to enter Midwives College of Utah’s Federal School Code (042183). You will receive a Student Aid Report (SAR) after completing your FAFSA. This will contain your Expected Family Contribution (EFC), which will determine your aid package. FASAs may be selected for verification by the Department of Education or by Midwives College of Utah. If your application is selected for verification, you will be notified by the Financial Aid Department. You will be required to submit additional documentation, including tax forms, before your award can be processed. Your application is not considered complete, and aid will not be disbursed, until after the verification is complete. Please be advised, this is a process that can take some time.
Once a student aid package is created, an award letter will be provided to the student. The student must then confirm acceptance of the award by signing and returning the award letter to the Financial Aid Director. If the award is not confirmed, the student will not receive aid. You may choose to accept all or only part of an award.
MCU’s Financial Aid Policies and Procedures
1. Student Responsibilities
Students are responsible for completing information on the forms honestly and accurately by the deadlines. Please respond to the financial aid office’s requests promptly. Midwives College of Utah must be notified of any change in address, name, marital status, financial situation, or other changes in status. Any additional assistance from outside sources (scholarships, loans, other educational benefits) must be reported to the financial aid staff. Students are responsible for reapplying for aid each award year.
Students, who intend to receive federal student loans, must complete Entrance Counseling and sign your Master Promissory Note (MPN) at studentloans.gov.
If receiving financial aid, students must maintain the minimum enrollment status or the award will be decreased or eliminated. You are responsible for maintaining your course schedule to meet your requirements. Students must enroll in least 6 credits in 30 academic weeks (2 semesters) in order to remain eligible for future aid.
2. School’s Role
As outlined By The Department of Education:
- Document Student Eligibility
- Encourage student awareness; entrance/exit counseling
- Originate/Award loans
- Manage MPN process https://studentloans.gov/myDirectLoan/index.action
- Draw down Direct Loan funds via G5 “Pushed Cash” option also available
- Disburse funds to students
- Update NSLDS enrollment status*
- Transmit loan origination, disbursement, and adjustment data to COD
- Reconcile with ED on a regular basis and complete annual close-out
- Determine staffing roles and responsibilities
- Determine MPN processing options
- Determine software options
*Note: Students who enter into an agreement regarding a Title IV, HEA loan will have their loan information submitted to the National Student Loan Data System (NSLDS). The information will be accessible by authorized agencies, lenders, and institutions.
We encourage prospective and enrolled students to check their NSLDS history by logging on to the Student Access NSLDS website.
3. MCU’s Title IV Parameters
The academic calendar for the undergraduate program is non-term. This determination is made based on several characteristics listed on page 3-5 of Volume 3, Chapter 1 of the Federal Student aid handbook.
Undergraduate students will be scheduled to take at least twelve credit hours. Twelve scheduled credit hours are considered full time for Title IV purposes. A student’s initial award will be disbursed at the start of this 12 credit term. The student will receive a second disbursement of their initial award upon the completion of the initial twelve credit hours. After the very first disbursement received, the student must complete 12 credits AND be scheduled for another 12 credits to receive his/her next disbursement. Graduate Students using Title IV funds must be enrolled at least half time to retain eligibility for Title IV.
School officials will be responsible for monitoring the completion of the credit hours and confirming the completion of those scheduled hours with the Weber representative prior to making a second disbursement of this student’s program.
When a student enrolls for a term that requires a clinic, the student’s financial aid award will be based on the total number of credit hours scheduled including the course work and the credit for the clinical credit. The student will be eligible for a second disbursement as soon as the total number of credit hours including the clinical credit hours has been completed.
4. MCU Title IV Processing Policy
The following requirements are effective starting 9/15/2013 for all Title IV Federal Student Aid recipients:
1. The tuition for students receiving Title IV funds will be calculated at the current tuition rate.
2. Students receiving federal student aid must enroll in at least 6 credits per semester.
3. Students must open their courses for the semester within 3 weeks of the start date of each semester.
4. Only clinical credits that are granted during the loan period will count toward your minimum credits required for federal student aid funding.
5. The total number of semesters on your major map cannot change at this point. If you need to add a credit for this semester please contact Cindy in the Registrar Department.
6. Financial aid is awarded under the assumption that you will attend school for the entire period for which the aid was awarded. When you withdraw after receiving financial aid, you may no longer be eligible for the full amount of aid you originally received. If you withdraw after beginning to attend, the amount of financial aid you earned must be determined. Federal law specifies how MCU must determine the amount of Title IV financial aid you have earned, and how much must be repaid. If you received less aid than the amount you earned, you may be able to receive those additional funds. If you received more aid than you earned the unearned funds must be returned.
5. Transfer Credits and Accreditation
Credits completed at a direct entry midwifery program will not transfer to a CNM program at this time. Some colleges and universities have taken direct entry midwifery program credits in the past, but this is not guaranteed. If you anticipate transferring credits or a degree to another institution, you should contact that institution directly regarding credit transferability. Direct entry midwifery programs that are accredited by the Midwifery Education Accreditation Council (MEAC) will very often accept credits from other MEAC accredited schools. MCU is MEAC accredited and does accept other MEAC accredited schools transfer credits.
MCU will also accept credits from other institutions accredited by a US Department of Education recognized accrediting agency. Transfer credits must have a C grade or above. MCU follows a semester format and credits transferred from quarter and trimester systems will be reduced in value accordingly.
6. Satisfactory Academic Progress (SAP)
(Summarized for your convenience. For our official policy in its entirety, please consult our Title IV Handbook and its relevant Appendices.)
6A. SAP for Undergraduate Students
SAP Evaluations (Undergraduates)
Evaluations of satisfactory academic progress will be conducted in 30 academic week payment period intervals. This corresponds to the undergraduate Title IV payment period of 30 academic weeks. Academic progress of Title IV students will be evaluated by the Financial Aid Department, and conveyed to relevant departments such as the Registrar, Student Finances, and the Coaching Department.
SAP Standards (Undergraduates)
In order to achieve Satisfactory Academic Progress, the student must maintain a GPA of 2.5 or higher over the course of the evaluation period, and achieve 75% progression through the period. 75% progression is calculated by dividing cumulative hours completed with a C or better by cumulative hours attempted during the period. Important: At Midwives College of Utah, Summer term is no different than our Winter and Fall terms; it is a 15-academic week term in which all students must be enrolled.
NOTE: A course is considered attempted if it has been newly activated during the evaluation period. Extended courses from previous evaluation periods do not count as newly attempted courses for SAP.
All students must also be on pace to complete their program within 150% of the published length of the program. For the Associate and Bachelor degree, length is measured in credit hours. For the Master’s degree, length is measured according to minimum program length (in months/years).
For programs longer than two years, students must have a cumulative GPA of at least a 2.5 (B-) or its equivalent at the end of the second academic year (120 weeks).
SAP and Extensions (Undergraduates)
If a class is not completed by the end of an evaluation period (for example, if a student takes an extension), the class will count as an Incomplete only for SAP purposes. While Incompletes are not calculated into a student’s GPA, they are considered “attempted” courses and are therefore included in the determination of whether the student has achieved 75% progress through the evaluation period.
For the purposes of Satisfactory Academic Progress, when a course is repeated or an extension completed, the original grade is deleted and GPA is recalculated using the new grade. Financial Aid recipients who fail to make SAP due to taking out a complementary extension may have their progress reevaluated once the first extension is complete. If enough credits were completed during the 10-week extension to bring the student above the requirement for SAP, the student will be removed from Financial Aid Warning. After the first 10-week extension, the Financial Aid Department will not continue to re-evaluate SAP for previous evaluation periods.
Before requesting a complimentary 10-week extension, Financial Aid recipients should always double check where they are in their evaluation period by contacting the Financial Aid Department. In order to help students protect their Title IV eligibility, Financial Aid recipients seeking to take more than one 10-week extension per course must first request permission from the Registrar and Financial Aid Departments
6B. SAP for Graduate Students
SAP Evaluations (Graduates)
Evaluations of SAP for graduate students will be conducted at the end of every 15 academic week semester. Academic progress of Title IV graduate students will be evaluated by the Financial Aid Department, and conveyed to relevant departments such as the Registrar, Student Finances, and the Coaching Department. The academic year for Title IV graduate students is defined as 45 weeks, comprising of two 22.5-week payment periods.
SAP Standards (Graduates):
- Must maintain a cumulative GPA of 3.0 or above
- Must open at least 2 credits per semester (i.e. be enrolled half-time) to be eligible for Financial Aid.
- Half-time status for Title IV purposes is a minimum of 2 credits/semester.
- Full-time status for Title IV purposes is a minimum of 4 credits/semester.
- Students enrolled half-time (2 credits/semester) must complete both credits within the semester they are opened.
- Otherwise, graduate students enrolled above half-time status must make 67% progress each semester. Progress is defined as the number of credit hours completed with a C or better divided by the total credit hours attempted. For example, if 4 credits are opened and 2 of those credits are completed by the end of the semester, 2/4 credits = 50% progress. If a 4-credit course is opened, the course must be completed to be in SAP compliance. A course is considered “attempted” if it has been activated. Exceptions to this include:
- FLDW 571 – 572: Fieldwork courses must simply be completed by course expiration date.
