Yes it could.
You need to review your total attempted credit hours and the number of hours needed for your new degree and determine if you can complete the new degree within the 150% timeframe required under the Satisfactory Academic Progress Policy (SAP). Time Frame (150%): Student must complete a course of study within 150% of the published length of their degree program (ie: 60 credit hours for your degree x 150% = 90 attempted credit hours).
You should view your total attempted hours via the Student Access Portal under the Financial Aid Option and then select the View SAP Status option.
If you have attended other colleges/universities; career schools or any other post-secondary education, you must submit an Official Transcript from them to the Admissions Office and verify with Financial Aid that the hours from these have been evaluated.
Yes there is.
All students may receive Pell Grants for up to 12 semesters, measured by percentage of Scheduled Award(s) disbursed (“Lifetime Eligibility Used,” or “LEU” field in COD up to 600%). This LEU is monitored by the federal government through the National Student Loan Data System (NSLDS) system.
Yes there is.
Beginning July 1, 2013, first-time borrowers (those who have no principal or interest balance on any Direct or FFEL Loan on the date they receive a Direct Loan on or after July 1, 2013) may not receive Direct Subsidized Loans for more than 150% of the published length of the academic program in which they are currently enrolled. This length of time is also known as the “maximum eligibility period.”
For example, if you are enrolled in a four-year bachelor’s degree program, the maximum period for which you can receive Direct Subsidized Loans is six years (150 percent of 4 years = 6 years). If you are enrolled in a two-year associate degree program, the maximum period for which you can receive Direct Subsidized Loans is three years (150 percent of 2 years = 3 years). If you are enrolled in a one-year certificate program, the maximum period for which you can receive Direct Subsidized Loans is 1.5 years (150 percent of 1 year = 1.5 years).
Yes it could.
Because your maximum eligibility period is based on the length of your current program of study, your maximum eligibility period can change if you change to a program that has a different length. Also, if you receive Direct Subsidized Loans for one program and then change to another program, the Direct Subsidized Loans you received for the earlier program will generally count toward your new maximum eligibility period.
Example: If you have received a Federal Direct Subsidized Loan and you change your major from an Associates Degree to a Technical Certificate prior to completing the Associates Degree, you would lose your subsidized eligibility for any prior Direct Subsidized loans if you are unable to complete the new degree within the allotted time for the degree program. This means the Direct Subsidized loans will change to Direct Unsubsidized loans. (Subsidized Direct Loans, the government covers the accrued interest for the student while enrolled in at least 6 credit hours. Unsubsidized Direct Loans, the student is responsible for the interest that is accruing on the loans even while enrolled).
The Department will track, calculate, and inform borrowers and schools of borrower eligibility for subsidized loans and loss of subsidy benefits based on program length information that schools report to the Department.
No, it does not matter.
The above regulations affect all students as of July 1, 2013 and it does not matter if you began at a 4-year college or a 2-year college. The eligibility is based on your degree program length and your completion of your degree program within a timely manner.
Additional federal aid information can be found on the Federal Student Aid website at the link below:
Additional loan information can be found on the Federal Student Aid website at the link below:
If you have any questions, you may contact the Financial Aid Office at 501-882-8845 or via email at firstname.lastname@example.org.
You may also contact the Federal Student Aid Office at 1-800-433-3243 or via email or chat from their website at: