By accepting my financial aid, I understand and am agreeing to the following:
Before my aid can be awarded
- I must have a current or on file to receive most financial aid. I will complete my FAFSA or ORSAA accurately. Errors can delay or change my offer, and false information can lead to fines or criminal charges.
- Verification is a process where the financial aid office confirms that the information on my FAFSA/ORSAA is accurate. If I am selected, I must submit the documents the office requests, such as tax information or household details to receive aid. The school may need to correct my FAFSA based on what I provide. My aid won’t disburse until verification is finished, and waiting to turn in documents can delay or reduce my aid.
How my aid is determined
- My Cost of Attendance (COA) is an estimate used to determine how much aid I can receive, and may be adjusted if my circumstances change.
- My initial aid offer is built assuming full-time enrollment for the year, and may be recalculated based on enrollment or COA changes, non-attendance, non-passing grades without documented participation, or dropped classes. If I attend less than full time, I will notify the financial aid office right away.
- Only classes required for my degree or program will be used to calculate my aid.
- lNot all SOU programs are aid-eligible. It is my responsibility to confirm my program qualifies.
Enrollment, attendance, and eligibility requirements
- I must meet all eligibility requirements to receive and keep my aid.
- Federal financial aid is earned for each day of attendance, starting on the first day of class. Withdrawing from some or all of my classes can lead to recalculations and charges, which means I may owe funds back even if I withdraw by the 100 percent refund date.
- I must maintain Satisfactory Academic Progress (SAP) to receive most financial aid. SAP is generally reviewed once each term after grades are posted. Grades such as Incomplete (I), Missing (M), Withdrawn (WD), No Credit (NC), or No Pass (NP) can negatively affect my SAP status and aid eligibility.
- If I choose not to attend, I am responsible for canceling my registration and any charges that remain.
How to manage my financial aid
- I will use InsideSOU to accept or decline aid.
- If I do not accept my aid by the end of the term, it may be canceled and may not be reinstated.
- is the official method of communication, and I am responsible for checking it.
- I may only receive most financial aid from one school at a time. If I’m receiving aid at another institution, I will notify the SOU financial aid office immediately.
- I will report any changes to the information used to determine my aid.
- I will report any additional funding such as scholarships, Veteran Resources (VR), or employee tuition benefits.
- Recalculations to my aid may create a balance on my account, and I am responsible for reviewing and paying any amount owed.
- Excess funding is typically released by the business office within 14 days after aid is applied. Refunds of state, institutional, or private aid follow the policies of the awarding agency or school.
- Aid may be canceled if I no longer meet the required criteria.
- I am responsible for staying aware of my loan and Pell annual and lifetime limits.
- Certain information may be shared with authorized offices and agencies as allowed under FERPA and federal financial aid regulations.
Institutional, state and scholarship requirements
- Institutional aid and scholarships may be subject to return calculations similar to federal rules.
- Merit scholarships have GPA and enrollment requirements. Most require at least a 2.5 GPA and full-time enrollment and are limited to 12 terms excluding summer. If I do not meet the criteria, the scholarship is canceled for all future terms.
Loans
- All first-time loan borrowers requesting a student loan must sign a and complete . Loans may be disbursed later than other financial aid.
- If I borrow federal loans, I am responsible for repaying them according to the terms of my MPN whether or not I graduate.
- If I borrow federal loans and then withdraw, graduate, or drop below half-time, I must complete .
Final Acknowledgment
I am responsible for understanding these terms even if I choose not to review them. Terms may change to comply with regulations. Providing false or misleading information may result in disciplinary action and criminal prosecution with possible fines, imprisonment, or both.