- PROD 511 and MDWF 560/584: Prospectus and thesis/project completion courses must be completed by course expiration date.
SAP and Extensions (Graduates)
If a class is not completed by the end of an evaluation period (for example, if a student takes an extension), the class will count as an Incomplete only for SAP purposes. While Incompletes are not calculated into a student’s GPA, they are considered “attempted” courses and are therefore included in the determination of whether the graduate student has achieved 67% progress through the evaluation period.
A graduate student who fails to achieve 67% progress due to taking out a course extension will be given until the end of the current 22.5-week payment period to complete the extension before Title IV eligibility will be lost.
Maximum and Minimum Time Frames: Graduate students will naturally need to take more than the minimum number of credits per semester for some semesters in order to complete within stated time frames, but the maximum and minimum time frame remains 4 years and 2 years, respectively, and this will align with the proposed major maps.
Students must also be on pace to complete their program within 150% of the length of the program.
6C. SAP and Incompletes, Withdrawals, Repeats, and Transfer Credits (Undergraduates and Graduates)
Incomplete Grades: Credit hours in which a student receives a grade of “I” are included in the number of attempted hours but do not count as successfully completed hours.
Withdrawals: Credit hours in which a student receives a grade of “W” are included in the number of attempted hours but do not count as successfully completed hours. Withdrawals are also not included in the student’s GPA calculation.
Repeats: MCU does not offer Remedial Courses or Repeat Courses.
Transfer credits: Transfer credits are included in the total number of attempted hours for the measurement of maximum time frame, but excluded from the GPA calculation. Transfer credits must have a grade of C or higher to count.
Academic Reassessment: The financial aid SAP measurement is always based on the grades and the completion rate of the student’s attempted hours, not the adjusted credit total that may result from academic reassessment.
7. Financial Aid Warning (Undergraduates and Graduates)
(Summarized for your convenience. For our official policy in its entirety, please consult our Title IV Handbook and its relevant Appendices.)
Upon evaluation at the end of each 30-week period for undergraduates and 15-week period for graduates, students who fail to meet SAP standards will be issued a Financial Aid Warning via email. The student may continue to receive assistance under the Title IV, HEA programs for one evaluation period despite determination that the student is not making SAP. Financial Aid Warning Status may be assigned without an appeal or other action by the student.
8. Financial Aid Probation (Undergraduates and Graduates)
(Summarized for your convenience. For our official policy in its entirety, please consult our Title IV Handbook and its relevant Appendices.)
When a student fails to make satisfactory academic progress during period which the student is on Financial Aid Warning, the student will lose eligibility for assistance under Title IV, HEA programs. Students will be notified of this via email. However, eligibility for financial aid may be reinstated and the student placed on Financial Aid Probation if:
a. An appeal is filed by the student (See Financial Aid Probation Appeals Process, below), and
b. The student agrees to follow an academic plan approved by the school that will ensure that the student is able to meet the school’s SAP standards by the next payment period. For example, the department may choose to require the student to fulfill specific terms and conditions such as taking a reduced course load or enrolling in specific courses. At the end of one payment period (30 weeks for undergraduates/15 weeks for graduates) on Financial Aid Probation, the student must meet the school’s SAP standards or meet the requirements of the academic plan to qualify for further Title IV, HEA program funds.
Students who fail to make SAP while on Financial Aid Probation will be ineligible for funding under Title IV, HEA programs in the subsequent period.
Additionally, if a student fails to make SAP, or does not pass a course while on Financial Aid Probation, the Registrar and Academic Dean will meet with the student and determine if the student is an appropriate midwife candidate. The student may be dismissed from the program.
9. Undergraduate and Graduate Financial Aid Probation Appeals Process
An undergraduate or graduate student who has not made SAP while on Financial Aid Warning, can appeal to reestablish his/her eligibility to receive assistance under the Title IV, HEA Programs. The following are acceptable reasons for filing an appeal:
- Serious medical condition accompanied by a doctor’s note
- Insufficient communication between the student and faculty/staff due to extenuating circumstances
- Other special circumstances, such as the death of a family member.
The student must state in writing:
1. Why he/she hasn’t met the academic standards required, and
2. What has changed in the student’s situation that will allow him/her to demonstrate SAP at the next evaluation.
In addition, the student must create an academic plan with his/her House Mother (the Graduate Dean for graduate students) that will ensure that he/she will meet SAP for the next evaluation. The student’s House Mother or Graduate Dean must approve of this academic plan by signing the student’s appeal letter. The student will be informed that they will lose eligibility for Title IV funding if they fail to meet SAP under the academic plan.
