Financial Aid Application Procedures
SOURCES OF FINANCIAL AID
Regents’ Opportunity Scholarship
HOPE Teacher Scholarship Program
Georgia Student Finance Authority (GSFA ) Direct Student Loans
Federal Perkins Loans
Federal Direct Subsidized Stafford/Ford Loans (Direct Subsidized Loans)
Federal Direct Unsubsidized Stafford/Ford Loans (Direct Unsubsidized Loans)
Veterans Assistance Program 2
Satisfactory Academic Progress
Albany State University provides financial assistance for promising students who, without such help, would be unable to attend. The University believes, however, that the student is, first and foremost, responsible for financing his or her education.
The financial aid program is based on the financial need of the student. Need is the difference between the cost of education at Albany State University and the amount the applicant is expected to contribute toward the cost of education.
Complete the Free Application for Federal Student Aid (FAFSA). The FAFSA can be completed on the Web at www.fafsa.ed.gov or by completing the paper FAFSA application, which is available in the Financial Aid office.
The University offers a limited number of graduate assistantships worth $8,000 per year. A graduate assistant works 19 hours a week and receives in return a stipend of $4,000 per semester, excluding summer semester. The work performed should be of professional nature and involve research support of faculty as much as possible. Tuition and fees are deducted from the stipend, and the balance is paid to the assistant in monthly installments. Application for all graduate assistantships should be made through the Financial Aid office.
This scholarship is made possible by the Board of Regents of the University System of Georgia. A limited number of awards are made by the institution each academic year to students who are residents of Georgia and are enrolled in a graduate degree program. The students must demonstrate financial need. The FAFSA is required for consideration of this scholarship.
This program assists students (teachers) who are seeking an advanced degree in a critical field of study. Financial assistance of up to $10,000 will be awarded toward the cost of attendance. The program operates as a forgivable loan that will be repaid by teaching in a Georgia public school. The HOPE Teacher Scholarship Program addresses the following areas:
Legal residents of Georgia may apply for service cancelable loan assistance for professions in which there is a critical manpower shortage in Georgia. Currently the area in which Albany State University participates is the health field - nursing (graduate and undergraduate). The maximum loan amount per academic year is $2,000. The Free Application for Federal Student Aid Form (FAFSA) is required.
Funds are provided to the University for the purpose of making low-interest, long-term loans available to students who demonstrate need. Loans are available to both graduate and undergraduate students. Repayment of Perkins Loans begins nine months after the student leaves college, graduates or drops below halftime. The interest rate is five percent. The Free Application for Federal Student Aid Form (FAFSA) is required.
The federal government will pay the interest on these loans while students are in school and during deferments (postponements of repayment). Students must demonstrate financial need to receive this loan. The Free Application for Federal Student Aid Form (FAFSA) is required.
Students can get these loans regardless of financial need but will have to pay all interest charges, including the interest that accumulates during deferments. The Free Application for Federal Student Aid Form (FAFSA) is required.
The interest rates are variable and adjusted each July. The maximum rate for the Direct Subsidized and Unsubsidized Loan is 8.25 percent.
Veterans, active duty personnel and eligible dependents are encouraged to take full advantage of benefits available through the Veterans Administration. Those students eligible for benefits should apply for admission to the University and complete the admission process. An application for VA Educational Benefits should be completed prior to entering the institution.
The veteran or other eligible person is advised to have money available to cover his or her in advanced payment with the VA.
Interested persons should contact the Office of Academic Services and Registrar for information and assistance pertaining to eligibility and application for Veterans Educational Benefits.
Federal regulations require that all students receiving any form of financial assistance make and maintain satisfactory academic progress toward the completion of their degrees in order to remain eligible to receive assistance. Students are evaluated on the basis of GPA (Grade-Point Average), credit hour completion and maximum time-frame limitation. The Financial Aid Department is responsible for evaluating satisfactory academic progress of students receiving financial assistance. Students are considered to be making satisfactory academic progress if they meet the two standards of measurement (Qualitative and Quantitative).
