How to endanger your chance to receive Federal Financial Aid
For most students, obtaining financial aid isn’t optional. It’s a must. College debt continues to rise, and the vast majority of students would not be able to pay for college without some sort of outside financial support. That makes it all the more important that you be able to qualify for financial aid. Here are four decisions that could disqualify you from receiving it.
Ignoring Graduation Requirements
Receiving federal financial aid means that you actually have to attend college, and doing so means that you must meet all high school graduation requirements. Failure to do so means that you lose your federal financial aid award, and it could also mean that you are ineligible to receive aid in the future. Make sure that you resolve any outstanding academic issues in your high school classes before the end of the school year so you can be sure to graduate.
Following the Wrong Crowd
Pick your friends carefully as failure to do so can expose you to situations that can cost you tens of thousands of dollars or your college career. Certain criminal convictions, such as being convicted of a felony or drug charge, will cause you big problems later down the line. It’s important to remember that, as Michigan Defense Law says, those who commit felonies become ineligible to receive federal financial aid. Not only that, but you could also have trouble getting a job later on. Avoid these potential problems by making sure that you hang around with the types of people who will not pressure you to do illegal things.
Lying on Your Paperwork
Even after you sign all your paperwork, the process of receiving financial aid isn’t complete. Your signature means that everything you’ve filled out on the form is, to the best of your knowledge, true. If something is later found out to be false, and it is determined that the lie was intentional, you can lose all your funding and any eligibility to receive aid in the future. Additionally, if the lie is serious enough, you could face criminal charges and be sentenced to up to five years in jail in addition to having to pay a $20,000 fine, according to Edvisors.
Failure to Meet Academic Goals
According to Student Loan Hero, you will lose your federal financial aid if you fail to meet your SAP, or Satisfactory Academic Progress. The good news here is that if you do lose your aid because of SAP requirements, you can appeal the decision or work to get your grades up. Either of these methods may allow you to receive financial aid again.
Federal aid can help you achieve your dreams, but in order to receive that assistance, you must meet all federal requirements and keep your nose clean. The good news is that these requirements are relatively easy to meet. If you keep your grades up, be honest and stay out of trouble, maintaining your financial aid should be a simple task.