Grants and Loans
Types of Financial Aid Available
Financial aid may be in the form of loans, grants, scholarships, employment opportunities or a combination of any of these.
The criteria listed below are used to determine student eligibility for federal financial aid programs at Arkansas State University-Mountain Home. Students must meet the following requirements.
- Financial need as determined by the Free Application for Federal Student Aid (FAFSA) Need Analysis
- Admission as a regular student.
- Enrollment in an approved degree or certificate program.
- Evidence of satisfactory academic progress according to the Arkansas State University-Mountain Home Satisfactory Academic Progress Policy.
A student is ineligible to receive financial assistance if the individual owes a refund to any of the federal student aid programs, is in default on a student loan, or does not maintain satisfactory grade levels.
Grants
Federal Pell Grants
The federal student Pell Grant program is designed to assist eligible students in their postsecondary education. This grant helps defray the costs of educational expenses. All undergraduate students are eligible to apply for Pell Grant assistance. Student eligibility is based on financial need and is determined by a formula that is applied consistently to all applications through the FAFSA application. The formula has been developed by the U. S. Department of Education and is reviewed by Congress on an annual basis.
Pell grants are awarded only to undergraduate students. This is a grant program and does not have to be repaid. The amount awarded each student is based on the application data submitted by the student on his/her FAFSA. The results of the FAFSA application will set the amount of Pell that can be awarded to students.
Students taking less than six semester credit hours may be eligible to receive Pell Grant. Pell Grant is the only program where a student can receive funds for less than six credit hours of enrollment.
Supplemental Educational Opportunity Grant (SEOG)
SEOG is a supplemental federal grant. ASUMH receives a small amount of funds for this program. Students must be eligible for Pell Grant in order to be qualified to receive the funds from the SEOG. Because the funding is limited, students whose files have been completed early will receive preference.
Higher Education Opportunities Grant (HEOG)
This new grant program made available beginning with the 2007/2008 academic year through Arkansas Department of Higher Education is for graduating high school seniors, graduating home schooled students or GED recipients. Students must apply the first year. Grants will be renewed each year if the student meets the grant eligibility requirements and if funds are available. Applications are available through the ADHE Web site, www.arkhighered.edu. Currently the application deadlines are June 1 for students entering fall semester and November 1 for students entering the spring semester.
Student Loans
Federal Student Loans
Eligibility for federal student loans (both subsidized and unsubsidized) is determined through the FAFSA application. These are low interest loans available from lenders such as banks or credit unions to help with educational expenses. Loan amounts vary by need and student classification—such as freshman, sophomore, junior, or senior.
Applicants not eligible for the Federal Subsidized Student Loan would be eligible for the Federal Unsubsidized Student Loan. Repayment of either student loan would begin six months after the student graduates or ceases to be enrolled in a minimum of six semester credit hours.
Any student receiving a student loan who drops to less than six semester credit hours of enrollment will be treated as a student who has totally withdrawn from school. The student must maintain six semester credit hours each semester to be considered enrolled.
Subsidized Student Loans
Subsidized student loans are based on financial need. The Federal Government pays the interest on all borrowed money as long as the student is enrolled in six semester hours. Repayment begins six months after the student graduates or ceases to be enrolled for six semester credit hours.
Unsubsidized Student Loan
Unsubsidized student loans are not based on financial need. Unlike the Subsidized Loan, the student is responsible to pay the interest monthly or the student has the option to let the interest accrue until they are no longer enrolled for six credit hours or more. Unpaid interest will then be added to the principal. The unsubsidized student loan also has a six-month grace period before repayment begins after the student graduates or ceases to be enrolled for six credit semester hours.
Note: Students participating for the first time at ASUMH in the Subsidized Student Loan Program or the Unsubsidized Student Loan Program will be required to complete a Master Promissory Note and an Entrance Interview before funds can be disbursed. Once the student has graduated or leaves school for good, he or she must also complete the Exit Interview form.
Stafford Loan Entrance Interview
Stafford Loan Exit Interview
Perkins Loan
The Perkins Loan program is based on need and is limited as far as the amount of monies ASUMH has available. These funds are awarded to assist students who completed their application early and who may have special needs.
Other Federal Programs
Federal Work Study Program
The Federal Work-Study Program provides on-campus jobs for undergraduate students who have financial need as determined by the FAFSA application.
This program allows the student to earn money to help pay for education expenses while working around his/her class schedule.
Students can only work a maximum of 20 hours per week. Students are paid every two weeks.
The funds for theCollege Work Study program are limited at ASUMH. Due to the limited funds, interested students must register with the Financial Aid Office the week prior to the beginning of regular registration for the fall semester. Students will be permitted to register under multiple departments employing college work-students. Students on each list will be reviewed for eligibility under federal regulations. The list will then be forwarded to each department and it will be the department that interviews and makes the decision as to which student(s) will be employed. Students are permitted to work beginning the first day of class at the beginning of the semester through the last day of finals at the end of each semester.
Other Types of Assistance
Workforce Investment ACT (WIA)
The WIA program is designed to provide training for unemployed persons if definite employment opportunities are available in the selected occupation. Financial assistance may cover books, tuition, supplies, and transportation. Students should contact the WIA office at their local Arkansas Workforce Center for application information.
