Blog

Updated Oct. 2024

There are several steps college students need to complete every year to continue receiving financial aid! We’ve broken these down into three parts:

1) reapply for financial aid every year
2) know how your grades and classes impact financial aid.
3) seek out help in difficult times.

Reapply for Financial Aid Annually to Maintain Eligibility

Know your deadlines 

Remember, you need to complete a new FAFSA each year of college! Some schools just require the FAFSA; others have additional requirements. You should be able to find the forms you need to submit and their deadlines on your college’s website, in an email reminder, or in your to-do list on your student portal. If you can’t find it, email or call the financial aid office to ask what you need to submit by when.

Check your school email and portal regularly
 

Need an FSA ID? 

Access Our Step-by-Step Guide

How GPA and Course Load Affect Your Financial Aid Eligibility

Check if your GPA is below 2.0 

If your cumulative GPA drops below 2.0 or if you’ve dropped/withdrawn from several classes, you may not be meeting a requirement called Satisfactory Academic Progress (SAP). If you don’t meet SAP, you may not be eligible for financial aid for the upcoming term. However, it’s possible that you may be able to continue to receive financial aid if you submit an appeal letter.

Successful SAP appeals are typically based on documented extenuating circumstances that affected your academic performance. Some examples of valid reasons for appeals include:

• Medical issues (e.g., personal illness or injury)
• Family emergencies (e.g., death or illness of a close family member)
• Financial hardships (e.g., job loss, housing instability)
• Mental health struggles (e.g., anxiety, depression)
• Personal crises (e.g., domestic violence, divorce)
• Natural disasters (e.g., hurricanes, fires)
• Military duty (e.g., deployment)

If you’re concerned about your GPA or meeting SAP, reach out to an academic advisor at your college for help and ask about the deadline and process to submit your appeal.
 

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Check your scholarship requirements

If you’re receiving a multi-year scholarship either from your college or an outside scholarship organization, know that some have GPA requirements. Look up what GPA your scholarship requires, and if your GPA drops below that, reach out to the scholarship administrator to ask if there is an appeal process so you can receive that money for the next year.

Get support before dropping classes 

If you’re thinking about taking time off from school or dropping one or more of your classes, contact an academic advisor and the financial aid office first. Dropping a class can impact your financial aid and can potentially cost you money, so always talk to the school before you finalize your decision.
 

Here’s how dropping classes can affect specific types of financial aid:

• Pell Grant: Your Pell Grant amount is based on your enrollment status (full-time, part-time, etc.). Dropping below full-time status can reduce your grant for the semester, and if you drop below half-time, you might lose the grant entirely. If you drop classes early in the term, you could also be required to return part of the grant through a Return to Title IV (R2T4) calculation.
• Federal Loans: To remain eligible for federal loans, you need to be enrolled at least half-time. Dropping below half-time could make you ineligible for loans in future semesters and trigger the start of your 6-month grace period, after which you’ll need to start repaying your loans.
• Satisfactory Academic Progress (SAP): Dropping classes may also impact your ability to meet SAP requirements. These include maintaining a minimum GPA (usually 2.0) and completing a certain percentage of the classes you attempt. Failing to meet SAP could result in a loss of eligibility for financial aid in future semesters.
• Scholarships and Other Grants: Many scholarships and grants have specific GPA or enrollment requirements. Dropping classes might put these funds at risk if you no longer meet the necessary criteria.

Meet with an academic advisor regularly

Meeting with an academic advisor regularly to help you plan out your classes can save you money by helping you graduate on time or even early. Make sure to email or schedule a meeting with an academic advisor at least once a term, especially when it’s time to register for classes.

It’s crucial to meet with an academic advisor before problems arise, rather than waiting until the last minute when options may be limited. Proactively connecting with your advisor allows you to plan ahead, address academic challenges early, and avoid situations that could jeopardize your financial aid or academic standing. Advisors can help you stay on track with your coursework, manage your workload, and identify potential issues like a low GPA or course withdrawals that might affect your financial aid. 

By building a relationship with your advisor and regularly seeking guidance, you’ll be better equipped to make informed decisions, ultimately saving time, money, and stress down the road. Remember, your advisor is there to support you—reach out early and often!

Seek out help in difficult times

Where to Find Help When Financial Aid is at Risk

Many students face financial challenges and there are resources available that may help. Your school may have emergency funds or other resources if you’re having a hard time paying for food, housing, transportation, books, etc. Reach out to the financial aid office or an academic advisor to ask what resources are available at your college, and review other online guides for support.

Be Proactive to Secure Your Ongoing Financial Aid

Some students need to take personal, medical, or other leave during college. If you’re considering taking time off, meet with an academic advisor or the financial aid office to ask about your options so you can decide what’s best for you.

Following these steps will help ensure your financial aid continues each year. Just know that if you find yourself confused or unsure about a deadline, policy, or what to do in a certain situation, it’s completely normal and understandable! There are so many things to learn about college and the financial aid process and it can get complicated. But you’re not alone. Ask for help, contact the financial aid office or an academic advisor at your college – they’re there to support you.

 

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