Financial Aid Important Changes
Enrollment Status and Adjusting Aid
The PELL and SEOG Grants will be adjusted based on student’s enrollment status, up through the 60% point of each term. After this point, the PELL and SEOG Grants will not be adjusted unless it falls into one of the following categories:
- The student is enrolled in a late starting class that begins after the 60% point and drops the class before it starts.
- The student is dropped from a class by their instructor for non-attendance.
- If the Instructor drops a student in error and agrees to reinstate the student in the same class, financial aid will be adjusted accordingly.
Students who are receiving student loans and drop a class(es):
- Loans will be cancelled if the student is enrolled in less than six credit hours at the time of disbursement.
- If the student began attendance in six or more credit hours, and they received a portion or the entire loan, they are entitled to keep the amount already disbursed. However, no further disbursements will occur if they remain enrolled in less than six credit hours for that term and any remaining portions of the student loan(s) will be cancelled.
- If the student did not begin attendance in six or more credits when they received a portion or the entire loan, the loan(s) will be removed entirely for that term.
Effective Spring, 2012: If you have taken a class twice and received a passing grade (for financial aid a “D” or better is considered a passing grade), you may no longer receive financial aid for that class.
Change to federal Post-9/11 Veterans Educational Assistance Act of 2008
A recent legislative change for Veterans who are out-of-district and using Post-9/11 GIBILL benefits makes them eligible to receive in-district tuition rates.
Satisfactory Academic Progress (SAP)
Students in suspension and/or maximum time frame status may appeal their eligibility for financial aid based on extenuating or special circumstances.
Steps to appeal:
- Print, complete and submit the Request for Reinstatement of Financial Aid form.
- Attach sufficient documentation that supports the special circumstances that resulted in your suspension and/or maximum time frame status and how the circumstances have been resolved.
- Students may be required to complete an Academic Plan and/or a Program Evaluation when submitting an appeal. Students that are in suspension status and maximum time frame are required to complete a 'Program Evaluation' when appealing. Students in other statuses will be notified if applicable.
Program evaluation instructions for students in suspension status:
- Log in to accessECC Portal with user ID and password.
- Select 'Student' tab from top left navigation.
- From 'Self Service' tab select 'Student Academic Planning'; then select 'Program Evaluation'.
- Select radio button of 'Active Program' you wish to evaluate. If none, you can use the 'What if I changed my program of study?' drop down selection and choose from list of all programs ECC offers.
Please print two copies (one for your records), sign and submit to the Financial Aid & Scholarships office.
ECC has entered into an agreement with The Department of Education that recognized ECC as an “experimental site” for the federal direct unsubsidized stafford loan program. It is required for students to maintain at least a 2.0 cumulative GPA to be eligible for an unsubsidized stafford loan. The cumulative grade point average is calculated according to the Financial Aid Satisfactory Academic Progress Policy . Your academic cumulative grade point average may differ.
If you are a new student to ECC and have no transferred credit hours, you are exempt from this policy until you have a cumulative grade point average at the College. If you are a new student to ECC with transferred credit hours, those credit hours will be included when calculating your cumulative grade point average.
Limits on First-Time Borrower’s Eligibility for Subsidized Stafford Loans
First-time borrower’s eligibility for Subsidized Stafford Loans is up to 150% of the length of the student’s educational program. Example: Students’ receiving an Associate in Arts Degree requires a total of 60 credit hours to complete the degree. Students’ working toward this degree would be eligible to receive the Subsidized Stafford Loan up to 90 credit hours. Under certain conditions, the provision also causes first-time borrowers who have exceeded the 150% limit to lose the interest subsidy on their Subsidized Stafford Loan.
Change in Interest Rate for Subsidized Stafford Loans
The bill passed by Congress and signed by the President will alter interest rates for federal Direct Stafford loans. Effective July 1, 2013, the interest rate for loans disbursed during an award year will be set according to the 10-year Treasury note, plus a set percentage. The following table is an overview of the rates:
||10-year Treasury note + 2.05% or 8.25%
||10-year Treasury note + 2.05% or 8.25%
|Rates are “fixed” for the life of the loan, but loans borrowed in subsequent Award Years will carry the prevailing interest rates at that time. The 10-year Treasury note component is determined by the high yield of the 10-year Treasury note auctioned at the final auction held prior to June 1. Rates apply retroactively to loans disbursed on or after July 1, 2013.