Important Terms
When discussing financial aid, many terms you do not understand might be mentioned. We understand the importance to fully understand this process, and hope the definitions for the following terms further your understanding:
Award Notification:
At the time of initial review, if a file is considered complete and all
information is accurate, the Institute will evaluate your eligibility based
on general requirements and specific program requirements and offer a
financial aid package designed to best meet your needs. The Institute will
consider you for the most beneficial financial aid, such as grants, scholarships,
and subsidized loans, before offering other types of aid, such as employment
and unsubsidized loans. For programs with limited funding, applications
received by the priority date are ranked in order of
need and awarded until funds are depleted.
Eligibility Requirements:
To be considered for federal financial aid, you must meet all of the following requirements:
- Maintain satisfactory academic progress
- Not owe a refund on any federal/state grant previously received at any institution
- Not be in default on any federal educational loan received from any institution
- Be a U.S. citizen or a permanent resident
- Be registered with the Selective Service, if applicable
- Meet certain enrollment status criteria
Enrollment Status:
To be considered for federal financial aid, you must meet all of the following requirements:
- Full-time enrollment is defined as twelve (12) hours of course work applicable to your current degree program.
- All Institute Scholarships require full-time enrollment.
- Some specific programs require full-time enrollment; i.e. National Merit, National Achievement, Governor's Scholarship. Contact the OSFA for guidance concerning various program requirements.
- HOPE recipients are paid for the exact hours of enrollment.
- There is no minimum number of hours for HOPE to pay.
- Federal educational loans require that you be enrolled at least half-time which is defined as six (6) hours applicable to your degree. Audit hours are not acceptable for eligibility.
- Award/account adjustments will be required if a student registers for hours not applicable to the degree program. These award/account adjustments will be calculated based on final enrollment at the conclusion of each registration period.
This website last updated on 03/24/08