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FINANCIAL AID CHANGES

2011-2013. FINANCIAL AID CHANGES. Satisfactory Academic Progress. Three components that we check after every semester. GPA Requirement – 2.0 for sophomore and above. 1.5 for freshman. Pace of Progression – Required to maintain a 67% overall completion rate.

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FINANCIAL AID CHANGES

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  1. 2011-2013 FINANCIAL AID CHANGES

  2. Satisfactory Academic Progress • Three components that we check after every semester. • GPA Requirement – 2.0 for sophomore and above. 1.5 for freshman. • Pace of Progression – Required to maintain a 67% overall completion rate. • Take the overall credit hours earned and divide them by the overall credit hours attempted. Example: 57/70=81% • Credit Hour Maximum Timeframe – We had to established a limit on the number of credit hours a student can attempt and still remain eligible for Federal Student Aid. This limit is based on 150% of credit hours needed to complete the degree for which the student is pursuing.

  3. Credit Hour Maximum Timeframe Example: It takes 120 credit hours to complete the Lakota Studies degree. So take 120 x 150% to get the timeframe a student has to complete their degree. 120 x 150% = 180 attempted credit hours. If at any time we see that the student cannot complete their degree within the 150% timeframe – the student is no longer making Satisfactory Academic Progress and not eligible for Title IV aid.

  4. SAP - Terminology • Last year, all colleges and Universities across the nation were required to change the terminology in our SAP policies to be the same where ever they went. • WARNING, INELIGIBLE, PROBATION • WARNING is what we used to call PROBATION, the first occurrence of not making satisfactory progress. • INELIGIBLE is what we used to call SUSPENSION, the second occurrence of not making satisfactory progress. • PROBATION is now the status of a student who had an appeal for Ineligible status approved.

  5. TOTAL WITHDRAWALS When a student Totally Withdraws from ALL their courses, this puts them on AUTOMATIC INELIGIBLE status. • This is to implement a penalty for withdrawing from their courses after the Pell Grant refund has been paid out. • It also makes the student Ineligible for all OLC scholarships when the student returns to OLC the next semester.

  6. INELIGIBLE APPEALS • When a student makes Non-Satisfactory Progress and is placed on Ineligible status they may submit an Appeal to our Financial Aid Appeals committee. • Appeals are approved if the student had extenuating circumstances for not completing the semester that they were placed on Ineligible status. • Extenuating circumstances include: personal illness or injury, a death of an immediate family member, casualty losses due to weather, fire, or acts of God. • Documented proof must be submitted with their appeal.

  7. LIFETIME ELIGIBILITY USED • Students now have a limit on the number of years they can receive a Pell Grant. • 600% or 6 years of full-time funding. • NSLDS is what the student uses to view their LEU. • The Student Aid Report is C coded when a student is close to the 600% threshold or if it is above it. • Financial Aid can pull up the students’ LEU record our computer system - COD.

  8. LEU Statistics Currently Fall 2012 • New – Zero LEU: 279 students or 22% • 500-599% LEU (Students in their last year receiving PELL): 53 students or 4% • 600% and above: 60 students or 5% • Total students currently enrolled who completed a FAFSA: 1248 • 34 students are Not Registered and are at 600% or above.

  9. MAX PELL Book Scholarship • This was created by our scholarship committee to help our students who cannot get books charged on their PELL Grant because: • Lifetime Eligibility Usage is at 600% or more • They cannot graduate within the 150% Timeframe. • Must have the minimum Pace of Progression and the minimum GPA to qualify. • 44 students were helped this semester for a total amount of $13,770.

  10. New OLC Requirements • We are now requiring our students to only declare one major. • Pell will not pay for courses not on the student’s degree plan.

  11. VERIFICATION CHANGES • IRS Data Retrieval Tool vs. IRS Tax Transcript • IRS Data Retrieval Tool is available on the FAFSA application. If the student uses this and they are selected for verification, no documentation is required on their taxes. • IRS Tax Transcript can be ordered on-line, or the students can call the IRS to order a tax transcript, or the student go to Rapid City to the Federal building and pick up the transcript at the IRS office. • IRS Tax Returns are no longer accepted.

  12. QUESTIONS

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