Enrollment Changes

Your student status could drastically affect your financial aid. Check out the requirements and responsibilities for all aspects of your educational funding.

Student status refers to the credit hours you take in your educational program. Part-time status requires you to enroll in a certain number of credit hours, and if your enrollment status drops below half time, you could receive less financial aid or lose your aid completely. Enrolling in more classes may make you eligible for more aid, but you'll need to contact the financial aid office for specific information.

Loans
Student status is important to your loan repayment period. If your enrollment status drops below half time, you'll have a six- to nine-month grace period before your loan repayment period begins. Check your loan's requirements, including those made with private lenders. You should begin to receive repayment information during your grace period, and you'll be expected to begin making payments. If you're concerned about making loan payments on time, contact your lender immediately. In rare circumstances of need, it's possible to extend your grace period without drastically affecting your credit. If you have a private loan, contact your lender to learn their specific repayment plans and details.

Grants
A few essential details could drastically affect the amount of grant money you receive every term. If you received financial aid for part-time enrollment and you drop enough classes during the semester to lose that student status, you may be required to repay some of the grant money you've already received. Be sure you understand the enrollment and GPA requirements of your grant.

Scholarships
Scholarships and grants handle student status changes in a similar way. The details of your scholarship determine if you must repay any money if you leave school or drop below half-time status at any time. Your scholarships may not have specific provisions regarding student status or repayment requirements, but you should read the fine print or contact your donor for specific details.

Let your financial aid department know if you need to take fewer classes, or if you're thinking of taking on more in the coming terms. They can tell you how the changes will affect your financial aid, which will help you better plan your financial year.