Federal Financial Aid regulations require Our Lady of the Lake University to monitor your progress toward earning a degree. If you are a financial aid recipient, you must meet our minimum progress standards to remain eligible for financial aid. If you are not a financial aid recipient, and you would like to apply for financial aid, you must meet these minimum progress standards to receive financial aid. There are 4 components that we check at the end of the spring term to see if you will remain eligible, or become eligible for financial aid. Failure to meet any one of these minimum requirements will result in you losing financial aid eligibility. These four components of our Satisfactory Academic Progress policy are:
1) Degree Seeking Program - You must be enrolled in a degree seeking program to receive financial aid.
2) Quantitative Measure - You must complete at lease 75% of your attempted term hourswith a grade of D or better.
3) Qualitative Measure - You must maintain a cumulative grade point average (GPA) of 2.0 if you are an undergraduate student or maintain a cumulative GPA of 3.0 if you are a graduate/professional student.
4) Time Frame Maximum - You have not attempted more that 150% of the credit hours required for graduation in your degree program.
Degree Seeking Program
You must be enrolled as regular students in an eligible program to receive financial aid. A regular student is defined as a student who is enrolled for the purpose of obtaining a degree or certificate offered by Our Lady of the Lake University. If you are not enrolled in a degree or certificate program, you can not receive financial aid.
In an effort to make sure you complete your degree plans on time, Our Lady of the Lake University has chosen a Quantitative measure of 75%. You must earn 75% of the credit hours you attempt during a school year in order to continue to receive financial aid. Only grades of A, B, C, D, and P are considered as passing grades. All other grades will be counted as if the student received a letter grade of F. The formula used to figure your completion rate is to divide the hours your have completed by the hours you have attempted.
Example: A student registers for 15 hours in the Fall term and drops to 12 hours the third week of the term. The student goes on to complete all 12 credit hours in the Fall term with a grade of D or better. In the spring, the same student registers for 18 hours and half way through the term drops to 12 credit hours. The student goes on to complete all 12 credit hours in the Spring term with a grade of D or better. Does the student meet he quantitative measure of Our Lady of the Lake University's Satisfactory Academic Progress Policy?
Fall term credit hours attempted (15) + Spring term credit hours attempted (18) = 33 attempted credit hours
Fall term completed credit hours (12) + Spring term completed credit hours (12) = 24 completed credit hours
Total credit hours completed (24) divided by total credit hours attempted (33) = 72% completion
In this example the student does not meet this minimum requirement and will lose financial aid eligibility.
All of the undergraduate degree programs offered at Our Lady of the Lake University require you to earn a Grade Point Average of a least a 2.0 to graduate. In an effort to have your academic standing consistent with the requirement for graduation, any undergraduate student whose cumulative GPA falls below a 2.0 will lose financial aid eligibility. If you are a graduate/professional student, the minimum GPA you must earn to remain eligible for financial aid is a 3.0.
Example: An undergraduate student starts in the Fall and receives a 1.9 GPA. At the end of the Spring semester the undergraduate student has a cumulative GPA of 2.3. Does the student lose financial aid eligibility?
No, the student maintained the minimum GPA requirement at the time Our Lady of the Lake University's Satisfactory Academic Progress Policy was check.
Time Frame Maximum
Federal regulations require Our Lady of the Lake University to place a maximum time frame in which you can receive financial aid to complete your program of study. Our Lady of the Lake University allows you to attempt 150% of the required credit hours it takes you to complete your degree program of choice. If you attempt more than 150% of the credit hours needed to complete your degree program, you will lose financial aid eligibility.
Example: An undergraduate student wishes to receive a Bachelor of Science degree in Business which will take 120 credit hours to earn. How many hours can this student attempt and still receive financial aid?
Credit hours required to complete the chosen program of study (120) time 150% = 180
In this example, the student can attempt 180 credit hours before losing financial aid eligibility.
Our Lady of the Lake University will use your transfer hours to calculate your cumulative grade point average and to calculate your maximum time frame to receive financial aid.
If you do not meet Our Lady of the Lake University's minimum standards of progress and you lose financial aid eligibility, you may file an appeal to have your financial aid reinstated.These appeals are generally based on extenuating circumstances that occurred during the school year that may have caused your GPA or completion rate to decline.These extenuating circumstances might include: prolonged illness, accidents that require your hospitalization or the hospitalization of an immediate family member, and/or death of an immediate family member.
All appeals submitted to the financial aid office MUST have documentation attached before presented to the financial aid appeals committee. You should submit your completed appeals form to the Financial Aid Office no later than July 15th of each year. A completed appeals form must have appropriate documentation attached to the form to verify the purpose of the appeal. The decision made by the financial aid appeals committee is final.
Financial Aid Probation
Upon approval of your appeal, you will be placed on financial aid probation and your financial aid will be reinstated. If you are placed on financial aid probation, your progress standards will be checked after each term until you either lose financial aid eligibility through financial aid suspension or you regain a satisfactory progression toward earning your degree. To regain a satisfactory progression toward earning your degree you must complete 100% of the classes you are attempting for the term you are under probation with a GPA of 2.0 or higher for undergraduates, or a GPA if 3.0 or higher for graduate students. If you do not complete all of your attempted credit hours, and or, you do not meet your GPA requirements, you will be placed on financial aid suspension and you will lose your financial aid. The financial aid office reserves the right to impose different standards of a student's probation, based on the severity of the student's Satisfactory Academic Progress offense.
Financial Aid Suspension
If your appeal is denied, you will be placed on financial aid suspension and you will not receive financial aid. To regain financial aid eligibility, you will need to attempt and complete, at your own expense, the same number of hours you attempted before your aid was suspended at Our Lady of the Lake University. You must attempt these credit hours at Our Lady of the Lake University if you wish to get your financial aid reinstated at this institution.
1. Student is notified by the Financial Aid Office that they have not met SAP requirements.
2. Student completes the Financial Aid Appeals Form provided by the Financial Aid Office and attaches appropriate documentation.
3. Student is informed of the appeals outcome and may be able to reapply for financial aid.
Financial Aid Procedures
1. Financial Aid Office runs our SAP program at the end of the May semester.
2. Financial Aid Office notifies suspended students via email and grants the student access to the Financial Aid Appeals Form.
3. Suspended student files an appeal with the Financial Aid Office.
4. Committee Chairman Marsha Eldridge informs the student the outcome of the appeal.
5. Committee Chairman Marsha Eldridge checks grades at the end of the Fall semester for students that have been placed on probation. If the student is suspended, they have the right to appeal, if they are making SAP at the end of the Fall semester, they will be placed in good standing.
FINANCIAL AID POLICY REGARDING
Effective Fall 2012, per federal regulations (34 CFR Section 668.2) repeated coursework that falls under the following conditions cannot be included in a student’s enrollment status for federal aid eligibility. This regulation will also include federal, state and institutional funding.
- Repeating a previously passed course more than once. A course is considered passed if the student receives a grade of D or better.
- Repeating a previously passed course due to failing other coursework.
- Repeating a previously passed course for the sole purpose of gaining eligibility for financial aid.
Federal aid is calculated according to need and the student’s adjusted enrollment status.
Recalculation will be applied regardless of whether a student received aid for previous courses and is based solely on how many times a course has been taken and passed.
A student is taking a previously passed 3 credit hour course for the third time. The student is enrolled in a total of 12 credit hours for the term. Per federal regulations, the repeated course must be excluded from the student’s aid eligibility. Only 9 of the student’s 12 hours can be used to calculate aid eligibility. The student’s aid will be adjusted to ¾ time instead of full-time enrollment.
A student repeats a previously passed course. The student receives an F on the second attempt. The student attempts the course for the third time. The third course attempt will not be counted in total enrollment hours for financial aid.
A student repeats a previously passed course. The student withdraws from the course on the second attempt. The student attempts the course for the third time. The third course attempt will not be counted in total enrollment hours for financial aid.
NOTE: To receive the following awards students must be enrolled full-time or aid will be adjusted accordingly. Academic scholarship, IOLLU, athletic scholarship, Pell Grant, SEOG, TEG and work-study.