All students are expected to maintain the same academic standards as outlined in the official catalog of Albany State University.
Students receiving financial aid must meet the minimum academic standards. Undergraduates and post baccalaureate students must maintain a 2.0 minimum cumulative GPA to remain in good academic standing for financial aid. Graduate students must maintain a 3.0 minimum cumulative GPA to remain in good academic standing for financial aid. The GPA is evaluated based on the student’s last two semesters of enrollment at the end of spring term or at the end of summer term before the aid year that the student is applying for financial aid.
Students whose academic standings fall below the minimum prescribed standards will be governed by the following for receiving financial aid:
In addition to maintaining the required academic standards (grade-point average), students’ progress toward completion of an academic degree is measured by three criteria:
Minimum Percentage of Credit Hours Completion
Students must successfully complete 67 percent of the courses for which they register each academic year. The grades of A, B, C, D and S count as successful completion of coursework. Students’ completion rates will be reviewed at the end of the spring semester unless enrolling for the summer semester. At the end of the spring semester, those students who have not successfully completed 67 percent of their courses during the last two terms of enrollment will have their financial aid terminated effective the next fall semester. Students starting spring semester will not be reviewed until the following spring semester, which will allow the students at least two semesters to prove themselves eligible for financial aid. Repeated courses will count as hours attempted.
Maximum Time Frame Completion
The maximum number of hours (time frame) allowed is 150% of the number of semester hours required to earn a degree. For example at Albany State University, the average degree requires 120 to 127 hours for completion and the average graduate degree requires 36 hours for completion; therefore students may not receive financial aid after they have attempted 190 semester hours (undergraduate) and 54 semester hours (graduate). The first 30 semester hours of Learning Support courses combined are not counted in the maximum number of hours. Transfer credits are counted in the maximum number of hours. The purpose of student financial aid is to assist students in earning a degree. Students who have earned enough hours to complete degree requirements are no longer eligible to receive financial aid. Students who change majors or degree programs may reach their eligibility limits for receiving financial aid before obtaining a degree. Students who elect to change majors or degree programs should do so early to avoid jeopardizing eligibility for financial aid.
Other Conditions Governing SAP Progress
All credit hours attempted during each term in which a student is enrolled will count toward the maximum time frame and minimum credit hours of completion. A student is considered enrolled based on the number of credit hours registered after published drop/add period of each academic term. Students who drop courses or completely withdraw from the University during the 100 percent refund (drop/add) period will not have those hours considered in determining total hours registered.
Students who drop courses or completely withdraw from the University after the 100 percent refund period will have those hours considered in determining total hours registered, which will count toward the maximum time frame calculation.
Transfer credits are counted in the maximum number of hours. Transfer grades are not counted when evaluating SAP. Repeated courses will count in the calculation of attempted hours. (The grade earned when the last grade is received for a course is the only grade that counts toward the grade-point average (qualitative measurement).
Students who change majors or degree programs may reach their maximum time frame for receiving financial aid before obtaining a degree. Students who elect to change majors or degree programs should do so early to avoid jeopardizing eligibility for financial aid.
Grades of A, B, C, D or S count as successful completion of a course. Grades of F, I, IP, W, WF, U or Audit do not count as successful completion of a course.
Reinstatement of Financial Aid
Students may apply for reinstatement of financial aid by achieving one of the following:
An appeals process is available for students who have extenuating circumstances that account for their lack of academic progress. Appeals must be made in writing to the Financial Aid Committee. Students must complete Financial Aid Appeals petitions along with supporting documents to indicate the specific reason(s) for failure to make satisfactory progress. The committee will review the statement and supporting documents, as well as past performance and past academic record. Students will be notified in writing of the committee’s decision. Students that are academically eligible for enrollment and are approved for financial aid through an appeal remain eligible until the next evaluation period.