Ten Important Facts
FINANCIAL AID: Ten Important Facts Every Student and Faculty Member Should Know
1. General Requirements to Receive Federal Student Aid.
- What are the general requirements to receive federal student aid?
- Eligibility requirements: You MUST:
- Demonstrate financial need (for most programs).
- Sign statements on the Free Application for Federal Student Aid (FAFSA) stating that:
- You are not in default on a federal student loan and do not own money on federal student grant.
- You will use federal student aid only for educational purposes.
- Be accepted for enrollment as a degree-seeking student in an eligible degree, diploma, or certificate program.
- Have a valid Social Security number (with the exception of students from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau).
- Meet citizenship requirements.
- Not have been convicted of drug distribution or drug possession.
- Have a high school diploma, GED or home school equivalency.
- If male, register or have registered with the Selective Service between the ages of 18 and 25.
- Have resolved all issues or problems identified on the Student Aid Report.
- Not have already earned the equivalent to a Bachelor’s Degree to be considered for the Pell Grant.
- Complete Verification process, if selected.
- Not also be enrolled in elementary or secondary school.
- Be enrolled at least half-time (6 credit hours) for most programs, including the Direct Loan Program.
- Establish eligibility by attending class and participating in academic activity.
- Meet Satisfactory Academic Progress (SAP) requirements.
2. Part-Time Enrollment Qualifies for Financial Aid.
Students DO NOT need to enroll full-time to qualify for Financial Aid. Part-time students
can receive Financial Aid.
To ensure academic success, it is important to balance credit hour load and personal responsibilities (work and family obligations). Be sure to ask for help!
3. Eligible Programs / Declaring a Major
Not all programs offered are aid eligible programs. To receive financial aid, students must declare a program of study that requires at least 16 credit hours for completion AND at least 15 weeks of study for completion. Also, students in an Undecided or Pending program of study are not in an eligible program, therefore are not eligible for federal student aid. For assistance, please meet with an Academic Advisor for guidance in this area.
4. Program Applicability
Not all courses can be included for federal student aid -- only courses that are required for your program of study are considered. Be sure to check with your Academic Advisor to ensure you are on the right track with your academic plan.
5. Class attendance – Is it required?
To receive federal financial aid dollars, YES! If you are not attending classes, you have not established eligibility for your financial aid, and we MUST reduce or hold your financial aid until you are in good standing with your class or classes. For more information, see our Class Attendance and Attendance Resolution pages.
6. Satisfactory Academic Progress (SAP) is required.
- Federal regulations require that financial aid recipients maintain Satisfactory Academic Progress (SAP) as designed by the institution for all coursework, even for periods of enrollment in which the student did not receive financial aid.
- Students are responsible for understanding and adhering to the Jefferson Satisfactory Academic Progress (SAP) policy.
- Full details of the SAP policy.
- Satisfactory Academic Progress (SAP) is measured at the end of each term for all students.
- Satisfactory Academic Progress is measured on a cumulative basis and with the following standards:
- Qualitative (cumulative Grade Point Average must be a minimum of 2.00 GPA).
- Quantitative (67% Rule or Completion Rate – must pass 67% of the courses you attempt. Hours earned divided by Hours Attempted).
- Maximum Time Frame (receive credential within 150% of credit hours required for program completion).
7. Purchasing Textbooks.
- Book funds are provided through a “charge” process for financial aid eligible students. The charge period is for 20 days, starting 10 days before the term begins. Valuable information surrounding the bookstore charge process using financial aid is provided below:
- If the bookstore does not have a needed textbook for a class during this time period, a student with Financial Aid can prepay for the book, assuring they can use their Financial Aid funds. The bookstore will alert the student when their textbook has arrived.
- Students must have more anticipated financial aid than the cost of tuition and fees for the term.
- Students must sign a Financial Aid Release (FAR) authorizing Jefferson to release the amount of anticipated aid to the Jefferson Barnes & Noble Bookstore. If you already have a FAR on file, you do not have to complete another one.
- The amount you charge at the bookstore is placed on your student account and will reduce the amount you receive back in a residual refund. See example below.
Bookstore Charge and Residual Refund Process Example
Total Anticipated Financial Aid
(add all financial aid awards)
Pell Grant: $2960.00
CAP Grant: + $950.00
Total Balance Due to Jefferson
(add Tuition and Fees to the Bookstore Charges)
Tuition and Fees: $2280.00
Bookstore Charges: + $750.00
First, your anticipated aid is applied to your student account. Then, the balance due to Jefferson is deducted.
The excess funding you have left over is a credit balance on your account and will be refunded to you via the Jefferson BankMobile Disbursements process.
Total Anticipated Financial Aid: $3910.00
Total Balance Due to Jefferson: $3030.00
Credit Balance (Refund Due): $880.00
BankMobile Disbursements Refund Residual refund: $880.00
- If your FAFSA was selected for review in a process called Verification, then you must follow the instructions provided in your Student Self Service portal.
- In this process, Jefferson (the school) will be comparing information from your FAFSA with information from copies of your (and your spouse’s, if you are married, or your parent’s, if you are dependent) Federal Tax Return Transcript, and/or with W-2 forms and/ or other financial documents.
- Federal Regulations grant the college the right to ask you for this information before awarding federal aid.
9. Earn your keep.
- Financial aid funds are awarded based on demonstrated need or academic merit but are earned and maintained by students through their academic progress.
- Be sure to stay focused and disciplined in your studies to ensure your continued receipt of financial aid awards.
- The award year is from July 1st through June 30th.
- Unused funds for the award year can be carried over to summer term until depleted.
10. Words of Wisdom ? Go to Class! Stay in Class! Pass your Class!
- IF YOU ARE HAVING TROUBLE – ASK FOR HELP – DON’T JUST WALK AWAY
- Three major regulations trip many of our students up when trying to maintain eligibility
for federal student aid. They are:
- No Show: If you establish eligibility by going to classes, you have dealt with the No Show issue and aid will be appropriately disbursed.
- Return to Title IV: If you stay in your classes throughout the term, you will ensure there will be no requirement to repay funds you did not earn. Financial Aid funds are disbursed with the assumption that you will complete 100% of the semester.
- Satisfactory Academic Progress: If you pass your classes with at least a C grade or better, you will ensure you have met the Satisfactory Academic Progress policies. You must also complete your degree requirements within 150% of the required number of credit hours.