how to keep the financial aid & scholarships you’ve received sally foster senior financial aid...

How to keep the financial aid & scholarships you’ve receivedSally FosterSenior Financial Aid OfficerUniversity of Michigan-Dearborn

Congratulations!Your financial aid award arrived and it looks like you’ll have enough money to go to your top college!

Terms and ConditionsIt is important to note that all of the funds offered to you have requirements. Not all awards have the same requirements.

If you do not fulfill these requirements, you could lose funds in the future or even in your first semester.

What Can You Do?Prepare Yourself When you receive your financial aid

award, you will also receive the Terms and Conditions of your award (paper or online.) Read them. If you

don’t understand, contact the Office of Financial Aid with your questions.

Prepare Yourself Some More Whether you received university or private

scholarships, you must meet certain enrollment, major, grade point average requirements.

University scholarships may not require renewal applications because your records are available to verify eligibility. Learn if there is an appeals process if you don’t meet all requirements.

Still More Preparation? If you received a private scholarship, you

may need to sign a contract that outlines the terms of your scholarship.

In addition to major, GPA, and enrollment, you may need to send your fall

transcript to receive your winter scholarship check. You will probably be required to submit a renewal application.

Satisfactory Academic Progress (SAP) Federal regulations require that federal

financial aid recipients met academic standards equal to or higher than other students.

Financial Aid Offices review academic progress at the end of each semester or the end of each academic year.

Students who do not meet the requirements are placed on warning (still can receive aid) or are suspended (cannot receive aid)

Components of SAP Cumulative grade point average (usually

2.0 or higher) Successful course completion (average

67%-may be lower for freshmen) Completion of degree within a

reasonable period of time

What happens if I am suspended from financial aid ? Colleges allow appeals for mitigating

circumstances—usually requiring documentation.

If approved, student receives aid on a semester by semester basis until he/she regains eligibility by performance.

What is the difference between a drop and a withdrawal?

Dropped ClassWhen a student drops a class or classes, he/she is still enrolled for at least one class for the semester.

WithdrawalWhen a student withdraws from all classes and has no remaining classes for the semester.

Dropped Classes Students who drop classes during the

Add/Drop Period (usually the first two weeks of classes) are not charged any tuition for those classes.

Classes dropped in the Add/Drop Period will have no academic record (no W grade).

Dropped Classes During Add/Drop Period: Financial Aid Impact For financial aid students who drop during the

Add/Drop Period, there will be a downward adjustment to financial aid eligibility based on their new enrollment status.

Students must be enrolled half-time (6 credits minimum)to receive most financial aid, including loans.

Some colleges require full-time enrollment for their own grants and scholarships.

Dropped Classes After the Add/Drop Period Classes dropped after the end of the Add/Drop

period have no reduction in tuition charges. Dropped classes result in a grade of W. Financial aid that has already been disbursed

is generally not adjusted. For federal funds, the Financial Aid Office

must confirm the Last Date of Attendance with the professor. Students who never attended class will be reviewed for a downward adjustment in federal aid.

Withdrawal from Classes Many colleges offer a tuition reduction

for withdrawal that is not available for dropped classes.

Withdrawals result in grades of W.

Financial Aid Consequences of Withdrawal: Immediate Students who withdraw from all classes are

reviewed for process called Return to Title IV (R2T4)to determine their federal financial aid eligibility.

Professors confirm last date of attendance for each class. The latest date is used in the calculation.

If no attendance is verified for a class, the aid for that class is lost.

Students may owe money to the university as a result of withdrawal and reduction of federal financial aid funds.

What is Unofficial Withdrawal? A student enrolls in classes, but does

not attend resulting in special failing grades.

A student starts classes but stops attending result in special failing grades.

What are the Financial Aid Consequences? Students who have unofficially withdrawn

will still pay the full amount of tuition. Federal financial aid eligibility will be

determined on their last day of attendance or federally predetermined percentage of aid.

Students who unofficially withdraw almost always lose financial aid and owe the college tuition (and possibly housing costs).

Impact of Dropped Classes and Withdrawals for the FutureRemember, Satisfactory Academic Progress? Students who do not complete their classes

can jeopardize their financial aid in the future—remember successful course completion is a component of SAP.

Students who unofficially withdraw jeopardize their financial aid in the future—in terms of failing grades result in low grade point average and unsuccessful course completion.

Importance of Successful Course Completion Most people understand the importance of maintaining a

good (or at least adequate) cumulative grade point average.

A student has a 4.0 cumulative grade point average, but completes only 50% of all attempted classes. Is this student doing well? Is this student making satisfactory academic progress?

At this rate of progress, will the student finish in six years? (Who wants to take six year for a bachelor degree?)

While a student may continue in college, he/she will probably have significantly less funds to meet college costs.

Dropping Classes is Expensive You will be charged tuition a second time

for class that has been paid for once. You will waste valuable financial aid

dollars in repeating a class—aid that you may need in your future.

Many colleges restrict the number of times that you can attempt a class.

Special Treat: You’ll probably need a new version of your textbook.

Dropping Classes and Withdrawals The majority of students have some dropped

classes on their transcript. If drops are an exception rather than routine, you may waste money and time, but it should not derail your degree prospects.

Withdrawals may be necessary because of serious illness, family issues, or other mitigating circumstances.

Always check with your Financial Aid Office before dropping classes or withdrawing. Be certain of what can happen—immediately and later.

What About Academic Problems? Colleges spend lots of money to provide resources for

students:

Academic advising Personal advising Tutoring centers for math, writing, language and other

areas Academic coaching Career counseling—you may be in the wrong major

Don’t be afraid to ask for help or guidance. These administrators and staff members are here to help you.

There’s More? You must complete your FAFSA each year. Know your college’s priority deadline for

applying. Think Valentine’s Day & establish your timeline for application. You can file with estimated income (good estimates, please) and update with tax returns are filed. Provide all the documents and forms

requested as quickly as possible.

Keep Your Scholarships! Make certain you know which scholarship

requires what. Do you need…

…a renewal application and transcript …a complete new application with

recommendations … a report on your year at college

Know your deadlines and make certain you are in contact with the organization, non-profit, or foundation who awarded you.

I know that this has been fun & you might feel overwhelmed with all that you need to do…

Don’t Panic! Organize what you need to do and know

the requirements to keep your financial aid and scholarships.

Remember that help is available—just ask.

College will be a great time in your life. Meet new people, learn new ideas, and be more involved in the world.