Students might be denied financial aid if they have been convicted under federal or state law of the sale or possession of drugs. Eligibility can be regained if the student passes two surprise drug tests by a drug rehabilitation program that meets standards established by the U. Department of Education.
Students are required to maintain a certain GPA in order to continue to receive financial aid. Normally, if a student falls below a 2. If they do not raise their GPA, the student will be denied aid for the following year.
You didn't take enough credits to requalify for federal aid. Your first step should be starting a dialogue with your financial aid office. The staff there can help you find out what happened and how to respond. If your grades slipped, ask what you can do to get back on track. Is there anything I can do? And your financial aid award letter might not have even mentioned the minimum GPA required to keep those funds, says Marguerite Dennis, who spent 40 years working in college admissions and financial aid and is the author of "The New College Guide: How to Get In, Get Out, and Get a Job.
If you must take out loans to make up the difference, start with federal loans. They'll most likely offer the lowest interest rates, they come with flexible repayment plans and, in some circumstances, they can be forgiven. These are the current federal loan options for undergrads:. Direct subsidized and unsubsidized loans: 4. Parent PLUS loans: 7. Private loans should be a last resort, but they can be a useful tool for some — particularly borrowers who have good credit or who have a co-signer with a great credit score.
Look for a private loan that offers incentives, such as cash back for good grades, and make interest-only payments while in school, if possible. That way, your accrued interest won't be added to your principal balance after you graduate.
If you are active duty military, then this is not a requirement. Aside from not meeting one of these basic eligibility requirements, there are a few other things that could get your federal aid denied. At the end of the day, the federal government is like any other lender. If you owe them money, they may not loan you anything else.
If you are currently in default on a federal student loan, you may be denied additional money. You may also be denied if you owe a refund on any previous federal grants. Every school establishes its own minimum Satisfactory Academic Progress. If you fail to meet the SAP, your federal loan money may get denied. But if you continue to not meet SAP, they will be less likely to approve future appeals.
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