Students requesting an appeal to the policy are encouraged to submit documentation to support their request. The Department will take one of two actions: approve the appeal, place the student on Financial Aid Probation and recommend the student for an Academic Plan, or deny the appeal.
10. Leave of Absence
In the event that a financial aid recipient needs to take a Leave of Absence, the student and school must comply with the following:
To formally request a Leave of Absence, ALL students MUST:
1) Inform Student Finances, and/or Financial Aid of their request and discuss financial aid implications, as appropriate.
2) Submit a written and signed request to the Registrar for a Leave of Absence and include the following information:
a. Beginning and ending dates of the LOA requested
b. Reason for the LOA request.
The following are acceptable reasons for a leave of absence: military, medical, jury duty, loss of job, family emergency, employment emergency or other reasons which demonstrate the student’s circumstance.
Late requests may be considered for approval if they include an explanation of the unforeseen circumstances that prevented the earlier submission of the request.
FINANCIAL AID STUDENTS:
Must complete the steps required of ALL STUDENTS and comply with the following:
Financial aid students must contact the Financial Aid Department as soon as possible upon determining that they would like to request a Leave of Absence (LOA) to discuss the impact on student aid. Students who do not return from an approved LOA will have all future loan disbursements canceled. The loan repayment grace periods established on all previously disbursed loans will have begun as of the first day of the student’s approved LOA. Therefore, if the student does not return from an approved LOA, the student may have exhausted some or all of the grace period and may be required to enter into immediate repayment on previously disbursed loans. Students will need to contact their lender regarding grace period rules and requirements. If the student does not return following the leave of absence period, MCU will consider the student as having permanently withdrawn and will apply its refund policy.
Please note, your LOA may not exceed 180 days. If your LOA exceeds 180 days, MCU will consider the student as having permanently withdrawn and will apply its refund policy. LOA will be issued in accordance to MCU’s policies and procedures located in the handbook.
11. Withdrawing: Treatment of Title IV Aid When a Student Withdraws
IMPORTANT NOTE: Students who withdraw before completing at least 18 academic weeks of their payment period AND at least 6 credits total, will not have earned their last Title IV disbursement. This means, all funds from that student’s disbursement must be returned back to the government. The funds that are in the school’s possession for institutional charges will be returned back by the school. The COLA check that the student received for that disbursement must be returned back to the government by the student.
Note: The requirements for Title IV program funds when a student withdraws are separate from any refund policy that the school may have. Therefore, the student may still owe funds to the school to cover unpaid institutional charges. The school may also charge the student for any Title IV program funds that the school was required to return. A copy of the school’s refund policy is contained in the School Catalog.
To request an official withdrawal, all students must contact the Registrar about his/her intent to withdraw. The law specifies how Midwives College of Utah must determine the amount of Title IV program assistance that a student earns if the student withdraws from school, either voluntary or involuntary. The withdrawal date that is used in determining a student’s refund or repayment will be defined as the actual date that the student begins the withdrawal process, or the student’s last day of academically related activity, should the student leave the school without notification.
The U.S. Department of Education requires Midwives College of Utah to use the Return of Title IV Funds Policy for students who withdraw from school and who are receiving Federal Title IV student financial aid. Title IV funds refer to federal financial aid programs authorized under the Higher Education Act of 1965 (as amended). The Title IV programs that are covered by this law are: Federal Pell Grants, Iraq Afghanistan Service Grants, Academic Competitiveness Grants, National SMART Grants, Stafford Loans, PLUS Loans, Federal Supplemental Educational Opportunity Grants (FSEOGs), and Federal Perkins Loans.
When a student withdraws during a payment period, the amount of Title IV program assistance that a student has earned up to that point is determined by a specific formula. If a student received (or MCU or parent received on student’s behalf) less assistance than the amount that the student earned, the student may be able to receive those additional funds. If the student received more assistance than earned, the school and/or student must return the excess funds.
The Department of Education expects a student to “earn” the financial aid they receive. Students who receive federal aid in the form of a Federal Pell Grant, or Federal Stafford Student Loan(s) are expected to earn those funds by attending school and completing the time in the term for which they are paid.
The amount of assistance that a student has earned is determined on a pro rata basis. For example, if a student was scheduled to complete 30% of the student’s payment period at the time the student withdrew, the student earns 30% of the assistance that the student was originally scheduled to receive. Once a student has completed more than 60% of the payment period, the student earns all the assistance that the student was scheduled to receive for that period. The percentage of the period completed is calculated as follows:
Number of calendar days completed in the period/ Total number of calendar days in the payment period
The completion date of the payment period must be projected based on the student’s progress as of the withdrawal date. In general, to calculate the number of days in the period, the following example applies.
