Financial Aid Probation

man on loan probationThese days having a college degree is an absolute must for virtually every well paying, respectable job. However, the rising cost of living, combined with the turbulent economy and continuously increasing costs of tuition makes it hard for average Americans to afford an education. With this in mind, financial aid programs are designed to help students and families pay for college via loans, grants and scholarships. Financial aid allows students to concentrate on their studies so that they don’t have to worry about finances and so that they may turn their academic dreams into realities.

Financial Aid Probation

Financial aid probation refers to the status students reach when they fail to comply with the required academic standards of an institution, resulting in a reduction or complete withdrawal of aid. In most cases, a financial award that is designed to help pay for tuition and other expenses requires students to maintain a certain academic score. Students who fail to maintain this score can file a Satisfactory Academic Progress or SAP appeal for aid and if this appeal is approved, they are placed on probation. Students on probation are required to show satisfactory progress within a specified time period. Progress may be determined by GPA or credit completion ratio. Students who fail to attain the required GPA or credit completion ration, however, can submit a follow-up appeal if they follow the academic plan of their particular program. However, failure to maintain a solid academic standing or failure to complete courses over a certain period of time may result in the suspension of financial aid.

Private Loans

If the amount of aid you have been awarded does not sufficiently cover all of your expenses, or if you are no longer eligible to receive a reward, then you might want to apply for private student loans. The free student loan comparison tool on our website can help you select a loan that matches your requirements and more, this tool allows you to view key features of different loans, such as rates of interest and repayment conditions. You can also read reviews written by other students. All in all, this comparison tool makes it much easier for you to select a private student loan that matches your needs and future goals.

 

Financial Aid Basics