Federal financial aid funds arrive at the school and are applied to the student’s Grace account during the 2nd week of the 2nd course in the semester. If a student changes their schedule, the date the funds arrive will also change. Students must be participating in their classes in order to receive funds.
Excess financial aid funds will be mailed to the student within 14 business days of the funds arrival, unless the student has completed the Authorization to Retain Funds form requesting to keep the funds on their student account at the school.
Financial aid award amounts are contingent upon the number of credit hours for which you are enrolled. To be eligible for Stafford loans, a student must be enrolled at least half time in the semester (6 or more credits). If a student drops one or more courses during a semester, Stafford Loan(s) and other funding may need to be adjusted to reflect the new enrollment status. If a student does not attend the last scheduled course(s) in the semester, the Financial Aid Office must perform a Return of Federal Funds calculation to determine how much of the semester was attended, and how much financial aid was earned. When less than 60% of the semester has been completed, Pell grant and Stafford Loan funds are required to be returned to the Department of Education, and could result in money being owed to the school. By accepting financial aid funds, the student agrees to repay any returned funds that result in a balance owed at the school.
To remain eligible for financial aid, you must have maintained Satisfactory Academic Progress (SAP) according to the financial aid policy made available to all students on Grace’s website. Satisfactory Academic Progress is reviewed at the end of the spring semester. If you do not meet the requirements, you may be disqualified from receiving Federal and State aid.
All awards are contingent on the availability of funds from State and Federal sources, and must necessarily be tentative in the event congressional action terminates funds.
Outside aid received, which is not listed on the award letter, must be reported to the Financial Aid Office. The aid package may need to be adjusted to reflect the outside aid reported, which could result in a change to the amount of Stafford Loans (and other types of aid) being offered.
I understand that I cannot receive financial aid from more than one school at a time.
No person shall, on the basis of race, color, sex, religion, national origin, age, or disability status be excluded from participation in, be denied the benefits of, or be subjected to discrimination under any program or activity receiving federal financial assistance or under any program or activity operated by Grace Christian University.
If the Financial Aid Office has reason to believe a student has mistakenly misreported, or fraudulently misreported, their information to obtain federal funds, the Financial Aid Office may request additional documentation to verify eligibility. In some cases a student’s financial aid may be revoked due to unresolved conflicts.
If you receive federal student aid based on incorrect or fraudulent information, you will have to pay it back. You may also have to pay fines and fees. If you purposely provide false or misleading information on the FAFSA, you may be fined up to $20,000, sent to prison, or both.
If dissatisfied with the financial aid awarded, please contact the Financial Aid Office to discuss your concerns.
