Manage Your Financial Aid
SATISFACTORY ACADEMIC PROGRESS
Federal regulations require institutions to establish minimum standards of satisfactory academic progress for students receiving federal, state, and/or institutional financial aid. In the determination of satisfactory academic progress, all course work is considered, whether or not the student received financial aid at the time the work was completed.
Academic progress for all aid recipients is reviewed at the conclusion of the spring semester. If a student has not met all of the requisite standards, the student will either have to submit an appeal or lose eligibility for federal and state aid. Students who submit a successful appeal with have their aid eligibility reinstated for one probationary semester. If, at the conclusion of the probationary semester, the student has still not achieved the required level of progress, the student will be deemed ineligible to receive financial aid during the following semester. If, at the conclusion of the probationary semester, the student has successfully met the standards of progress, the student will return to “good standing” and will remain eligible for financial aid. The standards for determining satisfactory academic progress at Monmouth University for federal and state funding are measured along three dimensions: cumulative grade point average, pace, and total number of credits completed. To remain in good standing for federal and state financial aid, a student must meet each of the following three requirements:
Cumulative Grade Point Average
Consistent with the general academic requirements of the University, undergraduate students must meet the following grade point average requirements to retain their eligibility for financial aid:
Consistent with the general academic requirements of the Graduate School, graduate students must maintain a cumulative grade point average of at least 3.0 to retain their eligibility for financial aid.
Pace – All students must successfully complete at least 67% of the credit hours for which they enroll/attempt. Note that repeated courses and course work assigned a grade of “W,” “WF,” “F,” or “I” will not be counted as hours completed toward graduation, but will be counted as an attempted course. Course work taken at the developmental level (i.e., courses numbered “050”) will also be counted as hours attempted and, if the student successfully completes the course, as completed hours; a student may not receive financial aid for more than 30 credit hours of remedial work. Students receiving credit for courses transferred from another institution will have those credits counted as both attempted and completed credits.
Total Number of Credits Completed
The maximum number of credits an undergraduate student may attempt and receive funding for is 192. This figure is 150% of the published number of credits (128) required to complete an undergraduate degree program. Graduate students may attempt and receive funding for 150% of the published number of credits required to complete the degree, certificate or endorsement program. Financial aid recipients who have not completed their degree, certificate or endorsement program within the maximum number of credits are ineligible for further federal or state funding, although they may submit an appeal to have their eligibility reinstated.
Undergraduate students who receive institutional aid must maintain at least the minimum cumulative grade point average associated with their particular award. If a student has not met the academic standards for their particular award, the student is encouraged to submit an appeal to have their eligibility reinstated. If an appeal is not submitted, the student will receive an automatic reduction in their award. When students have met the required standards for original award, they may appeal to have that award reinstated. Graduate students receiving institutional aid must maintain a cumulative grade point average of 3.0 or better. Students who do not meet this requirement will automatically be given one semester on probation. If, at the conclusion of the probationary semester, the student has not met the required grade point average, their award will be removed. There are no further avenues of appeal for graduate students.
When a student is deemed ineligible for financial aid (e.g., failing to meet the standards of progress at the conclusion of the spring semester), the student will be provided with written notification of his or her ineligibility by the Financial Aid Office. The student will have the opportunity to submit a written appeal of this determination. All such appeals should be submitted to the Associate Director of Financial Aid.
Circumstances that might merit an appeal include, but are not limited to: serious illness or injury to the student or a member of the student’s immediate family, a death in the immediate family, or other special circumstances outside the student’s control. Supporting documentation of the circumstances forming the basis for the student’s appeal must be submitted with the appeal. Students who have been deemed ineligible in a prior semester, but who have since improved their performance to the required level are also encouraged to submit an appeal for the reinstatement of their aid; a student’s aid will not be automatically re-instated.
The Associate Director of Financial Aid will review the appeal, and may elect to either grant the student a one semester probationary period, grant the student a one semester probationary period and require the student to agree to an academic plan, or uphold the determination of ineligibility (e.g., cancel the student’s financial aid). Academic plans will only be used for appeals related to pace and maximum time frame. The Financial Aid Office will provide the student with the academic plan, and the student is required to return a signed copy of it to the Financial Aid Office; funding will not be restored to the student’s account until the plan has been received.
A probationary period may not last more than one semester. If, at the conclusion of the probationary semester, the student has not met the standards for academic progress, their awards will be removed. Throughout the duration of their enrollment, students may submit a maximum of two appeals based upon the same circumstance. Additional appeals must include a description of what circumstances have changed that would enable the student to meet satisfactory academic progress by the conclusion of one probationary semester and the allowability of such appeals will be determined on a case by case basis.
Students submitting an appeal will be provided written notification of the decision. Documentation of the student’s ineligibility and any subsequent appeals is maintained within the student’s financial aid record. Students who cease enrollment at the University and subsequently re-enroll will be evaluated based upon their status at the point enrollment ceased.
