Financial Aid

www.ulm.edu/financialaid/

The ULM Office of Financial Aid Services supports the mission of the University by assisting students in reducing or eliminating financial obstacles which might prohibit them from attaining an education. At ULM, we understand the financial burdens placed on students and their parents when pursuing a college education. The Office of Financial Aid Services is designed to help students and parents find the type of aid that best suits their needs.

Financial aid programs offered through the ULM Office of Financial Aid are grants, loans, and employment. For additional information or questions, visit our website at www.ulm.edu/financialaid/. The Financial Aid Office is located in University Library 228.

Financial Aid is intended to assist students in financing their education when family and personal resources are not adequate to meet their total educational cost. There are three types of Federal Direct Aid:

1. Grants - no repayment necessary. Based on financial need, students must apply using the Free Application for Federal Student Aid (FAFSA).
2. Loans - financial awards with a low interest rate. Repayments usually begin 6-12 months after graduation or withdrawal from school.
3. Employment - provides federal work study jobs for students while attending school. ULM has two employment programs – on-campus and off-campus opportunities.

For a detailed explanation of the federal programs and how they are processed, consult the ULM Financial Aid website at www.ulm.edu/financialaid/.

THREE STEPS TO APPLYING FOR FINANCIAL AID

NOTE: Apply early for admission to ULM. You may obtain an Application for Admission from the Office of Recruitment and Admissions (University Library, Room 202, Phone 318-342-5430) or on-line at www.ulm.edu. You must be admitted to ULM before aid can be awarded.

2014-2015 Satisfactory Academic Progress (SAP) Policy

Policy Requirements 

Federal regulations require all schools participating in Title IV federal financial aid programs to have a Satisfactory Academic Progress policy that conforms to federal requirements. The purpose of these standards is to ensure financial aid recipients are adequately progressing toward their degree.
 

• All financial aid recipients will be evaluated for Satisfactory Academic Progress (SAP) at the conclusion of the Fall, Spring, and Summer semesters.
• There are three SAP requirements. Failure to comply with one or more of the following requirements will result in the loss of financial aid eligibility.

1. Minimum Cumulative GPA

• Undergraduate students must maintain a 2.0.
• Graduate students must maintain a 3.0.
• Pharmacy students must meet academic requirements specified to advance within the professional program.

2. Completion Rate

All students must successfully complete a minimum 67% of all hours attempted. Completion rate is determined by dividing the total number of hours earned by the total number of credit hours attempted.

3. Maximum Time Frame

Timeframe is defined as the maximum number of credits a student may attempt in pursuit of completing a degree program. Federal regulations allow 150% limit of the hours required for a degree.

You are no longer eligible for financial aid (including federal student loans) beyond the following number of attempted hours:

Associate Degree……….90 hours
OTA Degree……………..111 hours
Bachelor Degree………..180 hours
Graduate Degree………..ultiply number of hours required for your degree by 150%.
                                    For example, your degree requires 36 hours (36 x 150%=54 hours).

Financial Aid Warning and Financial Aid Suspension Status

• At the end of the first semester SAP is not met, a student will be placed on Financial Aid Warning and allowed to receive financial aid for one semester.
• Students who fail to meet SAP requirements by the end of the Financial Aid Warning semester will be placed on Financial Aid Suspension. Students on suspension are no longer eligible for financial aid.
• As you get close to your maximum time frame, your academic progress status, will warn you that you are getting close to the maximum time allowed for your degree.

Second Bachelor’s Degree or Second Master’s Degree

• Student seeking a second undergraduate or second master degree must appeal in order to receive financial aid.
• A student must be able to graduate with a second Bachelor’s degree without going over a total of 225 undergraduate hours and have a cumulative 2.5 GPA. All undergraduate hours, including the hours used to earn first Bachelor’s degree will be included.
• A student must be able to graduate with a second Master’s degree without going over a total of 81 graduate hours. This includes all attempted graduate hours, including the hours used to earn first Master’s degree.
• All appeals will be reviewed on a case-by-case situation. Decisions will be based on the professional judgment of the Office of Financial Aid.
• Students seeking a third Bachelor’s or Master’s Degree are not eligible for federal aid.
• Doctorates are considered terminal degrees thus no federal aid is available for additional degrees.

Transfer Students

• Transfer students must meet all SAP requirements to qualify for financial aid.
• You will not be awarded financial aid until all official transcripts from all previous institutions have been received, posted and reviewed by ULM.
• All posted transfer credit hours are considered attempted and earned.
• Transfer credit hours and grades are included in the Cumulative GPA, Completion Rate, and Maximum Time Frame calculations

The following information is considered when evaluating a student’s financial aid status:

• A student’s SAP status is based on the entire academic record at all schools attended, regardless of whether financial aid was received.
• Grades of A, B, C or D are considered attempted and earned hours.
• W, I, F, NC, and IP grades are considered attempted but not earned hours.
• Audited courses are considered attempted but not earned hours.
• Remedial courses are included in the calculation of both attempted and earned hours.
• The federal government does not exempt hours included in Academic Renewal. Therefore, these hours are considered attempted but not earned and they will also be included in the total hours attempted. 

