Rights & Responsibilities of a Financial Aid Recipient
Rights of a Financial Aid Recipient
- You have the right to accept, reject, or seek adjustment to your financial aid award(s).
- You have the right to know how much aid you will receive, how it is distributed, the criteria for the distribution, and when it will be disbursed to your student account. Disbursement begins the fifth week of classes. Review Banner Self-Service for specific amount and the disbursement date(s). If the disbursement of federal financial aid does not cover the current balance on the student's account, a refund will not be issued. Refunds can only be issued when the funds are received from the U.S. Department of Education and once the total current balance is paid in full.
- You have the right to know how your financial need was determined and what resources were considered in the calculation of your financial need.
- You have the right to know the College's refund policy as well as the Federal Title IV financial aid refund policy.
- If you are offered a loan, you have the right to know the interest rate, the total amount to be repaid, the repayment procedures, the length of time you have to repay the loan, and when repayment begins.
- You have the right to review your financial aid file and seek financial aid counseling with the Office of Student Financial Aid professional staff.
- You have the right to submit to the Office of Student Financial Aid a written appeal requesting reconsideration of your financial aid eligibility. If there has been a substantial loss of family income or benefits since you filed your FAFSA, you should contact the Office of Student Financial Aid and request a Special Circumstance Evaluation Form.
Responsibilities of a Financial Aid Recipient
- You are responsible for providing documentation and information requested by the Office of Student Financial Aid.
- You are responsible for notifying the Office of Student Financial Aid in writing if you receive aid from sources not listed on the front of your award letter, your residency status changes, or your application or other information is incorrect.
- You are responsible for attending classes and completing requirements for all courses in which you enroll.
- You are responsible for repayment of all loans in accordance with the terms of your promissory notes. You must notify your lender if any of the following occurs before your loan is repaid: change of address, graduation, withdrawal from the College or less than half-time attendance, name change, and transfer to another post-secondary institution.
- Estimated Repayment Information for Federal Direct Loans:
The minimum monthly payment amount is $50 under the 10-year Standard Repayment Plan, but may be more depending on how much you borrow.
3.76% Fixed Interest Rate
|Balance of Repayment||Number of Payments||Estimated Payment Amount|
- You are responsible for maintaining satisfactory academic progress.
The Office of Student Financial Aid monitors Satisfactory Academic Progress (SAP) at the end of each semester (including summer) for recipients of federal and state financial aid.
At the conclusion of each semester, students who do not meet the minimum SAP requirements are notified and either placed on Financial Aid Warning (“FA Warning”) or Financial Aid Suspension (“FA Suspension”).
Students placed on FA Warning have one semester to meet SAP eligibility or they will be placed on FA Suspension the following semester. FA Warning students are eligible for financial aid and do not need to appeal.
Students placed on FA Suspension are no longer eligible for financial aid and may submit a Financial Aid Satisfactory Academic Progress (SAP) Appeal Form to be considered for financial aid for one semester.
Approved appeals put the student into a SAP appeal approved status, which grants one additional semester of eligibility.
Students who receive federal and/or state financial aid must maintain Satisfactory Academic Progress (SAP). Minimum qualitative and quantitative standards must be met to maintain eligibility for all federal/ state financial aid programs.
The minimum required cumulative grade point average (GPA) is 2.0. GPAs are not rounded up.
The minimum Completion Rate (CR) is 67%. Completion Rate is defined as the percentage of credit hours earned out of credit hours attempted.
Grades listed in the Grading System segment of the Academic Practices, Policies, and Procedures section (i.e. W, AU, CR, etc.) count as credit hours attempted for federal student aid standards even though they do not count in the college’s calculation of cumulative grade point average.
The minimum required Maximum Time Frame (MTF) is 150% of the academic program’s required credits, with an aggregate ceiling of 200 Terra State credits. MTF is defined as the maximum amount of time a student has to complete a federal aid eligible program (degree or certificate) while receiving federal financial aid.
MTF examples are outlined below:
|Total Credits to Complete Program||Maximum Number of Credits Allowed|
Appealing to Regain Financial Aid Eligibility
Students with extenuating circumstances (see chart below) can appeal for one semester of financial aid eligibility by completing the SAP Appeal form, which directs the applicant to complete the following steps:
- Meet with an Academic Advisor to complete the academic plan section on the appeal form;
- Attach a letter explaining the extenuating circumstances which led to the current academic standing;
- Attach any applicable supporting documentation, per the chart below.
If the appeal is approved, the student will be placed on SAP appeal approved status and will be eligible for financial aid for one semester.
Approved appeals require the student to successfully follow the approved academic plan (as completed on the appeal form), which includes:
- Taking only courses listed on the academic plan;
- Not withdrawing from any courses;
- Earning a “C” or better in all courses.
- Incompletes will be considered non-passing grades and will result in loss of Federal Financial Aid eligibility.
If no academic progress is made by taking the approved courses, the student must submit another appeal to maintain additional federal/state financial aid eligibility every academic year.
- You are responsible for keeping copies of your financial aid records.
- You are responsible for reapplying for financial aid each year.