My Financial Aid Appeal Was Approved. Now What?
Your financial aid appeal was approved. Get essential guidance on understanding, accepting, and maintaining your updated award.
An approved financial aid appeal marks a significant step in securing the necessary funding for educational pursuits. This successful outcome can lead to a revised financial aid package, potentially making college more affordable and accessible. Understanding the implications of this approval and the subsequent steps is important for managing your educational finances effectively.
Reviewing Your Updated Financial Aid Offer
The institution will issue a revised financial aid award letter. This document details the updated aid package, which may include changes to grants, scholarships, loans, or work-study opportunities. It is important to thoroughly review each component of this letter to understand the new terms. The letter typically outlines the total cost of attendance, including direct costs like tuition, fees, and room and board, as well as indirect costs such as books, supplies, and personal expenses.
Differentiating between “gift aid” (grants and scholarships that do not require repayment) and “self-help aid” (loans that must be repaid, often with interest, and work-study, which is earned through employment) is important. Many award letters also present a “net price,” representing the amount you and your family will need to cover after applying all gift aid. If the net price is not explicitly stated, you can calculate it by subtracting your total gift aid from the total cost of attendance.
Accepting and Receiving Your Funds
The next step involves formally accepting the aid. Most institutions facilitate this process through an online portal where you can accept or decline each type of aid offered. It is generally advisable to accept grants and scholarships first, as these do not need to be repaid. If loans are part of your package, you can often choose to accept a partial amount rather than the full offer.
The institution applies the funds directly to your student account to cover tuition, fees, and on-campus housing charges. Any remaining balance is then disbursed to you directly. This refund is usually issued within 14 days of the aid being applied to your account, often via direct deposit or a check. Financial aid disbursements occur at least twice per academic year, usually at the beginning of each term, though first-time federal student loan borrowers may experience a 30-day delay after the start of their enrollment period.
Maintaining Eligibility for Your Award
Maintaining eligibility for your financial aid award requires adherence to specific academic and enrollment requirements. A primary condition is Satisfactory Academic Progress (SAP), which mandates that students meet certain academic standards to continue receiving federal financial aid. SAP policies generally include three components: maintaining a minimum cumulative grade point average (GPA), successfully completing a certain percentage of attempted credits, and completing your program within a maximum timeframe. For example, many institutions require a minimum GPA of 2.0 and a completion rate of at least 67% of attempted credits.
Federal regulations limit the maximum timeframe for degree completion to 150% of the published program length. Enrollment status also impacts aid eligibility; many federal and institutional aid programs require at least half-time enrollment, while some grants and scholarships may necessitate full-time status. Changes in enrollment, such as dropping classes, can lead to a reduction or cancellation of aid. Regularly review your institution’s specific SAP policy and enrollment requirements, as failure to meet these standards can result in the loss of financial aid.