Career Pathways
This new program offered at ASUMH provides assistance with tuition, fees, books, transportation, and possible other expenses to students who have children they support under the age of 21. For information on eligibility, students should contact the Career Pathways Office on the ASUMH campus.
Rehabilitation Service
Students with possible disabilities may contact Rehabilitation Services (1-800-330-0632) to see if they qualify for these benefits. Rehabilitation Services may provide assistance with tuition, fees, and books to those who quality.
Veterans Education Benefits
VA education benefits are authorized to veterans and qualified dependents under specific chapters of Title 38, US Code. Eligibility for benefits can only be determined by the U. S. Department of Veteran Affairs. ASUMH is an approved institution for assistance to veterans, their beneficiaries or dependents. Students may contact the Veterans Affairs representative at the ASUMH Financial Aid Office for application forms.
Students should check out any avenue of financial aid for which they might be qualified. For information about other programs of financial assistance not provided here, contact the Financial Aid Office.
How to Apply
All students must apply using the current academic year FAFSA. Students may elect to file this FAFSA: over the Internet at the following address: www.fafsa.ed.gov. or by completing the paper FAFSA and bringing it to the ASUMH Financial Aid Office where a member of the staff will file the FAFSA electronically.
Satisfactory Progress Policy
ARKANSAS STATE UNIVERSITY-MOUNTAIN HOME STUDENT FINANCIAL AID
SATISFACTORY ACADEMIC PROGRESS POLICY
All students enrolled a ASUMH, who receive federal financial aid through the Title IV Assistance Programs (Federal Pell Grant, Federal Supplemental Educational Opportunity Grant [FSEOG], Federal Work Study, Federal Perkins Loan Program, or student loans under the Stafford/Federal Family Educational Loan Program [FFELP]) must meet the following Satisfactory Academic Progress (SAP) requirements. A student’s academic progress will be evaluated at the conclusion of the spring semester of each school year and/or during the application process. Transfer work will be evaluated in the same manner as credit hours received at ASUMH.
All students must be admitted and enrolled in a degree or certificate-granting program. Students enrolled in a two-year associate program will be allowed the equivalent of six (6) full–time semesters to complete the degree. Students enrolled in a one-year certificate program will be allowed the equivalent of three (3) full-time semesters to complete the certificate. Summer enrollment will be evaluated as one semester. Less than full-time enrollment will be evaluated proportionately.
At a minimum, students must successfully complete two-thirds of their attempted course work each semester.
Withdrawal from the university and/or receiving a 0.00 GPA for a semester are viewed as unsatisfactory progress and are reviewed at the conclusion of each fall and spring semester. (The completion of developmental courses is considered in the two-thirds attempted/completion standard above.)
All students must maintain a minimum GPA of 2.0, either cumulatively or for the term, unless the degree being sought requires a greater GPA. Students repeating courses should have their academic transcript recalculated and, if appropriate, provide the Financial Aid Office a copy of changes made.
Incomplete course work will be evaluated as failing until courses are satisfactorily completed or an explanation accepted by the Financial Aid Director
Students pursuing a second undergraduate associate degree or certificate are not eligible for financial aid. There is an appeal process for students needing a second degree. The student must submit an appeal form, a degree plan approved by his/her advisor indicating the required courses to the Satisfactory Progress Committee, and a letter explaining the need for a second degree. If approved, a new maximum time frame can be approved.
If a student has been notified that he/she is not making satisfactory academic progress and then successfully completes the required course work at his/her expense, it is the student’s responsibility to notify the Financial Aid Office when he or she is in compliance with SAP policy.
Students may appeal to have eligibility restored if there are extenuating circumstances related to their academic progress. Examples of these circumstances are a prolonged illness or an accident requiring a doctor’s care and prolonged absence from class. These appeals will be reviewed by the Financial Aid Satisfactory Progress Committee. All appeals must be in writing and must be accompanied by appropriate documentation concerning the extenuating circumstance before the appeal will be reviewed. All appeals must be reviewed and cleared prior to the awarding of any federal financial aid. Students will be notified in writing of the decision of the Financial Aid Satisfactory Progress Committee. Students will not be given information over the phone as to the findings of the Satisfactory Progress Committee.
Cost of Attendance (clicking here should take students to Finance page showing cost of attendance
Withdrawal Process
Students withdrawing from the university will automatically be placed in satisfactory Progress. These students will not be eligible for financial aid the next regular semester or until such time as they have completed and paid for a minimum of twelve semester credit hours or submitted an appeal that has been approved.
Students may appeal financial aid suspensions by addressing their appeal to the Satisfactory Progress Committee in c/o the Financial Aid Office, 1600 S. College, Mountain Home, AR 72653. Students appealing should send a letter of explanation regarding their withdrawal, copies of any doctor’s statement or other supporting documents and indicate what has changed to insure this situation will not occur again.
Students should check the schedule each semester for the refund dates. Students withdrawing during the refund period must be prepared to repay a portion of the financial aid they have received.
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