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I want to drop a class, this will leave me taking 9 credit hours. How will my financial aid be affected? Will it affect me next semester?

2007-02-28 13:09:43 · 5 answers · asked by Kat 2 in Education & Reference Financial Aid

5 answers

Your credit load will affect different types of financial aid will be affected in different ways.

You are eligible for the same amount of Stafford Loan funding as long as you are enrolled at least half-time (6 credits for an undergrad).

If you are receiving a Federal Pell Grant, your award might be pro-rated if you are enrolled less-than-full-time. You will still be eligible, but it will be less. You can use the (fairly complicated) chart here to determine what your new award will be: http://ifap.ed.gov/dpcletters/attachments/2006paysched.pdf

Part-time students are still eligible for Federal Perkins loans, Federal Work-Study, and Federal SEO grants. However, the allocation of these types of funds is are largely controlled by your school, so you will want to check with your Financial Aid office to see what their policy is.

Whether you will be allowed to retain your institutional funding is entirely up to your school. If you were offered a scholarship/grant from your school, make sure you're familiar with the conditions of the award. It's not unusual for schools to reserve their institutional funding for full-time students.

2007-02-28 15:51:44 · answer #1 · answered by FinAidGrrl 5 · 0 1

It depends on the kind of financial that you have. For example if you have scholarships that are paying for your tuition, then I'm certain that you have certain rules to abide by. In that case it would be best for you to go and speak to someone in the Financial Aide Department. If you are going by federal aide such as Pell Grants or subsidized loans, then you get your aide according to how many credit hours you are taking. If your aide already came through and at the time you were signed up for 12 credit hours and your tuition has already been paid for, then you can drop the class without any penalty at all because I did it too.

2007-02-28 21:47:22 · answer #2 · answered by debbie_75052 4 · 1 0

I'm not sure exactly about your aide, but some of your scholarships and such may get taken away. You need to go and speak to a guidance councilor about it before you drop the class. If you drop below the minium you may end up paying a lot of money out of pocket, and if you have a scholarship thats going to pay you money every quarter, you may lose it for good. Maybe its not to late to take another class in exchange for the one you are dropping?

2007-02-28 21:19:19 · answer #3 · answered by Hito 2 · 1 0

You have to go by the equal credits not the credit itself. Financial Aid adds the EQ credits and if its lower than 12 than its a problem. iT CAN AFFECT THE FINANCIAL AID.

2007-02-28 21:23:51 · answer #4 · answered by Anonymous · 0 0

depending on the "rules" of your financial aid, most require 12 hours, if you go below 12 hours you might lose your finacial aid.

2007-02-28 21:18:37 · answer #5 · answered by sangreal 4 · 1 0

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