Notification of Satisfactory Academic Progress

• A notice will be sent to your university email at the completion of each semester SAP review.
• A good time for you to check your status is one week after the last day of final exams.
• A student’s SAP status does not affect the ability to enroll in courses, but it can affect your ability to receive aid to cover expenses.
• It is your responsibility to monitor your academic progress status and understand all requirements of the Satisfactory Academic Progress Policy.
• Students may review their Satisfactory Academic Progress status by signing on to Banner Self-Service and completing the following steps:
  
  1.  Click on the Financial Aid tab
  2.  Click on “Overall Financial Aid Status”
  3.  Select 2014-2015 Aid Year
  4.  Click on academic progress
   

Once you have logged onto your Banner account, you can view the current status of your academic progress, the number of hours attempted, your completion rate, the ULM SAP Policy and the appeal form required to appeal your financial aid loss due to extenuating circumstances that prevented you from making academic progress.

Re-establishing financial aid eligibility

• Financial aid eligibility can be re-established automatically after a student has raised the Completion Rate and Cumulative GPA to the required level and you have not exceeded the maximum time allowed for your degree.
• You may appeal your financial aid if there were extenuating circumstances that prevented you from meeting the completion rate minimum GPA requirement or not graduating within the allowed time frame
• Eligibility cannot be re-established by sitting out a semester or paying out of pocket for a semester.
   

Appeal Process

• Students experiencing extenuating circumstances which negatively impacted the ability to meet SAP requirements may submit a completed a 2014-2015 Satisfactory Academic Progress Appeal Form.
• Examples of extenuating circumstances that will be considered include serious illness, hospitalization, and death of a family member or circumstances in your life that impaired you from making academic progress.
• Federal regulations are clear that students may not make subsequent appeals for the same reason as a previous appeal. This also includes known chronic medical conditions. Students are expected to balance school with these conditions.
• GPA and Completion Rate appeals will not be reviewed for the summer semester. Student must be meeting both the GPA and Completion Rate requirements to receive aid for summer.

Helpful Information for Submitting the Appeal

• Submit the appeal form posted on your Banner account along with a letter and requested documentation
• Incomplete appeals will not be reviewed.
• Submit your appeal form, letter and documentation at one time to ensure all of your appeal information stays together.
• Submit your appeal to the Office of Financial Aid, 700 University Avenue, Library, Room 228 Monroe, LA. 71209 or fax (318) 342-3539. .
• Your can view your appeal decision on your Banner Account within three weeks of submitting a completed appeal.
• Your classes will not be held based on a pending appeal decision. You must be prepared to make payment arrangements before the fee payment deadline. If your appeal is denied, you will be responsible for any remaining balance owed the University.
  

Your appeal will result in one of the following decisions

• Appeal approved for one semester only. You must be meeting SAP at the end of the semester in order to receive financial aid for the following semester.
• Appeal approved on an academic plan. You will be awarded financial aid and be held to specific requirements each semester until meeting SAP requirements.
• Appeal approved for a time frame extension. Coursework will be limited to the courses required on your Time Frame Appeal. In addition, you must earn a minimum 2.0 each semester and successfully complete all courses enrolled while on extension.
• Appeal approved for a second degree. Coursework will be limited to the courses required for your second degree.
• Appeal Denied. All decisions are final

Resignation Policy for Students Receiving Federal Financial Aid

The current policy, as a result of the Reauthorization of Higher Education Act of 1965, went into effect during Fall 2000 semester. Students must return unearned portions of the Title IV Funds to the Title IV Program.

• A student’s withdrawal date, as provided by the instructors, is used to determine the student’s percentage of earned aid. The withdrawal date also is used to determine what percentage of the enrollment period the student actually completed.
• The percentage of earned aid is subtracted from 100% to determine the amount of Title IV Aid the student has earned. (This is the student’s percentage of unearned aid).
• The percentage of unearned aid is multiplied by the amount of Title IV Aid that has been disbursed to the student to determine the amount of aid that the student must return.
• The amount of Title IV Funds that the school must return to the Title IV Program is calculated by multiplying the total institutional cost by the percentage of unearned aid.

If the percentage of earned aid is greater than 60%, ULM and the student does not have to return any Title IV Aid.

Resignation Withdrawal Policy

(Merely discontinuing class attendance is not considered to be a formal resignation from the University. Students who discontinue class attendance who fail to follow the established resignation procedure will be held responsible for all tuition and fees.)

After enrolling in classes, a student who wants to resign must:

• Consult the ULM Schedule of Classes for dates and times to drop classes and notify the Residential Life Office to cancel a Room and Meal Contract if such contract was requested by the student.

