Presentation on theme: "The Office of Financial Aid McAllen Phone Number: 872-8375 Website: www.southtexascollege.edu/finaid/www.southtexascollege.edu/finaid/"— Presentation transcript:
The Office of Financial Aid McAllen Phone Number: Website:
Texas Grant For Students who graduate with their 1 st Associates Degree (May 2000 or later) Must graduate with an Associates Degree and enroll at least ¾ time (and begin their classes) in a bachelors degree program at a Texas 4-Year Institution within 12 months of graduation May be funded for the cost of tuition and fees for 90 additional semester credit hours or 4 years Must maintain Satisfactory Academic Progress as defined by 4-year institution to remain eligible after initial period Must have financial need and complete financial aid paperwork at the 4-year institution Must be Texas Residents
Why is funding late for some students? August, 43.97% = 4300 students in 1 month! This is only the first step in the FA process!
Procrastination Here is the second step:
How much time does it take to process financial aid? Initial processing and sending an award letter or an Missing Information Letter: 20 days Verification Corrections How soon in advance should you apply?
What do Students Need to Know? The processes below are the ones that students seem to struggle with the most: –What is the Financial Aid Satisfactory Academic Progress Policy and how does it affect me? –What happens when students completely withdraw from school, or are withdrawn during a semester?
Financial Aid Satisfactory Academic Progress The U.S. Department of Education requires that institutions use the following measures to track student academic progress for financial aid purposes: –Qualitative (GPA) Cumulative GPA must be a 2.0 or better –Quantitative Maximum Time Frame (150%) Students must complete 67% of the number of credits that they attempt
Quantitative Measures – Maximum Time Frame Details Concurrent Enrollment –Concurrent Enrollment classes taken at STC are included in this calculation Developmental Hours –Up to 30 Credit Hours of Developmental courses are excluded from the total number of credit hours for the purposes of this calculation
Quantitative Measures – Maximum Time Frame Details Change of Majors –Students may change their major once for the purposes of this calculation, hours that they earned failing grades in while in the previous program will be omitted from the calculation. Additional Degrees –When students graduate from a program and then enroll in another program, hours that they earned failing grades in while in the previous program will be omitted from the calculation.
How the policy is applied After the first semester of non compliance, a student is placed on probation – the student is still eligible to receive SFA for this semester After the second semester of non compliance, a student moves from probation to suspension, the student now is not eligible to receive SFA funds Students who are placed on suspension and can cite and document extenuating circumstances may appeal the suspension. If the appeal is approved by the financial aid committee, the student will be placed on extended probation
What happens when a student drops out of school? If a Title IV recipient withdraws from school after beginning attendance, the amount of aid earned by the student must be determined by using a pro-rata calculation. –If the amount disbursed to the student is greater than the amount the student earned, unearned funds must be returned. –If the amount disbursed to the student is less than the amount the student earned, and for which the student is otherwise eligible, he or she is eligible to receive a post-withdrawal disbursement of the earned aid that was not received.
Three types of Withdrawals Official Withdrawal –Student withdraws themselves –Calculation is performed up to the 60% point of the semester Unofficial Withdrawals –Student is dropped by STC –Calculations are performed on all students Student does not earn a passing grade in any of his or her classes for the semester –Calculations are performed after the semester is completed on all students when attendance past the 60% point of the semester cannot be documented
Students who drop out may owe money to STCC If the calculation results in STC being responsible to return funds to the U.S. Department of Education, the student will be responsible to pay STC the amount that had to be returned because of their withdrawal.
Students who drop out may owe money to The U.S. Department of Education The initial Title IV grant overpayment owed to the DOE by the student is reduced by 50%. Grant overpayments over $25.00 are subject to –full and immediate repayment to the institution; –repayment arrangements satisfactory to the school - within 45 days of the date the student was notified of the debt; or –overpayment collection procedures negotiated with ED Collections.
Other Issues Undeclared Majors, 30 credit hour limit 30 Credit hour Developmental Coursework Limit Pell Grant Attendance FA Forms Web Page: FAFSA on the web
The Bottom Line... Apply for financial aid in JANUARY! Earn good grades Stay on track with your degree plan Attend class Do not withdraw from school during the semester If you have financial aid questions, ask them at the financial aid office Check out our website!