The federal guidelines require that a student continues to make healthy progress toward graduating in a timely manner when receiving financial aid. No matter what kind of iAd you have, it has been awarded based on your status has full-time or a half-time student. These are general guidelines. Federal financial aid can be deferred for up to six or nine months (depending on your loan) until you start taking classes, but be aware that some colleges might not have institutional grants or scholarships available after a gap year. Dropping credits may jeopardize future student aid eligibility, including loans. For additional information about how the PROMISE Scholarship Program coordinates with other financial aid programs, click here, or contact the West Virginia Higher Education Policy Commission, Division of Financial Aid at (304) 558-4417 or toll free at 1 (877) 987-7664. Your aid goes first to pay tuition and fees. If you find that your expenses exceed what you receive in your financial aid package, you cannot request additional financial aid in the middle of the school year. Reinstatement with an Appeal. It can't hurt to make sure that the rest of your financial aid is secure, especially before talking to someone in the financial aid office (see the next step). You should contact your college financial aid office to check the criteria for maintaining your award or to get answers to any questions regarding your award. If you drop classes during the first three weeks of the semester (the add/drop period) you will lose the financial aid that was awarded for those credit hours in full. However, you may appeal your financial aid award prior to signing the MPN (Master Promissory Note) if you feel the award is not enough based on your income and estimated expenses. Discovering you have a financial aid gap can be scary, but there are a few things you can do to try and fill in those gaps. Failing to file the FAFSA. There are five major reasons you could lose financial aid: Your parents are making more money. These are the top 10 mistakes that cause students to lose financial aid: 1. Two years ago, I got my financial aid taken away and I did not appeal it. If you’ve been placed on financial aid academic probation it can be extremely frustrating, but it’s not the end of your academic career. You cannot add summer rent to your academic year budget and financial aid. An increase in your school’s fees or tuition may also cause you to lose your financial aid. This does not apply to SAP Financial Aid Probation. When you complete the Federal Application for Federal Student Aid(FAFSA) you will be asked: Have you had a drug conviction for an Other financial aid could also be affected if you withdraw or stop attending. You were sick … How To Get Your Aid Back. Please note: An approved appeal or reinstatement does not negate any repayment owed to the financial aid programs. Your original school took that need into consideration when creating your offer letter to see how much aid they would give you. Check with your school’s financial aid office to find out what academic criteria are required to maintain eligibility and what steps to take if you fall below this. You are worried about people working around the financial aid system yet the system actually penalizes you for doing the “right” thing. 1. Your spouse's income, however, will be considered. This program offers up to … If you’re a teacher who applied for the TEACH Grant program and you drop out of college, you may be on the hook for further repayment of financial aid. You have to reapply for financial aid, but you DO have the ability to get it back as long as you've corrected whatever caused you to lose it in the first place. This is what to do if you lose your financial aid first. If you withdraw from or stop attending class and drop below 12 credit hours, you will lose Tennessee Promise. Regarding Satisfactory Academic Progress (SAP), at our school (and, I suppose, elsewhere), we look only at the cumulative GPA (cGPA) of classes taken here. I know I am still eligible as a single mom and veteran. Below are some common reasons why students lose their financial aid awards and some tips on how to avoid them. Back to Top; I am now meeting SAP standards, so can I get aid? You were denied financial aid because you did not meet the 67% completion rate but have taken additional courses to bring your pace back to 67% or better. If you do lose your federal financial aid eligibility due to a failing grade or loss of credit hours, there are some steps you can take to regain your eligibility and reinstate your Pell Grant. Confirm your schedule and pay tuition & fees. See your school's policy. I can't accept/decline/reduce my awards Don't lose financial aid for unsatisfactory academic progress -- it could cost you. You "earn" the financial aid you have been awarded as you attend class during your scheduled enrollment period(s). Sure, financial aid is complicated, yet some of these mistakes happen much too often. Here is a list of our partners. If you take a semester off, you will be on your own with regard to basic living expenses. Remember, any delay in sending your documentation back runs the risk of losing out on financial aid, as colleges often give our financial aid on a first-come, first-serve basis. Answer: Yes, eligibility might be suspended if the offense occurred while the person was receiving federal student aid (grants, loans or work-study). [back to top] Note: Not everyone will have a financial aid gap. Not in Full-Time Student Status . If you’re hoping that the financial aid will transfer along with you, don’t hold your breath. What you do, or don’t do, when filling out financial aid forms can cause you to lose eligibility for some things. Always talk to Financial Aid before you withdraw from or stop attending class. There's usually a link somewhere on the main website, perhaps through the registrar's website. you get no financial aide of any kind which includes loans.You can appeal to get it back but you have to have a very good reason and be able to prove it. You can also e-mail PROMISE@wvhepc.edu. Some students count on financial aid, including Pell Grants, to pay housing and food while they are in school. Skip to main content Skip to footer Skip to site map ... knowing the full extent of the issue as well as strategies for resolving it will help to ensure students get back on track. Will my classes be dropped if my aid doesn't disburse/release by the Last day to drop with a refund? Dealing with Financial Aid & FAFSA When You've Lost Your Job . When students lose financial aid due to lack of academic progress, there are two options available to regain eligibility. Figure out the reason you didn’t get the financial aid you were expecting and make sure if you apply again the next year, you know what you should do, or perhaps avoid, so you don’t fall into this problem again. Financial aid has a probation period to help you if you're not doing well in class. You don't want to have to keep going in for appointments every time you realize something you should have known about already. Her work has appeared in … Is it true that a drug conviction may affect a person’s eligibility for federal student aid? For example, if you are on an academic plan with your financial aid office, you may have to successfully complete all classes on the plan to comply with the requirements. Yes, but the amount of the contract should not exceed the total of tuition, and the health plan, if applicable, minus anticipated financial aid credits. About the author: Anna Helhoski is a writer and NerdWallet's authority on student loans. 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