Financial Aid : General Overview

Let’s Explore……

AgendaDifferent Types of AidApplying A-ZFormsAccepting/Declining

AwardsRefundsFull time Vs Half timePoint of Contact

How Can I pay for school?

• Direct Subsidized and Unsubsidized Loans• Federal and State Grants* • Tuition Assistance • Scholarships* • Parent Plus/Grad Plus/Private loans

• *restrictions apply—some cases require a FAFSA, GPA or other stipulations

Applying for Financial Aid

• Verify your eligibility (fafsa.ed.gov) • Complete the FAFSA• Receive your Student Aid Report (SAR)* from FAFSA• ERAU receives FAFSA results• Not selected for verification• Selected for verification

• Award letter is sent via ERNIE email • Disbursements occur after the add/drop period

*notification of verification or any caution flags will appear on the SAR

What Forms Do I Need? MPN/ELCTerms and Conditions form Selected for Verification*--- See your To Do List Only submit forms once Citizenship requires a review of the original

document

*Depending on your tracking group you may be required to submit different forms

What is Acceptable Documentation for Citizenship?

U.S. Passport

U.S. Passport Card

Certificate of Citizenship

Certificate of Naturalization

Certificate of Birth Abroad

SAP: What it is and Why We Need it

Federal regulations require ERAU to define minimum standards of satisfactory academic progress to determine a students eligibility for financial aid.

How is SAP Measured? How does it Work?  

• Qualitative Measure (Based on a 4.0 Scale)• Undergraduate Students/2.0 GPA• Graduate Students/3.0 GPA• Doctoral Students/3.2 GPA

• Quantitative Measure• Successfully Complete 67% of Credit Hours (PACE)

How to calculate PACE:

Why Can’t I Get Financial Aid Every Month?

Worldwide adheres to Federal Regulations by ensuring that Financial Aid is not paid for overlapping terms/payment periods. Worldwide offers distinct courses of enrollment to its students. These unique attendance patterns are called Tracks.

An academic year is defined as 36 weeks of instructional time; we have nine weeks terms that make up our academic year and each student is assigned a track to ensure that they receive financial on that set track.

What Affects the COA and EFC?Changes that affect the EFC

• Corrections (either by school or student)

• Updates (dependency status, household size, number in college

• Professional Judgments (loss of income, etc. case by case)

Changes that affect the COA

• Enrollment changes (half time/full time)

• Receipt of Scholarships or TA

• Military students who receive BAH

• Discontinued attendance in classes

Why Is My Account Adjusted?There are some instances where your awards are adjusted before (or during) the term:

• You drop from Full time to Part time before the term starts (UG and Doctoral)—your budget and awards must be adjusted to reflect accurately and this may decrease your award amounts

• You withdraw from all your classes—when you withdraw we must do a calculation to see how much Title IV funds you have earned (most cases will require that you pay back a portion of what was refunded to you as it has not been earned)

• You stop attending but do not withdraw (results in an FXROF)—it is your responsibility to withdraw from your classes

• You drop your courses but the funds were disbursed—you have not earned those funds and you are required by Federal Regulation to return this money to ERAU

• You are attending two schools at the same time and are taking financial at both schools—federal regulation prohibits receiving financial aid at two schools at the same time

How to View Awards in Student Center

How to View Awards in Student CenterClick in the current award year (2016)

This is an award summary for the award year. Awards must reflect offered and accepted

Viewing Awards by Term

Scroll down in the View Financial Aid page to see the break down per term.

Accepting/Declining Awards1

2

Accepting/Declining Awards

3

4

Accepting/Declining Awards

5

6

7

Refund Process

• Refunds are processed 7 business days after add/drop is over.

• Direct deposit is the faster way to get your refund

• Statement of account is available 24/7

• All refund requests or questions should be directed to your Campus or Advisor.

Full time VS Half time: Know the Difference

Undergraduate students:6 hours in a term is full time3 hours in a term is half time2 hours or less in a term is less then part time (no FA)

Graduate students:3 hours in a term is full time2 hours or less in a term is less then part time (no FA)

Doctoral students:6 hours in a term is full time3 hours in a term is half time

2015-2016 TracksUG/MSTR Track 1 (Online Only)JulySeptNovFeb

*April is optional and requires the student contact FA for set up

UG/MSTR Track 2 (Blended)AugustOctJanMarch

*May is optional and requires the student contact FA for set up

Choose the right track for

you

Did You Know?

You can fax or email required documentation to us 24/7Email: wwfaimag@erau.edu (Please remember that attached documents must be PDF)Fax: 386-226-6915

Subscribe to our page in ERNIE 2.0

Follow us on Twitter @erauwwfinaid

www.worldwide.erau.edu up to date information

Worldwide Financial Aid Contacts

Phone: 866-567-7202

Email: wwfinaid@erau.edu

Forms email: wwfaimag@erau.edu

Forms Fax : 386-226-6915