MSU offers students a financial aid warning semester where they have a chance to finish in good standing, allowing them to keep their financial aid. If requirements aren’t met, they’ll be put on financial aid suspension.
After a financial aid suspension, you can still find ways to pay for school, including by relying on grants, scholarships and private student loans. Here’s a primer on how to pay for college without financial aid you had anticipated receiving — specifically: The Department of Education has clear guidelines for federal student aid eligibility.
Besides aid from the U.S. Department of Education, the federal government offers several financial aid programs. Your state might offer grants or loans to help pay for college. Many schools offer financial aid from their own funds.
Many schools offer financial aid from their own funds. Many organizations offer grants and scholarships. All applicants must meet basic eligibility requirements for federal student aid. It's important to stay eligible to receive aid in subsequent years. If you lost eligibility, learn how to get eligibility back.
The following table details the reported cost of attendance per credit hour for the 2017-2018 academic year.
In 2017-2018 academic year, 87% of Indiana University-Purdue University-Fort Wayne's students received financial aid. Below is the breakdown of the financial aid provided to students.
Data source: https://nces.ed.gov (2017-2018 colleges survey) and Indiana state board of nursing.
The Expected Family Contribution (EFC) is a measure of your family’s financial strength that determines how much financial aid you will receive.
Your Expected Family Contribution (EFC) is determined when you file the Free Application for Federal Student Aid (FAFSA).
Your Expected Family Contribution is based on your family’s total income (including both taxed and untaxed income), assets and dependency status (dependent student or independent student).
Financial need is calculated by subtracting the amount of your Expected Family Contribution from your college’s Cost of Attendance.
Expected Family Contribution will affect your eligibility for need-based financial aid as well as the amount of financial aid you receive. This includes grants, scholarships, federal loans and student employment (e.g., Federal Work-Study).
Untaxed income is any income received that isn’t reported as part of adjusted gross income (AGI) on your federal tax return. This can include workers’ compensation or disability benefits.
Student assets include custodial bank and brokerage accounts, such as UTMA and UGMA accounts. Custodial 529 plan accounts are reported as a parent asset on the FAFSA.
Federal government (besides Federal Student Aid) Besides aid from the U.S. Department of Education, the federal government offers several financial aid programs. State government. Your state might offer grants or loans to help pay for college. College or career school.
If you meet federal student aid eligibility requirements. Students enrolled at international schools. If you study internationally, the types of federal student aid you can receive are limited. Students with a parent killed in Iraq or Afghanistan.
All applicants must meet basic eligibility requirements for federal student aid. It's important to stay eligible to receive aid in subsequent years. If you lost eligibility, learn how to get eligibility back. Learn More.
Depending on the reason you lost financial aid, you can first try to fix the problem. This could be relatively easy — as simple as correcting or filing a FAFSA — or it could be a more involved process, with a plan you’ll need months to complete.
If you lost your eligibility because of a drug conviction, you may regain it early by completing rehab or passing two random drug screenings. If you lost your federal financial aid because you defaulted on your loan, you may regain eligibility by repaying your debt in full.
This can create a circular problem, in which you need eligibility to afford to take more courses but can’t regain eligibility without taking more courses. The length of time it takes to regain eligibility depends on why you lost it. You’ll need to decide what to do about college in the meantime.
For instance, you may lose your eligibility for specific funding if you switch majors, but you could regain it if you switch into an academic program that is covered. While this option is drastic, it may enable you to stay enrolled in school.
If you’ve relied on grants and federal student loans to pay for college, losing your federal financial aid eligibility could put your schooling in jeopardy.
Although federal student aid is a lifeline for many, it’s unfortunately never guaranteed. After a financial aid suspension, you can still find ways to pay for school, including by relying on grants, scholarships and private student loans.
Unlike loans, which have to be repaid with interest, grants and scholarships don’t typically require repayment. In most cases, you never have to repay them. Plus, you can combine multiple grants and scholarships to pay for school, reducing how much you need to borrow.
According to the Federal Student Aid Handbook, when a course is below 60 percent completion, the costs of that course are prorated. That means when you stay for more than 60 percent of a semester’s duration, you earn 100 percent of federal funds awarded to you.
What happens to my financial aid if I withdraw from school? When you withdraw from school, it triggers a series of events that can affect your student aid and long-term eligibility for additional aid. Here are a few things to keep in mind before you leave school abruptly.
For example, the state where you went to school might take away a semester of eligibility for some forms of state aid if you didn’t finish your last semester.