Elvin Mannheimer: Yes, you most likely will end up owing money back to the school. It will partially depend on what type(s) of aid you received - if you had any Stafford Loans, you will need to repay those completely. You need to contact your financial aid office to find out what your options are. In the future, make sure you contact your FAO before you make any schedule changes, and you can avoid a freakout.
Jannette Kotz: Eddie:The answer to your question depends on exactly what you mean by "using your limit".In order to stay eligible for Federal Student Aid, you must meet the Satisfactory Academic Progress standards that your school enforces. They don't have any choice when it comes to enforcing these standards, because the US Department of Education says "Enforce these standards, or you can't participate in the student aid program".There are 2 types of Satisfactory Academic Performance standards that might be affecting you in this situation - one says that you h! ave to keep your cumulative GPA over 2.0, and the other one says that you have to pass 70% of the classes that you REGISTER for.I'm going to guess that it's that pass/fail rate issue that's affecting you.At the end of the spring semester, your school will take a look at your overall pass rate. If you registered for 24 credit hours this year, decided to drop three 3-hour courses, and passed all of the rest of your classes, you will have passed 15 of the 24 hours that you registered for. Even if you had A's in all of the classes that you finished, you would still be in violation of the rule that requires you to pass 70% of your classes - why? Because 15/24 is only 62.5%.If you fall behind the SAP requirements, your school MUST put you on financial aid probation, and allow you only a short period of time (usually one semester) to reestablish your performance. You will be eligible for all of your usual aid while you're on probation.If you get your grades and your pass rate up h! igh enough during the probationary period, everything goes bac! k to normal, and your probation ends. If you don't improve as much as you needed to, you'll be placed on financial aid suspension. A student on financial aid suspension is NOT eligible for any forms of federal student aid. At that point, your only "financial aid" option will be private loans.Paying out of pocket isn't going to save your pass rate or your grade point average, so that's not going to resolve the problem that you're running yourself into. From the way that you're making this sound, dropping this course is either going to push you onto financial aid probation - or - if you are already there - onto financial aid suspension.If it's suspension that's about to get you, you're going to need to be paying for ALL of your classes out of pocket, until you're able to bring your performance back in line with the SAP.You should definitely make an appointment with a counselor in the financial aid office - before you drop the class. That way, there won't be any surprises late! r, when the consequences of your decision hit home.Good luck!...Show more
Luis Mellon: Schools normally set a rating day before disbursing any extra funds, if you dropped the class before this day, and your payments have already been made from Financial Aid chances are you will have a balance to pay back. You really should find another class to transfer into instead of dropping, this way you wont have any issues with financial aid. If you do not pay the balance that you owe then they will suspend any further aid until you pay off your balanceAs far as how much, it all depends on your schools tuition rates. You really need to contact your Financial Aid Advisor for more info....Show more
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