Determine the percentage of credits earned:
Number of credits completed (4)
Number of credits in payment period (15) = Percentage of credits earned (.267)
Determine the number of days in the period:
Number of days attended (43)
Percentage of credits earned (.267) = Number of days in the period (161)
If a student did not receive all of the funds that the student earned, the student may be due a post-withdrawal disbursement. If the post-withdrawal disbursement includes loan funds, the school must get the student’s permission before it can disburse them. A student may choose to decline some or all of the loan funds so that the student does not incur additional debt. The school may automatically use all or a portion of a student’s post-withdrawal disbursement (including loan funds, if the student accepts them) for tuition, fees and books/supplies. For all other school charges, the school needs the student’s permission to use the post-withdrawal disbursement. If the student does not give permission, the student will be offered the funds. However, it may be in the student’s best interest to allow the school to keep the funds to reduce the student’s debt at the school.
There are some Title IV funds that a student is scheduled to receive that cannot be disbursed to the student once the student withdraws because of other eligibility requirements. For example, if the student is a first-time, first-year undergraduate student and the student has not completed the first 30 days of the student’s program before the student withdraws, the student will not receive any Direct Loan funds that the student would have received had the student remained enrolled past the 30th day.
If the student receives (or the school or parent receives on the student’s behalf) excess Title IV program funds that must be returned, the school must return a portion of the excess equal to the lesser of:
1. The student’s institutional charges multiplied by the unearned percentage of the student’s funds, or
2. The entire amount of excess funds.
The school must return this amount even if it didn’t keep this amount of the student’s Title IV program funds. If the school is not required to return all of the excess funds, the student must return the remaining amount. Any loan funds that the student must return, the student (or the student’s parent for a PLUS Loan) repay in accordance with the terms of the promissory note. That is, the student makes scheduled payments to the holder of the loan over a period of time.
Any amount of unearned grant funds that a student must return is called an overpayment. The amount of a grant overpayment that a student must repay is half of the grant funds a student received or was scheduled to receive. A student does not have to repay a grant overpayment if the original amount of the overpayment is $50 or less. A student must make arrangements with the school or the Department of Education to return the unearned grant funds.
Students who do not begin or stop attendance in a course may be subject to this policy, if not actively attending at least one other course. Students in this situation are required to confirm their written intent to attend the course scheduled later in the term. If a student provides written confirmation of the intent to attend but fails to attend, the student will be withdrawn as of the date of the last attendance. Students may change the date of their intent to return only when received by the College prior to the original return date.
12. Penalties for Drug Law Violations
A federal or state drug conviction can disqualify a student from Federal Student Aid funds if the conviction was for an offense that occurred during a period of enrollment for which the student was receiving Title IV aid. Length of ineligibility varies based upon whether the conviction was for a first or subsequent offense. If eligibility is lost, you will be notified as to the steps you can take to reestablish eligibility.
For more information, please refer to the latest edition of Federal Student Aid Handbook.
Financial Aid Counseling
MCU’s Financial Aid Director is available to counsel students on financial aid options. Students will receive an email from the Financial Aid Director regarding office hours, contact information and appointment availability at the beginning of each semester. Contact information is also available on our website at https://www.midwifery.edu/staff-faculty/.
Resources for First Generation College Students
For most first generation college students (FGCS), it’s an honor and a privilege to have the opportunity to attend college that their parents may not have had. Along with this important opportunity, challenges arise, but students need to know they are supported by their families, communities and schools. Learn more below about the challenges faced by FGCS and the solutions available at http://www.affordablecollegesonline.org/college-resource-center/first-generation-college-students/
Net Price Calculator
The Net Price Calculator is designed to give you an early indication of how much and what types of financial aid you might qualify for if you were a college freshman attending school full-time in the academic year indicated. It is a tool which we hope will give you a clear picture of options and opportunities so you can make more informed decisions about your college choices.
Tax Benefits for Education
Tax credits, deductions and savings plans can help taxpayers with their expenses for higher education. For more information, visit Tax Benefits for Education: Information Center.
Additional Information for U.S. Citizens
- United States of America: If you are a male, over the age of 18, you must register for Selective Service in order to receive Federal Student Aid. Please register here: http://www.sss.gov/default.htm
- Constitution Day (or Citizenship Day) is an American federal observance that recognizes the adoption of the United States Constitution and those who have become U.S. citizens. It is observed on September 17, the day the U.S. Constitutional Convention signed the Constitution in 1787. If September 17 does not fall on a weekday, it is then observed on the nearest weekday to it.