Thinking of Withdrawing? How Withdrawing Affects Financial Aid
Your federal student aid award is based on the percentage of time you are enrolled for the semester. A complete withdrawal may mean that you will have to pay back financial aid received. Depending on when you withdraw, student aid will be adjusted according to the Federal Return of Title IV formula, state grant refund calculation and institutional policy. Tuition may be adjusted and you could owe money to the University if you withdraw. To maintain eligibility for financial aid, you must successfully complete 67% of the cumulative credit hours attempted. (Divide number of earned credit hours by the number of attempted hours). When you withdraw from a class, the hours are counted as hours attempted but not completed. Therefore, making a habit of withdrawing from a class can jeopardize your completion rate and thereby impact your eligibility for financial aid. FAFSA Filing Changes 2017-2018
President Obama recently announced two major changes to the Free Application for Federal Student Aid (FAFSA) process. First, the date when students and families can begin to submit a FAFSA will change. Currently the FAFSA is available on January 1st for the upcoming award year. Beginning with the 2017-2018 financial aid application cycle, the FAFSA will be available on October 1st of the year prior to the upcoming award year. Filing for 2017-2018 will begin on October 1, 2016. Second, the President announced a change to which tax year's information will be collected on the FAFSA. Currently, when completing a FAFSA applicants provide income informaiton from the prior tax year. Beginning with the 2017-2018, FAFSA income information from one year earlier - the so-called "prior-prior year" will be collected. This means that the 2017-2018 FAFSA will collect tax year 2015 income information and not 2016 information. As a result of this change most students will be able to complete their FAFSAs using information from an already completed tax return. This in turn, will provide most of them with the ability to electronically transfer their income tax return information from the IRS into the FAFSa using the IRS Data Retrieval Tool (DRT). This is in contrast with the current "prior year" process where many applicants stumit their FAFSAs before tax returns have been completed resulting in the need to estimate income and tax information that subsequently needs to be corrected once the tax return is filed; or worse, waiting to completing their FAFSA until after the tax return has been filed. WATCH: How Prior-Prior Year Helps StudentsStudent Loan Management Scam Information
Have you seen ads offering help with your federal student loans that seem too good to be true? They probably are. Read MORE...
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