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Change of Academic Status
Your financial aid eligibility is based on your full-time academic status. In the event that your status changes as a result of a leave of absence, withdrawal or dropping below full-time status (12 credits), you must notify the Financial Aid Office.
Your federal loan eligibility is based on maintaining at least half-time status (6 credits). If you drop below half-time status for any reason, you must notify the Financial Aid Office.
Dropping credits or withdrawing from
the University may result in a tuition obligation. The University may
withhold registration, official transcripts, and future financial aid until
full payment has been received. If you withdraw, some or all of the
aid you received may have to be repaid.
The Financial Aid Office will review your eligibility and inform you of your options so please make sure to stay in touch with us regarding any changes to your schedule.
Federal Loan Entrance/ Exit Counseling
Before a student can receive any federal loan funds, Federal Loan Entrance Counseling must be completed directly with the Department of Education. The Federal Loan Entrance Counseling process explains the student’s rights and responsibilities as a federal loan borrower. Federal aid cannot be released onto a student’s account unless this requirement is met.
The Federal Loan Exit Counseling must be completed before graduation or when a student falls below half-time status (6 credits). The Federal Loan Exit Counseling process explains the basic terms and repayment schedule of federal loans. Failure to complete Federal Loan Exit Counseling will result in the withholding of your diploma and an official Columbia University transcript.
Holds
If a student’s account is placed on HOLD for outstanding account balances, failure to satisfy immunization requirements, or any other reason, the Financial Aid Office is unable to release or process any financial aid for that semester. You cannot be officially registered student unless this HOLD is lifted and classes are posted onto the University’s system. Once officially registered, your financial aid can be processed and funds can be released. Please refer to the Student Academic Affairs website for additional information.
Satisfactory Academic Progress
Satisfactory Academic Progress (SAP) must be maintained by a student in order to receive federal financial aid. Your academic standards can be found here. Students whose records have been reviewed and who are not meeting one of the
quantitative or qualitative standards, are not deemed to be satisfying the SAP requirement. A letter is sent to
the student in writing by the Dean of Student Affairs explaining the SAP
status, and what needs to be accomplished to regain SAP status. Students who are deemed to be not making SAP are not eligible
for financial aid funding in subsequent semesters.
In accordance with state and federal
regulations, Columbia Business School has established standards of satisfactory
academic progress (SAP) for all financial aid applicants. These standards
apply to all scholarship and loan programs administered by the Financial Aid
Office. The purpose of these regulations is
to encourage the timely and successful completion of a degree or credential
objective. When accepting disbursement of a financial aid award you are
entering into a contract with the Financial Aid Office agreeing to maintain
satisfactory academic progress. It is important that you read and
understand the following financial aid standards for maintaining SAP.
Verification
The Department of Education randomly selects FAFSA applications for a process called “Verification”. If you are selected for Verification it will be listed on your SAR (Student Aid Report) after filing the FAFSA. However, due to regulation changes it may not be necessary for you to complete this step. You will be notified by the School via a Missing Information Letter if further steps are required for Verification. If this is a requirement, the School cannot finish processing your financial aid package until all documents have been collected and reviewed.
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