The federal government mandates that students who withdraw from all classes may only keep the financial aid they have “earned” up to the time of withdrawal. Title IV funds that have been disbursed in excess of the earned amount must be returned by the University and/or the student to the federal government. Thus the student could owe aid funds to the University, the government, or both.
A student is considered to have officially withdrawn when (s)he notifies the University of his or her intent to withdraw from all classes. The date of the official notice is considered the last date of attendance and will be the date used for calculating the amount of financial aid to be returned. A student who receives a combination of “F” and/or “W” grades at the end of a semester is considered unofficially withdrawn. Instructors report the last recorded date of attendance for the student. This will be the date used for calculating the amount of financial aid to be returned to the Federal Government.
To determine the amount of aid the student has earned up to the time of withdrawal (either official or unofficial), the Financial Aid Office (FAO) divides the number of calendar days the student has attended classes by the total number of calendar days in the semester (minus any scheduled breaks of 5 days or more). The resulting percentage is then multiplied by the total federal funds that were disbursed for the semester; institutional funds, state funds, and alternative loans will be prorated in the same manner. (Note that if the student remains enrolled and attends class beyond the 60% mark of the semester in which aid is received, all federal aid is considered earned and not subject to a refund calculation.)
This calculation determines the amount of aid earned by the student that he or she may keep (for example, if the student attended 25% of the term, the student will have earned 25% of the aid disbursed). The unearned amount (total aid disbursed minus the earned amount) must be returned to the federal government by the University and/or the student. The FAO will notify and provide instructions to students who are required to return funds to the government.
Funds that are returned to the federal government are used to reimburse the individual federal programs from which the student received the aid. Financial aid returned (by the University and/or the student or parent) must be allocated, in the following order, up to the net amount disbursed from each source:
- Federal Unsubsidized Direct Loan
- Federal Subsidized Direct Loan
- Federal Perkins Loan
- Federal Direct PLUS (Parent) Loan or Grad PLUS Loan
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grant (FSEOG)
- Teacher Education Assistance for College and Higher Education (TEACH) Grant
- Iraq and Afghanistan Service Grant
It is also possible that the student may have “earned” the aid, but it was not yet disbursed to the student’s account. Post-withdrawal disbursement occurs when the student receives less federal student aid than the amount earned (based on withdrawal date). The FAO will determine if the student is entitled to a post-withdrawal disbursement and will then offer, in writing, a disbursement of the earned aid that was not received. All post–withdrawal disbursement offers will be made within 30 days of the date Monmouth determined that the student withdrew. The student must respond within 14 days from the date that the University sends the notification to be eligible to receive the post-withdrawal disbursement. If the student does not respond to the University’s notice, no portion of the post-withdrawal disbursement that is not credited to the students account may be disbursed. The student may accept or decline some or all of the post-withdrawal disbursement. Accepted post-withdrawal disbursements will be made from aid programs in the following order:
- Pell Grant
- Iraq and Afghanistan Service Grant
- TEACH Grant
- Subsidized Stafford Loan
- Unsubsidized Stafford Loan
- PLUS Loan
Students whose circumstances require that they withdraw from all classes are strongly encouraged to contact FAO and their academic advisor before doing so. At that time, the consequences of withdrawing from all classes can be explained and clearly illustrated. Financial aid counselors can provide refund examples and further explain this policy to students and parents.
Students who withdraw from the University may also be entitled to a refund of a portion of their tuition, fees, and room/board charges, dependent upon the point in time at which the student withdraws. Click here to view detailed information on the University’s tuition, fee, and room/board policies.
Students must follow the procedures for requesting an approved Leave of Absence, as outlined in the Undergraduate and Graduate Catalogs. Students should be aware that, although a LOA will preserve their academic curriculum of record, temporarily interrupting their program of study may have consequences. Specifically, taking a LOA may reduce or exhaust the student’s loan repayment grace period. Students who have loans and who are considering a LOA should contact the Financial Aid Office to further discuss their particular circumstances.
Students and their families may find themselves in extreme circumstances beyond their control and that adversely impact their financial status, but that are not reflected on the financial aid application (FAFSA). Examples of such circumstances include, but are not limited to: loss of employment, loss of untaxed income or benefit, divorce or separation after FAFSA completion, unreimbursed paid medical expenses. The federal financial aid regulations allow us, with proper documentation, to consider such circumstances and re-evaluate a student’s eligibility for federal and/or state funding. To request a review of their particular circumstances, students should complete the “Special Circumstances Request for Review” form and supply the appropriate documentation. If you need assistance in completing the form or understanding what constitutes acceptable documentation, please contact the Financial Aid Office at 732-571-3463 or via e-mail at email@example.com. Please note that submission of a request for review is not a guarantee that additional funding will be offered.