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Similar to Financial Aid Overview: Types, Applying, Awards & More
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Financial Aid Overview: Types, Applying, Awards & More
- 1. Financial Aid : General Overview Let’s Explore……
- 2. Agenda Different Types of Aid Applying A-Z Forms Accepting/Declining Awards Refunds Full time Vs Half time Point of Contact
- 3. How Can I pay for school? • Direct Subsidized and Unsubsidized Loans • Federal and State Grants* • Tuition Assistance • Scholarships* • Parent Plus/Grad Plus/Private loans • *restrictions apply—some cases require a FAFSA, GPA or other stipulations
- 4. Applying for Financial Aid • Verify your eligibility (fafsa.ed.gov) • Complete the FAFSA • Receive your Student Aid Report (SAR)* from FAFSA • ERAU receives FAFSA results • Not selected for verification • Selected for verification • Award letter is sent via ERNIE email • Disbursements occur after the add/drop period *notification of verification or any caution flags will appear on the SAR
- 5. What Forms Do I Need? MPN/ELC Terms and Conditions form Selected for Verification*--- See your To Do List Only submit forms once Citizenship requires a review of the original document *Depending on your tracking group you may be required to submit different forms
- 6. What is Acceptable Documentation for Citizenship? U.S. Passport U.S. Passport Card Certificate of Citizenship Certificate of Naturalization Certificate of Birth Abroad
- 7. SAP: What it is and Why We Need it Federal regulations require ERAU to define minimum standards of satisfactory academic progress to determine a students eligibility for financial aid.
- 8. How is SAP Measured? How does it Work? • Qualitative Measure (Based on a 4.0 Scale) • Undergraduate Students/2.0 GPA • Graduate Students/3.0 GPA • Doctoral Students/3.2 GPA • Quantitative Measure • Successfully Complete 67% of Credit Hours (PACE) How to calculate PACE:
- 9. Why Can’t I Get Financial Aid Every Month? Worldwide adheres to Federal Regulations by ensuring that Financial Aid is not paid for overlapping terms/payment periods. Worldwide offers distinct courses of enrollment to its students. These unique attendance patterns are called Tracks. An academic year is defined as 36 weeks of instructional time; we have nine weeks terms that make up our academic year and each student is assigned a track to ensure that they receive financial on that set track.
- 10. What Affects the COA and EFC? Changes that affect the EFC • Corrections (either by school or student) • Updates (dependency status, household size, number in college • Professional Judgments (loss of income, etc. case by case) Changes that affect the COA • Enrollment changes (half time/full time) • Receipt of Scholarships or TA • Military students who receive BAH • Discontinued attendance in classes
- 11. Why Is My Account Adjusted? There are some instances where your awards are adjusted before (or during) the term: • You drop from Full time to Part time before the term starts (UG and Doctoral)—your budget and awards must be adjusted to reflect accurately and this may decrease your award amounts • You withdraw from all your classes—when you withdraw we must do a calculation to see how much Title IV funds you have earned (most cases will require that you pay back a portion of what was refunded to you as it has not been earned) • You stop attending but do not withdraw (results in an FXROF)—it is your responsibility to withdraw from your classes • You drop your courses but the funds were disbursed—you have not earned those funds and you are required by Federal Regulation to return this money to ERAU • You are attending two schools at the same time and are taking financial at both schools— federal regulation prohibits receiving financial aid at two schools at the same time
- 12. How to View Awards in Student Center
- 13. How to View Awards in Student Center Click in the current award year (2016) This is an award summary for the award year. Awards must reflect offered and accepted
- 14. Viewing Awards by Term Scroll down in the View Financial Aid page to see the break down per term.
- 18. Refund Process • Refunds are processed 7 business days after add/drop is over. • Direct deposit is the faster way to get your refund • Statement of account is available 24/7 • All refund requests or questions should be directed to your Campus or Advisor.
- 19. Full time VS Half time: Know the Difference Undergraduate students: 6 hours in a term is full time 3 hours in a term is half time 2 hours or less in a term is less then part time (no FA) Graduate students: 3 hours in a term is full time 2 hours or less in a term is less then part time (no FA) Doctoral students: 6 hours in a term is full time 3 hours in a term is half time
- 20. 2015-2016 Tracks UG/MSTR Track 1 (Online Only) July Sept Nov Feb *April is optional and requires the student contact FA for set up UG/MSTR Track 2 (Blended) August Oct Jan March *May is optional and requires the student contact FA for set up Choose the right track for you
- 21. Did You Know? You can fax or email required documentation to us 24/7 Email: wwfaimag@erau.edu (Please remember that attached documents must be PDF) Fax: 386-226-6915 Subscribe to our page in ERNIE 2.0 Follow us on Twitter @erauwwfinaid www.worldwide.erau.edu up to date information
- 22. Worldwide Financial Aid Contacts Phone: 866-567-7202 Email: wwfinaid@erau.edu Forms email: wwfaimag@erau.edu Forms Fax : 386-226-6915
Editor's Notes
- Direct federal loans must be paid back once you complete your degree, withdraw or stop attending school. Please review your Master Promissory Note and your Entrance Loan Counseling Exam for detailed information. Federal and State grants are free money that doesn’t need to be paid back. TA this includes employer waivers that are direct billed and Military tuition assistance (also direct billed). Scholarships both institutional and external which will require an application process. Parent Plus, Grad Plus and private loans are an option though they carry a higher interest rate and credit worthy applicants. Grants and scholarships do carry some restrictions such as FAFSA, EFC (estimated family contributions for Federal Pell) and GPA to name a few.
