Overview of How to Maximize your Pell Grant To maximize your Pell Grant you must: Enroll and pass 24 credit hours within an award year Always know where you stand Stay within your Degree Plan Perform well in Dual Enrollment Avoid repeating courses Avoid late payment fees by applying early Keep up with Financial Aid Updates & Changes
How can you Maximize your Pell Grant! To maximize your Pell Grant you must: Enroll and pass 24 credit hours within an award year
Fall – Spring – Summer
Maintain a 2.0 GPA or higher Pass 67% of all attempted credit hours Stay within your Degree Plan: You can only receive Pell Grant for: 6 years as a full-time student 12 years as a half-time student Complete your degree on time (150% )
Always know where you stand! Meet the three requirements of the Satisfactory
Academic Progress Policy 1. 2. 3.
Maintain a 2.0 GPA or higher Complete 67% of all attempted credit hours Do not exceed 1.5 times what is required for your degree/certificate; complete your degree on time
A student’s eligibility status is determined by the requirements listed above Good Standing Warning Status Suspension Status
Always know where you stand! Good Standing – Student is meeting the schools
satisfactory academic progress standards (listed below) and continues to received federal financial aid
67% completion rate Maintain a 2.0 GPA at all times Not exceed 1.5 times what it required for your degree/certificate Not be in Default of a Federal Student Loan
Always know where you stand! Warning Status – Student is not meeting the
satisfactory academic standard, but is still eligible for federal financial aid
Student registers for two classes, 3 credit hours each Student earn an “A” and an “F” the other “A” (4 grade points x 3 credit hrs = 12) “F” (0 grade points x 3 credit hrs = 0) GPA= 2.0 (12 grade points/6 credit hrs = 2.0 GPA) Student must pass 67% of his/her courses (3credits passed/6 credits attempted = 50%)
Student is meeting the 2.0 GPA but not the 67%
Always know where you stand! Suspension Status – Student is no longer eligible for
federal financial aid
If the student does not meet the 2.0 GPA and/or the
67% completion rate the next semester the student is placed on Suspension and loses his/her financial aid at the end of the semester
Perform well in Dual Enrollment
Dual Enrollment courses taken while still in High School, DO begin to affect your financial aid status! Make sure you: • Maintain a 2.0 GPA AND • Complete 67% of Attempted Credit Hours
Stay within your Degree Plan You can only receive Pell Grant for: 6 years as a full-time student 12 years as a half-time student
As mentioned, per Satisfactory Academic Progress,
students cannot exceed 1.5 times the minimum number of credits required to earn their degree or certificate Example:
Certificate Associate Baccalaureate
30 x 1.5 = 45 60 x 1.5 = 90 120 x 1.5 = 180
Avoid repeating courses Avoid repeating courses Program Integrity Rules (July 1, 2011) Students may only receive federal financial aid funding for one repetition of a previously passed course. Example – If a student receives a letter grade of F, they may attempt the course again and receive financial aid for the course. If the student passes the next attempt with a C, the student is still eligible to receive financial aid for one additional attempt.
Avoid repeating courses (cont) Repeating courses will cost you Repeat Fee Rates:
$50 per credit hour for the first repeated course(s) ($50 x 3 credits = $150) $75 per credit hour for second repeated course(s) ($75 x 3 credits = $225) $100 per credit hour for third repeated course(s) ($100 x 3 credits = $300)
Repeat fees are an added expense to a student’s
tuition bill; more of their aid will go into paying their tuition bill rather than given to student as a refund.
Keep up with Financial Aid Changes & Updates 2014-2015 FAFSA on the Web has been revised to
coincide with the Supreme court’s decision to strike down the section of the Defense of Marriage Act (DOMA) which indicated that a marriage can only be between one man and one woman.
Questions will now read “Parent 1 & Parent 2”
rather than “Father/Stepfather & Mother/Stepmother” to account for same-sex marriages
Top 10 Strategies to Maximize your Financial Aid Basic Principles:
1. a) b) c) d) e)
f) g)
h)
Make sure you place commas and periods in the right place Make sure your earnings do not equal your taxes paid Do not mistake your withholdings as taxes paid Do not include retirement assets on the FAFSA Be careful when you remove money from your retirement fund Do not place any assets under the students name If parents are divorced, have the right parent complete the FAFSA Include the right number of your household
Common Mistakes that can cost you money Don’t leave blank answers. Too many blanks may
cause miscalculations or application rejections! List the marital status correctly Don’t forget to list the college you will be attending Don’t type the wrong Social Security or Driver’s License number Enter your legal name instead of your nickname
Apply Early! Why is this important? STC Recommended Priority Deadline: March 1st of each year Timing is very important!
Increase your chances of receiving additional state and/or local aid, which is in limited supply Receive an eligibility reply (award letter) prior to the payment of tuition and fees If your file needs corrections, these can be completed before the payment date of tuition and fees
Do not wait until the week before classes begin
to submit your FAFSA or documentation for processing!
