Federal financial aid funds (Title IV Funds) are awarded to a student under the assumption that the student will attend school for the entire period for which the assistance is awarded. When a student withdraws, they may no longer be eligible for the full amount of Title IV funds that they were originally scheduled to receive.
WE ARE HERE TO HELP YOU MEET EDUCATIONAL EXPENSES Federal Higher Education Act, Title IV Federal Pell Grants Federal Supplemental Educational Opportunity Grant (FSEOG) Federal Work-Study Program Federal Direct Loan Program Federal Plus Loan Program
WE ARE HERE TO HELP YOU MEET EDUCATIONAL EXPENSES Florida Resident State Grants (Full Time, Fall & Winter terms only) Florida Resident Access Grant (FRAG) Florida Student Assistance Grant (FSAG) See student handbook for detailed information https://webadvisor.hodges.edu/aa_pdfs/Student_Handbook _current.pdf
FINANCIAL AID PROCESSES To receive financial assistance Initial interview Provide documentation to determine eligibility Assist throughout verification process Complete applications properly Provide FA with accurate information Verification policy 30% of all FAFSA’s are verified Student will be notified by email, letter, or phone Funds are not disbursed until required documentation received Non-compliance results in being ineligible for FA FA not responsible for reductions in funding
FINANCIAL AID PROCESSES Federal Direct Loan Program Available to eligible students Loan amount based on student grade level Must be enrolled in at least 6 credit hours Subsidized loan (based on estimated family contribution) Federal government pays interest while student is in school Unsubsidized loan Interest accrues from the date of origination, students responsibility Plus loan program Parent borrowers for dependent students Classification Credit Hours regarding FA 12 or more credit hours is considered Full Time 9–11 credit hours is considered ¾ Time 6-8 credit hours is considered Half Time 5 credit hours or less is considered Less than Half Time
FINANCIAL AID PROCESSES Registration for the next term thru MyHugo Credit hours allowed Quick Access Registration Registration Steps for registration (check these steps every term) Step 2: Make financial arrangements Click on My Documents Locate the term date you are registering for Verify how many credit hours FA will cover Book amount thru eCampus Repeat above steps to get to My Documents Locate the term date for book voucher Verify the amount you will have available for a book voucher Book amount you are eligible for will be posted in eCampus
FINANCIAL AID PROCESSES Federal Direct Loan Program Repayment generally begins 6 months After student graduates Withdraws Enrolled in less than 6 credit hours Ineligible for financial assistance established by Title IV guidelines Student owes a refund on a grant Default on prior student loan(s) Borrowed maximum amount of funds
FINANCIAL AID CONSEQUENCES Impact of Withdrawal (Title IV funding) Ineligible for federal funding PELL Grant Federal Supplemental Educational Opportunity Grant (SEOG) Ineligible for state funding Florida Resident Access Grant (FRAG) Florida Student Assistance Grant (FSAG) Withdrawal calculation Determines the earned and unearned portions of Title IV aid Begins the date the student ceased attendance based on the amount of time the student spent in attendance If the amount of disbursed funds to the student is greater than the amount the student earned, unearned funds must be returned. Could result in a balance owed to the school See student handbook for further explanation; https://webadvisor.hodges.edu/aa_pdfs/Student_Handbook_current.pdf