- Be a U.S. citizen or eligible non-citizen. Be degree-seeking in an eligible program as determined by the university. You will need your SSN, DL information, and income tax information. Dependent students will also need one parent to complete the FAFSA. Once ERAU receives your results and you are not selected for verification your awards will be packaged within 10-15 business days. If selected, once the corrections are back your awards will be packaged within 10-15 business days. The SAR will let you know if you have been selected for verification and if there are any other requirements such as citizenship, NSLDS, etc. You will need to accept your loans and have an MPN and ELC on file. Loans will not disburse if there are any open To Do List items. The terms and conditions form must be completed before any funds can be disbursed.
- Tracking groups 4 and 5 require a statement of educational purpose along with proof of who you are and your high school completion. It is important that your advisor is signing any verification documents that require their signature and that you the student are also signing the documents. We cannot accept documents that are not completed (this includes signatures). If you aren’t sure about what form you need or if you have trouble getting some of the documentation please reach out to your financial aid counselor. Only submit forms if they are on your To Do List or your FA counselor has instructed you to do so
- Students who have the citizenship status on their To Do List need to turn in the appropriate items. DL, ERAU ID and military IDs are not acceptable for proof of citizenship
- ERAU must set certain quantitative and qualitative standards to ensure students are progressing toward degree completion.
- The following measurements will be reviewed to determine good standing for continued financial aid eligibility: Qualitative: College level grade point (Cumulative GPA) Quantitative (Pace): College credits completed and time frame needed to complete the degree We run SAP every June and students who are not meeting SAP are sent a financial aid suspension email. If a student wants to appeal they must submit the appeals form with documentation to support their reasoning as well as what has changed and an academic plan. The process takes 20 business days once we receive all the paperwork. If the appeal is approved the student will be placed on a warning status and reviewed at the end of the next term.
- COA stand for Cost of Attendance. Federal regulation prevent us from awarding you over this cost. Budgets are designed for full time enrollment for a full academic year. Financial aid awards are based on full time enrollment, should a student drop to half time their awards could be reduced or canceled. It is important that students who are receiving TA let FA office know right away as this can affect their FA. EFC stands for Estimated family contribution and considers such things like your HH size, # in college, AGI, Taxes paid. This calculation is done by the DOE not ERAU. You should be sure to contact your FA counselor immediately if you only plan on taking one class a term.
- Awards will reflect offered when the student is packaged. Student must accept awards in order for the loans to originate and to be disbursed. If you only see offered, please remind students that they haven’t accepted their loans. If they don’t want the loans remind them that they can decline their loans if they do not wish to use them.
- As you can see the awards are broken down by term. here you can see if the loan has been accepted.
- In your student center, scroll down to the finances section and click on the blue hyper link “Accept/Decline Awards”. The next screen will ask you to select the award you wish to view 2016 in this case
- You will be able to see all your packaged awards on this screen. Please note that any 3rd party awards, scholarships and grants will already be accepted on your behalf and cannot be declined. You can accept all awards at once by clicking on the green accept all button. If you wish to only accept one award you can click the accept button for that award. You can also accept one loan and decline another by clicking on the appropriate check box. Once you accept a loan you will notice that accepted box go from gray to white. Here is where you would make any adjustments to the loan if you wish to reduce the amount you would like to borrow. Please keep in mind reducing the award reduces the amount for the whole year. For example if I reduce the loan amount of $2168 to $1000 the new loan amount is going to be $1000 divided by all the terms not just one term. If you wish to reduce for just one term you will need to email your financial aid counselor from your ERNIE email requesting what the new amount is and what term you want to apply it to.
- Enter the lower amount if you wish to reduce and click the green submit button. The confirmation screen will come up to confirm that you wish to continue. By clicking yes you are confirming any changes made and then screen will show you the accepted amounts.
- We run disbursements every day for all previous terms except on the last day of the month each month. The statement of account shows your charges, payments, refunds and any financial aid for a given term.
- Keep in mind that one credit hour classes are not FA eligible for example a student takes 2 one credit classes as an UG they cannot get FA. In certain cases an UG who is receiving Pell may be able to receive it if they are enrolled for less then 3 credit hours. GR students can take 3 one credit hour classes in one term and get paid FA. Please confirm with your FA counselor.
- Please understand that changing tracks is not a quick flip of a button. You should review what classes are available in what modality at the start of the academic year so you can make an informed decision on which track works better for you. We do not disburse aid in June or December.
- V4 and V5 must have student, campus or notary signature