1. Financial Aid Scenarios How enrollment status can impact a student’s financial aid status.

2. Scenario #1 Jack is a freshman at RIT. In his first quarter he earned 12 credits and a 3.4 GPA. In his second quarter Jack only earned 10 credits, but his cumulative GPA is a 3.6. Jack is presently enrolled for 16 credits for spring quarter. During the fifth week of the spring quarter Jack has decided that he is in the wrong major and plans to transfer internally to another college on campus for his second year at RIT.

3. Scenario #1 continued Jack wants to withdraw from some of his spring courses since he is no longer interested in their content, and he is afraid that they will pull down his GPA. If he follows through and withdraws from these classes, he will only be able to earn a maximum of 6 credits for spring. Does Jack need to speak to a financial aid counselor before withdrawing from his classes? And if so, why?

4. Scenario #1 continued Satisfactory Academic Progress (SAP) for Federal and Institutional need-based financial aid Full-time students in colleges other than NTID are required to complete 30 degree credits after every three academic quarters. For NTID programs, the standard is based on successful completion of 66% of annual credit hours attempted.

5. Scenario #1 continued Minimum cumulative grade point average standards for students enrolled in RIT or NTID programs: Completion of first quarter – minimum cumulative 1.0 GPA Completion of second quarter – minimum cumulative 1.2 GPA Completion of third quarter – minimum cumulative 1.4 GPA Completion of fourth quarter – minimum cumulative 1.6 GPA Completion of fifth quarter – minimum cumulative 1.8 GPA Completion of quarters 6 to 18 – minimum cumulative 2.0 GPA

6. Scenario #2 Julie is a third year student at RIT who resides off campus and depends upon her financial aid to help pay for rent, utilities, and food. She receives a refund each quarter to cover these living expenses. It is the fifth week of the spring quarter. Julie is meeting with her academic advisor to discuss the possibility of taking a leave of absence and return in the fall. She has some family issues that require her attention. Why should Julie see her financial aid counselor prior to taking the leave of absence?

7. Scenario #2 continued In accordance with federal regulations, quarterly federal aid eligibility must be recalculated for students who withdraw, drop out, are suspended, or take a leave of absence prior to completing 60% of the quarter. Financial Aid Refund Policy can be found in the “Financial Aid and Scholarships” section of the Undergraduate Bulletin.

8. Scenario #2 continued If Julie took a large refund at the beginning of the quarter, she may need to return a portion of it to RIT depending upon the percentage of financial aid that she earned prior to her last date of attendance. Students can get themselves into “trouble” in these types of situations if they spent all of their refund before we have the opportunity to calculate how much aid they can retain.

9. Scenario #3 Holly is a third year student who resides off campus and depends upon her financial aid to help pay for rent, utilities, and food. She receives a refund each quarter to cover these living expenses. In the second week of winter quarter Julie wants to drop all of her classes and register for a co-op since she has recently located a local employer that will hire her. What are the financial aid implications if Julie registers for the co-op?

10. Scenario #3 continued A student is only entitled to receive Pell Grant funding (if eligible) while registered for a co-op. We may be able to redistribute a student’s Federal Loan funding among the quarters that a student plans to be enrolled in classes at RIT if there is room in the student’s budget (cost of attendance).

11. Scenario #3 continued Example of a three quarter financial aid award: Presidential Scholarship $9000 = $3000 Fall $3000 Winter $3000 Spring RIT Grant $7500 = $2500 Fall $2500 Winter $2500 Spring Pell Grant $3981 = $1327 Fall $1327 Winter $1327 Spring NY TAP Grant $1800 = $ 600 Fall $ 600 Winter $ 600 Spring Subsidized Direct Loan $5500 = $1833 Fall $1833 Winter $1834 Spring Unsubsidized Loan $2000 = $ 666 Fall $ 667 Winter $ 667 Spring Perkins Loan $1500 $ 500 Fall $ 500 Winter $ 500 Spring Totals $10,426 $10,427 $10,428

12. Scenario #3 continued Example of a two quarter financial aid award: Presidential Scholarship $6000 = $3000 Fall Co-op Winter $3000 Spring RIT Grant $5000 = $2500 Fall Co-op Winter $2500 Spring Pell Grant $3981 = $1327 Fall $1327 Winter $1327 Spring NY TAP Grant $1200 = $ 600 Fall Co-op Winter $ 600 Spring Subsidized Direct Loan $5500 = $2750 Fall Co-op Winter $2750 Spring Unsubsidized Loan $2000 = $1000 Fall Co-op Winter $1000 Spring Perkins Loan $1000 $ 500 Fall Co-op Winter $ 500 Spring Totals $11,677 $1327 $11,677

13. True or False A student that has been awarded a RIT Presidential Scholarship must maintain a cumulative 3.0 GPA from year to year in order for the scholarship to be renewed. A student can receive federal student loan funding while participating in a co-op. A student can not receive financial aid when enrolled in the College Restoration Program.

14. True or False If a student is residing on campus while enrolled in a co-op, the student can apply for a private educational loan to pay for housing. In order to receive a merit scholarship at RIT, a student must file the Free Application for Federal Student Aid (FAFSA). Satisfactory Academic Progress standards are reviewed after each quarter.

15. True or False A student from California can qualify for grant funding through the New York State Tuition Assistance Program (TAP) after attending RIT for one year. The Office of Financial Aid and Scholarships will place a hold on a student’s file that will prevent the student from being able to register for classes when a balance is owed to RIT.

16. True or False Dropping down from full-time status to 6 credits during the Add/Drop period of a quarter has the same impact to a student’s financial aid as withdrawing from classes later in the quarter to 6 credits.

17. Questions Contact us at 475-2186 ritaid@rit.edu ntidaid@rit.edu https://www.rit.edu/emcs/financialaid/contact.html