OR

• After the registration period, notify the Registrar’s Office in writing to cancel classes and notify the Residential Life Office in writing to cancel a Room and Meal Contract.
• Merely discontinuing class attendance is not considered to be a formal resignation from the University. Students who discontinue class attendance who fail to follow the established resignation procedure will be held responsible for all tuition and fees.

ALSO

• Students who receive Federal Financial Aid and who stop attending classes without officially resigning are subject to the Return of Title IV Funds (see above). The student’s professors will be contacted to verify the last date of class attendance.

Loans

Applicants for all loan programs must complete the FAFSA.

THE DIRECT SUBSIDIZED LOAN PROGRAM provides affordable loans to students that are enrolled at least half-time, are meeting the minimum standards of Satisfactory Academic Progress, and have been determined to have unmet financial need as defined by federal guidelines. The amount of eligibility varies depending on the amount of the student’s unmet need and the number of academic hours earned to date. The interest accrued on the loan is paid by the government and principal payments are deferred as long as the student remains enrolled on at least a half-time basis and meets certain other pertinent criteria. Repayment of the loan begins 6 months after the student graduates, drops below half-time, or withdraws from the University.

THE DIRECT UNSUBSIDIZED LOAN PROGRAM. Loans are available to students on a non-need basis. While appropriately enrolled in school, the student has the option of paying the accrued interest on the loan while or allowing the interest to be capitalized into the balance of the loan. Principle and interest payments begin six months after the student graduates or drops below half-time enrollment status.THE ALTERNATIVE LOAN PROGRAM is offered to students by lenders; however, the interest rates and loan terms vary from lender to lender. Therefore, it is a good idea to research these alternative loan programs before you apply. The loan amount awarded is not to exceed the Cost of Attendance (less other aid received). Students must apply on-line for this loan at http://finaid.ulm.edu. Click on Financial Aid for Fall 2012/Spring 2013 to see information concerning this type of loan. (Note: This loan should only be considered when your loan options for the Direct Loan program have been exhausted. A FAFSA must be completed before an alternative loan can be awarded.)

The PERKINS LOAN PROGRAM is available to students who are enrolled in at least half-time, and are majoring in certain qualifying fields. Students determined to have financial need and who are making satisfactory progress toward graduation are eligible for this program. The interest rate on the loan is 5% and repayment of the loan begins 9 months after the student graduates, drops below half-time, changes his/her major, or withdraws from the University.

THE ALTERNATIVE LOAN PROGRAM is offered to students by lenders; however, the interest rates and loan terms vary from lender to lender. Therefore, it is a good idea to research these alternative loan programs before you apply. The loan amount awarded is not to exceed the Cost of Attendance (less other aid received). Students must apply directly through the lender. Please visit www.ulm.edu/financialaid/ and select Types of Aid for more information. (Note: This loan should only be considered when your loan options for the Direct Loan program have been exhausted. A FAFSA is not required to receive this type of loan.)

Student Employment

The student employment program provides a large number of students with the opportunity to earn part of their expenses by working in the Library, Post Office, academic and administrative offices, and many other areas on campus. Student workers devote up to twenty hours per week to their campus jobs. Each department coordinates a work schedule for the assigned student workers based in part on the total amount each student is allowed to earn. Campus employment is coordinated with all other forms of financial aid available to a student. Federal applications may be obtained from high school principals, counselors, or on-line at www.fafsa.ed.gov. Student workers earn at least federal minimum wages.

The Office of Financial Aid Services, along with various academic departments, assists students in obtaining on-campus and off-campus employment. Businesses in Monroe and West Monroe employ hundreds of students in part-time and full-time jobs. Applicants for all federal work programs must complete the FAFSA.

Grants

Grants, unlike loans, do not have to be repaid. Applicants for all grant programs must complete the FAFSA.

The FEDERAL PELL GRANT PROGRAM was established by the Higher Education Act of 1972 to provide needy students with financial assistance in meeting the costs of a college education. They are awarded to undergraduate students who have not earned a bachelor’s or professional degree and who are making satisfactory academic progress toward a degree. The amount awarded to a student varies depending upon the amount of financial need determined through the Free Application for Federal Student Aid. The federal government determines the maximum Pell Grant award.

The FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (FSEOG) is available on a limited basis to undergraduate students that are eligible for the Pell Grant and have exceptional remaining financial need. Students must be making satisfactory academic progress toward a degree, and be enrolled on at least a half-time basis. Funding is limited and priority is given to full-time students.

The LOUISIANA GO GRANT is awarded to students who are Louisiana residents, file a FAFSA, qualify for and receive a Pell grant, and enrolled in an eligible Louisiana institution on at least a half-time basis. The allocation of funds to eligible institutions is based on the annual legislative appropriation. Award amounts are based on the institution’s allocations and their packaging policy. Awards may vary each academic year.