As a student, you have rights and responsibilities of receiving financial assistance and, specifically, Federal Student Aid funds. Here’s information you need to know.
Criteria for Continued Student Eligibility
Eligibility for Federal Student Aid requires students to maintain Satisfactory Academic Progress (SAP) in the program in which he or she is enrolled. For information regarding Financial Aid SAP, please click here. For information regarding Academic SAP, please contact the Registrar’s Office.
Financial Aid Disbursements
Financial Aid will be disbursed to student accounts at SLCC on specifically assigned dates. Disbursements will occur only once per student per payment period (semester). In the case of students who are 1st time freshmen and have never had a student loan, if they have been approved for a student loan, the first disbursement will occur no earlier than 30-days after the first day of the payment period.
Book Vouchers for PELL-eligible students are administered by the Student Accounts Office. To be eligible for a book voucher a student must have submitted all required financial aid documentation and been approved for financial aid no less than 10-days prior to the start of the term. Students who submit documentation and are certified after this date will not be approved for a book voucher. Student Accounts will report eligibility for vouchers to area book stores daily, and students will be required to present a student ID and Concise Schedule at the book store at the time of purchase. Book vouchers are valid through the 7th day of the payment period. Students are not required to use the book voucher system for purchasing books and may opt-out by simply not using their voucher.
Federal Direct Student Loans
For information on the terms of any Direct Loan you may receive, please consult with your Loan Servicer. For additional information on Direct Loans, please review the details available at Student Aid.
Federal Work Study
You must indicate your interest in Federal Work Study on your FAFSA. If you are approved to participate in Federal Work Study you will be eligible to work up to 25 hours per week. Although there is no minimum GPA requirement for new students, all students must maintain Federal Student Aid eligibility as described in the Criteria for Continued Student Eligibility section above. FWS funds are limited and are allocated on a first-come-first-served basis.
Terms and Conditions of Direct Loans
The terms and conditions of your Direct Loan are found in your Master Promissory Note, which is a binding legal document that you must sign when you get a federal student loan. The MPN can be used to make one or more loans for one or more academic years (up to 10 years). It lists the terms and conditions under which you agree to repay the loan and explains your rights and responsibilities as a borrower. It’s important to read and save your MPN because you’ll need to refer to it later when you begin repaying your loan or at other times when you need information about provisions of the loan, such as deferments or forbearances. To obtain a Direct Loan and to complete the MPN and read the terms and conditions, visit Student Loans.
Exit counseling is a mandatory information session which takes place when you drop out, withdrawal from school, graduate, or attend school less than half-time that explains your loan repayment responsibilities and when repayment begins. Exit counseling is to be completed online at Student Loans. You will need your PIN to sign in.