Beginning with the Fall 2011 semester, an academic year will be defined as 36 credit hours (three semesters) and 45 weeks.
No aid will be awarded for periods of non-enrollment.
The loan period will consist of the period of enrollment/terms (fall, spring, summer). The payment period (term) will begin on the first day of regularly scheduled classes for each period of enrollment.
Student loan limits are prorated to reflect their period of enrollment (term), if less than an academic year. A student’s loan award will be evaluated on a case-by-case basis should a student incur additional educational expenses and they have not reached their maximum loan amount.
Federal Pell Grant - Academic Year 2011-2012
On April 14, 2011, Congress passed a continuing resolution which maintained the maximum Pell Grant level for the 2011-2012 academic year at $5,550. (This means that at OSUIT, your annual award will be awarded as follows: (1/3 fall term, 1/3 spring term, 1/3 summer term)
The long-term continuing resolution permanently eliminated a second scheduled Pell Grant award (also known as “year-round-Pell”) beginning with the second scheduled award for the 2011-2012 academic year. (www.nasfaa.org)
Satisfactory Academic Progress Changes
Due to Department of Education regulatory changes for 2011 – 2012, we were required to revise our satisfactory academic progress policy. The revised policy is on the Student Financial Services website under the policies link at http://www.osuit.edu/admissions/financial_services/policies.html. We encourage you to thoroughly review the policy which you will be measured against at the end of the Fall 2011 semester. Should you have any questions or concerns, you may schedule an appointment with the Director or Assistant Director in Student Financial Services. Key Changes in the Policy:
Financial Aid Status Categories
Good Standing
Financial Aid Warning
Financial Aid Probation
Financial Aid Suspension
Financial Aid Academic Plan
Financial Aid Status Defined:
Good Standing: The student is enrolled in an eligible program, is in compliance with satisfactory academic progress, and is receiving financial aid.
Financial Aid Warning: This is the status assigned when satisfactory academic progress is not maintained. This status is limited to one semesterand the student’s future financial aid eligibility is dependent upon how well the student does during the warning semester. Students who have been placed on Financial Aid Warning may be removed from the status and restored to good standing by meeting the completion rate and/or college grade point average requirements by the end of the Financial Aid Warning term. Students may still receive financial aid during a warning; however, if the student fails to meet requirements, the student will be placed on financial aid suspension.
Financial Aid Suspension: This is the status assigned to students who were previously on Financial Aid Warning and have failed to meet the academic progress requirements at the end of the warning semester. Students are allowed to submit an appeal form to appeal this decision. The decision will either be denied (will not qualify for financial aid in future terms until SAP is met), placed on probation or required to adhere to an academic plan, as determined by the appeals committee.
Financial Aid Probation: This is the status assigned to students who were on Financial Aid Suspension, appealed, and have received an appeal approval. The status of Probation is given for the next period of enrollment for one final opportunity to demonstrate satisfactory academic progress. Students on financial aid probation may receive aid for one payment period only. The student will receive an approval letter along with a list of conditions that must be performed for reinstatement of financial aid for the upcoming semester.
Students must comply with the completion and grade point average requirements by the end of their probation semester. Once grades for the semester are posted, the financial aid office will review the academic performance of the student to determine if satisfactory academic progress requirements are met. If satisfactory academic progress is met, the student will be in good standing. If it is not met, the student will be placed back on suspension and be required to submit another appeal for a possible academic plan.
Financial Aid Academic Plan: This is the status assigned to students who were on financial aid suspension, appealed, received an appeal approval, but did not achieve satisfactory academic progress with one payment period of their probation semester. Students in this category must follow an individually designed Academic Plan, developed to ensure the students achievement of satisfactory academic progress over an assigned period of time. Students are eligible for financial aid as long as the conditions of their Academic Plan are met.
A student placed on financial aid warning or suspension will be notified via U.S. mail to the current mailing or permanent address on record. It is the responsibility of the student to keep their address updated in their Web 4 Students account on the OSUIT website.
