Monday, February 20, 2012

What if? Scenario 2

What if my schedule changes from what is originally was? Will this affect my Financial Aid?

The answer is probably. The normal schedule is a fulltime schedule (meaning you have at least 12 credits) per quarter/semester. Loans are based on an academic year (2 semesters/3 quarters). If for one of those you have less than 12 credits, your loan may or may not change, but your pell grant will. You see, since loans are filled out for the academic year, as long as you have a total of at least 36 credits in your 2 semesters/3 quarters, then your your loans won't change. So you could be 3/4 time or even half time in one, as long as the other(s) make up the difference to total at least 36. Your pell grant, on the other hand, is based on the number of credits in the individual term, so if you drop below 12 credits in your semester/quarter, then your pell grant will drop for that term.

So, the short answer is maybe. For some situations, a change in schedule may change your Financial Aid, and in other situations, it won't. The important thing is that you make sure you stop by the Financial Aid office and ask them how a situation will affect your eligibility. Sometimes, what seems like an insignificant change could potentially be a big deal. It's always best to find out.

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