THE OFFICE OF STUDENT FINANCIAL AID & SCHOLARSHIPS QUARTERLY NEWSLETTER FEBRUARY 2013 NSLDS STUDENT ACCESS FAFSA AVAILABLE NOW PVAMU

Transcription

1 THE OFFICE OF STUDENT FINANCIAL AID & SCHOLARSHIPS QUARTERLY NEWSLETTER FEBRUARY 2013 NSLDS STUDENT ACCESS FAFSA AVAILABLE NOW

2 I HAVE A SAP REQUIREMENT... WHAT IS SAP? Satisfactory Academic Progress is required by federal law (34 CFR ) to define and enforce the standards of Satisfactory Academic Progress (SAP). Satisfactory Academic Progress (SAP) measures a student s completion of coursework toward a degree. The Office of Student Financial Aid and Scholarships must monitor the academic progress of each student to determine if that student meets federal and state guidelines that governs the administration of student financial assistance. Students who do not complete classes enrolled in or fail to achieve the minimum standards for grade point average may lose their eligibility for all types of federal, state, and institutional aid. SAP is measured both qualitatively and by pace and checked at the end of every academic year (May) and is composed of two components. Failure to comply with any component may result in a loss of aid eligibility. The components are as follows: QUALITATIVE MEASURE OF ACADEMIC PROGRESS The qualitative measure of academic progress is based on grading scale and classification. Minimum Grade Point Average (GPA) Undergraduate Student 2.00 Graduate Student 3.00 Graduate/PhD Student 3.00 NOTE: At the end of four (4) semesters or at the end of the second academic year, the undergraduate student must have a cumulative GPA of at least EFFECTIVE: JULY 1, 2013 page 1

3 PACE MEASURE OF ACADEMIC PROGRESS - Students are expected to enroll full-time to be eligible to receive financial assistance. However, each student must complete at least 75% of all credit hours attempted at Prairie View A&M University. This percentage includes all credit hours attempted at Prairie View A&M University, regardless of whether or not financial aid was received. - Transfer students must meet the same satisfactory academic progress requirements as Prairie View A&M University students. -All transfer hours attempted/completed will be included in Prairie View A&M University s attempted/completed hours to determine the cumulative GPA at Prairie View A&M University. - Grades of U, I, W, WV, MW, DW, F and excluded grades are not considered to be grades for completion. - Students cannot have more than one (1) repeated course....sap CONTINUED page 2

4 FAFSA AVAILABLE NOW IMPORTANT PLEASE READ: Application Process for SUBMIT the FAFSA: All students who wish to be considered for need-based federal aid and institutional grant assistance must complete a FAFSA (Free Application for Federal Student Aid). The easiest way to complete the FAFSA is to apply online. Step 1. Students (and parents of dependent students) will need to obtain a PIN in order to sign the FAFSA electronically. Step 2. Paper copies of the FAFSA are also available from any high school guidance office or post-secondary institution's financial aid office. The FAFSA or Renewal FAFSA should be completed via the web at gov as soon as possible after January 1, 2013 for the upcoming academic year. Prairie View A&M University's priority filing date for submitting this form to the federal student aid processing center is MARCH 15, Step 3. Review your Student Aid Report (SAR) for accuracy and corrections. Step 4. If you are selected for a process called verification, please respond to all requests for additional information immediately. Failure to respond will have an impact on your financial aid award. Step 5. Once you are awarded make sure you accept or decline your financial aid award online. Students who submit FAFSAs by the priority filing date are given first consideration for all scholarship and grant assistance awarded by the university. Prairie View A&M University's school code for the FAFSA is page 3

5 DO I NEED A LOAN? NSLDS STUDENT ACCESS The National Student Loan Data System (NSLDS) is the U.S. Department of Education's (ED's) central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other Department of ED programs. NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data. Retrieve your loan and Pell grant information NSLDS page 4

6 Did you know there s a maximum amount of Federal Pell Grant funds you can receive over your lifetime? The amount of Federal Pell Grant funds you may receive over your lifetime is limited by a new federal law to be the equivalent of six years of Pell Grant funding. Since the maximum amount of Pell Grant funding you can receive each year is equal to 100%, the six-year equivalent is 600%. Percent used: To determine how much of the maximum six years (600%) of Pell Grant you have used each year, the U.S. Department of Education (ED) compares the actual amount you received for the award year with your scheduled award amount for that award year. Of course, if you receive the full amount of your scheduled award, you will have used 100%. It s possible that you might not receive your entire scheduled award for an award year. There are a number of reasons for this, the most common of which are that you are not enrolled for the full year or that you are not enrolled full-time, or both. If you did not receive the full amount of your scheduled award, we calculate the percentage of the scheduled award that you did receive. For example, if your scheduled award for an award year is $5,000, but because you were enrolled for only one semester you received only $2,500, you would have received 50% of the scheduled award for that award year. Or if you received only $3,750 for the award year because you were enrolled three-quarter-time and not full-time, you would have received 75% for that year. Lifetime Eligibility Used (LEU): ED keeps track of your LEU by adding together the percentages of your Pell Grant scheduled awards that you received for each award year. Federal Pell Grant Maximum Eligibility? page 5

7 DIRECT PLUS LOANS Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education (the Department), though the entity you deal with, your loan servicer, can be a private business. With Direct Loans, you - Borrow directly from the federal government and have a single contact your loan servicer for everything related to repayment, even if you receive Direct Loans at different schools. - Have online access to your Direct Loan account information via your servicer's website. - Can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change Interest rates: Direct Subsidized Loans for undergraduates with a first disbursement date between July 1, 2011, and June 30, 2013: 3.4% Direct Subsidized Loans for graduate students and Direct Unsubsidized Loans for all students: 6.8% page 6

8 Direct Plus Loans: 7.9% Direct PLUS Loans: 7.9% Leaving school: graduating, withdrawing, or dropping below half-time: Once you are no longer enrolled at least half time in an eligible program, you'll receive a 6-month grace period (see below) on your Direct Subsidized and Unsubsidized Loans during which you are not required to make loan payments. You must begin repayment at the end of your grace period. If you have an in-school deferment on a Direct Subsidized or Unsubsidized Loan that entered repayment at an earlier date (before you returned to school) and you graduate, drop below half-time enrollment, or withdraw from school, you will be required to immediately begin making payments on the loan because the 6-month grace period has already been used up; there is no second grace period. Make sure that both your school and loan servicer know that you are no longer enrolled. If you don't begin making payments when required, there is the possibility that you will lose repayment incentives you may have received or even go into default. page 7

9 DEFAULT To avoid defaulting on a student loan you have several options. If you're having trouble making payments on your loans, contact your loan servicer as soon as possible. Their staff will work with you to determine the best option for you. Options include: - Changing repayment plans. - Deferment, if you meet certain requirements. A deferment allows you to temporarily stop making payments on your loan. - Forbearance, if you don't meet the eligibility requirements for a deferment but are temporarily unable to make your loan payments. A forbearance allows you to temporarily stop making payments on your loan, temporarily make smaller payments, or extend the time for making payments. If you stop making payments and don't get a deferment or forbearance, your loan could go into default, which has serious consequences page 8

10 UPCOMING DATES Jan 1 The FAFSA is available Feb 3 - The IRS data retrieval tool is available March 15 Priority filing date Contact us: Memorial Student Center 3rd Floor Phone: 936/ Fax: 936/ We look forward to assisting you with financing your college education!