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Financial Aid Latest News

 
Financial Aid Refunds
You may view your financial aid disbursement dates on MyHACC.  Click here for the refund schedule. Loan disbursement changes went into effect in Fall 2013 (see new loan processes below).  
 
IRS data match with the FAFSA

When filing the FAFSA it is important to link your tax information directly from the IRS. This will prevent significant delays and added requirements to processing your financial aid. Ideally, parents and students should file their federal taxes electronically, wait 10-14 days and then file the FAFSA. By that time, the IRS information should be available to link directly to the FAFSA. Click here for a video tutorial on using the IRS Data Retrieval Tool. HACC recommends the FAFSA be filed by April 15th to ensure you are considered for the maximum financial aid possible.

New Rules affecting Subsidized Loan eligibility

The Department of Ed changed regulations relating to Direct Subsidized loans and added a new provision limiting a first-time borrower's eligibility.  You are considered a first-time borrower if you did not have an outstanding balance of principal or interest on a Direct Loan or on a FFEL Program Loan as of July 1,2013.  It is important to note that this new regulation does not apply to Unsubsidized Student Loans or PLUS loans.

Under the new provision, students may receive Subsidized loans until they reach 150 percent of the published length of their educational program.  For example, if you enroll in a two-year program, your eligibility limit for subsidized loans is three years (2 X 1.5=3).  Once the limit is met, you will only qualify for unsubsidized loans. You can find the published length of any program of study on our website.

Because your eligibility for Subsidized loans is based on the length of your current program of study, it can change if you move to a program that has a different length.  For instance, you change majors and go from a two year program (3 years of Sub eligibility) to a one year program (1.5 years of Sub eligibility). Subsidized Loans you received for the earlier program will count towards your eligibility for your current program of study.

For more information about the Subsidized limit please see the Department of Ed guidelines.

New Loan Processes
All students who want to borrow from the federal Direct Loan program MUST ACCEPT their loans though the MyHACC portal. Students can also decline or reduce loans through this process as well. Students are encouraged to not borrow the full amount.  Effective Fall 2013, ALL LOANS WILL DISBURSE IN TWO DISBURSEMENTS PER TERM with the second disbursement being after mid-terms.
 
Financial Aid and Withdrawing
Always check with financial aid before dropping or withdrawing courses. Even if you received your financial aid refund for the term you may owe all or part of it back if you withdraw or stop attending your classes. 
 
Borrow Wisely
It is the responsibility of the HACC Financial Aid Office to let you know how much you can receive in federal grants and loans. However you may not need the maximum amount of loans. Did you know you are responsible for the interest on the unsubsidized loan while enrolled in school? Did you know that there are limits of $31,000 in loan eligibility for dependent students and $57,500 for independent students? This limit follows you if you decide to transfer to a four-year school as well.
 
Pell Limits
Effective July 1, 2012 students are limited to six years of full-time Pell regardless of when they began receiving it. This holds true if you transfer to a four-year school. TIP: Only take courses necessary for your program and limit the number of times you change your major.
 
Satisfactory Academic Progress (SAP)
To maintain eligibility for financial aid from year-to-year you must pass 67% of your courses and maintain a GPA that allows you to remain in good academic standing.
 
PHEAA Grant reminders
Eligibility for PHEAA State grants differs from eligibility for federal Pell grants and Direct Stafford Loans. In addition to a separate SAP policy, students must:
- Be enrolled in an Associate degree program
- Be enrolled in at least 50% all classroom classes -- blended and on-line are not in-classroom classes
- Be enrolled in the full 15 week terms
- Be enrolled in non-remedial classes (one time exception is allowed)
- meet FAFSA filing deadlines as dictated by PHEAA
 
  

 

 

 
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