Stafford Loan/academic requirement question…?

Question #1 — So I have applied for a Stafford Loan and I seem to meet all the requirements, although the Maximum Time Frame stuff is confusing me. It says that a student cannot exceed more than 150% the amount of credit hours it takes to complete a program. So far, I haven’t. I’m at about 72 attempted hours and my program requires 65 — 150% of that would be 97.5. I’m wondering if they are using a long-term scale that determines whether or not you WILL be done before the Maximum Time Frame is up, because I’m not sure that I will be. From what I understand, I won’t be eligible for payment once that time is up, but I only need it this once anyhow. Do you think they’ll have a problem awarding me the loan this late in my academic career?

Question 2 — It’s been three weeks into the semester and my tuition has already been paid for (it is always paid for via Veteran’s Affairs). Is there something that they’ll need to deduct from my amount, or will I just be cut a full-check?

Thanks!!

Top 2 Answers

A few days ago

caba

Favorite Answer

The Higher Education Act requires that institutions establish a maximum time frame in which students receiving Title IV funds are expected to complete the program of study and beyond which they no longer qualify for assistance. If you go over the 150% desiginated by your school then you will be placed in financial aid suspension. You would have to find out what the appeal procedures are in your financial aid office when the time comes and you are over the 97.5 attemped hours. A lot of schools will grant a first appeal if you explain the situation and you work toward the conditions they set forth in the granting.

For question #2 – are you referring to your Stafford loan? If so, then yes, since your VA benefits already paid for your tuition, then you should be receiving a refund check for your Stafford loan (minus any other items owed to the Bursar/Business office such as housing, meals, etc. if applicable). Some schools do a direct deposit into a student’s account and others cut a real check.

For both of your questions, though, you should talk to a financial aid officer at your school for further information/clarification. Good luck!

A few days ago

Anonymous

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Stafford Loan/academic requirement question…?

Stafford Loan/academic requirement question…?

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