Financial Aid

Federal Financial Aid changes impact students

Federal financial aid goes through periodic review and updates.  It is important to plan your academic program carefully to maintain financial aid eligibility.

These affect ALL financial aid recipients:

SATISFACTORY ACADEMIC PROGRESS (SAP):  Students must maintain a 2.0 (“C”) and COMPLETE at least 67% of their attempted coursework (cumulative – all of it).  If a student’s GPA falls below a 2.0 or “C”, or they do not complete 67% of their coursework, they will be ineligible for federal financial aid. SAP APPEALS:  Students who fall below minimum standards will be placed on financial aid “Suspension,” making them INELIGIBLE for financial aid. In certain cases, students can appeal their suspension, and pending approval, be eligible for aid.  The other way to become eligible for aid is to pay for, and pass courses, that will bring your GPA up to a 2.0.
The MAXIMUM TIME FRAME:  It is expected that students will be progressing in their educational programs.  Once they have attempted 60 credits, it is assumed they will be close to graduation and will be required to meet with an academic counselor to complete a TIMEFRAME REVIEW to determine how many credits you have left to graduate and be funded for.

These rules may impact part-time students:

FEDERAL PELL GRANT LIFETIME ELIGIBILITY USED (LEU):  PELL GRANTS (free monies for school) ARE LIMITED TO 12 SEMESTERS (roughly equivalent to 6 years).
150% TIME LIMIT FOR SUBSIDIZED STUDENT LOANS:  BEGINNING WITH THE 2014-2015 school year, students taking out federal subsidized student loans will have a time limit of 150% of their degree length to complete their degrees.  If they do not complete their degrees, their subsidized student loans can revert to UNSUBSIDIZED student loans.

Why is all this important?  If you become ineligible for financial aid, you will have to pay […]

By |July 23rd, 2014|Categories: Financial Aid||0 Comments

Scholarship Season is On

The 2014-15 Scholarship/Financial Aid Season is now through April 1, 2014.  Students who will be attending college in the next academic year and are interested in finding funding for their education should look into all available options.  This overview of the  FAFSA (Free Application for Federal Student Aid) (http://studentaid.ed.gov/fafsa) will help you understand how the FAFSA is used to determine financial need and award packages.

Students with financial need are eligible for federal Pell Grants and student loans as well as need-based scholarships.  Students without financial need are eligible for federal student loans, federal parent PLUS loans, and Education Tax Credits that can lower their taxes.  They are also eligible for merit-based scholarships.

How do you know if you would be eligible for need- or merit-based aid?  Try the FAFSA4Caster (http://studentaid.ed.gov/fafsa/estimate) link for more information. Scholarships are competitive, so you must apply for them.  See EOC’s Scholarship Listing page for current scholarships.

By |January 30th, 2014|Categories: blog, Financial Aid||0 Comments