2007-03-17 08:48:04 · 4 answers · asked by Karina 1 in Education & Reference ➔ Financial Aid
I'm not doing so well in a class and I can't afford to pay it back right now.
2007-03-17 08:49:06 · update #1
If you recieved a grant.. then it really depends on how many classes you are taking. Your school will have a criteria.. that if your taking x amount of hours.. then you have to be passing at least x amount of hours to where you dont have to pay back money. My school.. I was taking 12 hours and i needed to drop one class.. the criteria was that if i dropped any classes.. i needed to be attending and pass at least 9 hours to be on the safe side of not having to pay anything back. You need to contact your financial aid department and tell them that you need to drop a class and to see how many hours you must be attending. They will explain everything to you. Sometimes if your under financial aid you have to fill out a form with them to drop a class.
2007-03-17 19:30:43 · answer #1 · answered by Grace 4 · 0⤊ 0⤋
Most colleges have a prorated drop out policy. For instance if you drop almost right away you can get 75% back, if you drop halfway through you can get 25% back, etc. Check with the business office at your school. Yes, there is a stipulation within the financial aid that if you do not make sufficient academic progress then your grants and loans can be reduced and you can be forced to pay portions back immediately.
2007-03-17 08:57:40 · answer #2 · answered by cam 4 · 0⤊ 0⤋
It depends on whether or not you are past the drop/add point for your school. The drop/add period is when you can add or drop classes as you see fit.
If you are past the drop/add period, you are responsible for any charges you incurred. Depending on your school, it could be 100% of the cost of the class. Check with your financial aid office or registrar's office to find out how much you would owe if you dropped now.
As for the financial aid, if you received a loan, you have to start paying it back in 6 months.
2007-03-17 09:30:00 · answer #3 · answered by Holly 5 · 0⤊ 0⤋
Usually you will not have to pay it back, rather, you may actually get a check from your institution if your institution has a prorated refund policy. HOWEVER, dropping a class will reduce your completion rate. If your completion rate drops under a certain % you become uneligable for any kind of aid until you raise the % using your own $.
2007-03-17 09:02:31 · answer #4 · answered by Jessica W 1 · 0⤊ 0⤋