What Factors Affect My Financial Aid Status
With the cost of college tuition and online education constantly on the rise, it is no surprise that many students want or need to seek out financial aid to help them pay for their higher education. Almost every student who fills out a Free Application for Federal Student Aid (FAFSA) form will find that they are eligible for some sort of financial aid. Most federal aid programs are awarded on a first come, first serve basis. The loan and grant programs that make up most financial aid are usually need based as well. There are a few general factors that are taken into account when calculating how much aid a student receives, and each school has their own individual set of requirements for continuing eligibility.
Basic RequirementsTo be eligible for any kind of federal financial aid, you must be a US citizen. You must have earned a high school diploma, GED, or demonstrate your ability through a state-sanctioned placement test. All male students seeking federal financial aid must register for the draft with the Selective Service. Anyone seeking federal financial aid must not be in default on a previous student loan or owe repayment of any sort to an educational institution. Students who have been convicted of possession or sale of any controlled substance under the Controlled Substances Act are ineligible for federal financial aid. Finally, students must be enrolled as a regular student at an accredited institution, and not be receiving any sort of financial aid from outside sources. For more information about the specifics of requirements for federal financial aid, visit www.fafsa.ed.gov.
Credit EnrollmentMany institutions will require that you be enrolled at least half-time for courses to qualify for federal financial aid. Classes that are dropped or audited are rarely admitted as courses for the purposes of federal financial aid. If a student is enrolled full-time but drops below half-time then any Federal Stafford loans that have been granted to the student will be canceled and returned to the lender. If you are thinking about taking anything less than a full course load but are still seeking federal financial aid, be sure that you do not fall below the minimum level of credits per semester.
Eligibility of ProgramsIf a student wishes to seek federal financial aid for their education, the student must be enrolled as a matriculating or degree seeking student at their institution. If the student isn’t enrolled and working in a program towards a degree, it is likely that he will be ineligible for federal financial aid.
Withdrawals and Course Cancellations As mentioned before, with many types of federal student loans it is required that a student maintain at least a half-time course load. If you have enrolled in a full course load but find that you need to drop out of a course or two, be sure to talk to your school about withdrawing from the courses. If you withdraw with a “W” designation, the courses from which you’ve withdrawn will still count towards your enrollment requirements. Make sure to check the terms of your financial aid package first, but this option should be available to anyone with a Pell Grant, SEOG Grant, Federal Work Study, PLUS Loan, or a Stafford Loan.
Academic ProgressMost universities and distance learning programs will require that their students maintain a minimum standard of academic progress to keep their financial aid eligibility. There are a variety of standards that different schools use, but most will look at GPA, the ratio of attempted to completed course credits, and a maximum time frame for the degree program.
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