FEDERAL AID REQUIREMENTS
Requirements Shortly after Registration, student accounts will be charged for room, board, tuition, and fees. Institutional scholarships will be credited at that time. Pell Grant and Loan disbursements are posted as funds are received from the Department of Education. Students should make every effort to complete the FAFSA well in advance of Registration to ensure federal funds (e.g. Pell Grants and Direct Student Loans/PLUS Loans) arrive promptly. If awarded aid is not posted on the monthly statement, the Financial Aid office should be contacted immediately. Loan Counseling Federal regulation requires that students who take out a Federal Stafford Loan complete both entrance and exit loan counseling. The entrance counseling must be completed before any loan disbursements can be credited to the student’s account. The exit counseling serves to inform students about repayment of their loan. If loan repayment is not managed properly, the student can go into default which will affect their credit rating, eligibility for further financial aid, and may result in garnishment of wages and future tax refunds. These counseling sessions inform the student of his/her rights and responsibilities as a borrower. Loan Agreement The Subsidized/Unsubsidized Master Promissory Note (MPN) is a legal document in which you promise to repay your federal student loan(s) and any accrued interest and fees to your lender or loan holder. There is one MPN for Direct Subsidized/Unsubsidized Loans and a different MPN for Direct PLUS Loans. Most schools are authorized to make multiple federal student loans under one MPN for up to 10 years. Standard Academic Progress Students who receive Federal Title IV Aid (e.g. Pell Grant and/or Federal Loans) must maintain a GPA consistent with the Standard of Academic Progress (SAP). A student must also successfully complete (“D” or better in each course) the clock hours in a payment period in order to progress to the next period and be eligible for additional Title IV funds. SAP is evaluated
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