Current through all regulations passed and filed through September 16, 2024
(A)
Financial aid
programs were developed by the federal and state governments as well as by
institutions of post-secondary education to assist students from families with
limited resources to meet educational expenses. The primary purpose of
financial aid is to ensure that no one is denied the opportunity of a college
education because of financial need.
(B)
To meet the needs
of the financial aid applicant there are a number of sources from which aid can
be received. The university of Akron selects recipients for aid and distributes
funds from the following sources.
(1)
Scholarships. The university offers scholarships to
students with high academic achievement and to students with financial need in
some cases. Academic scholarships are awarded to the continuing student as well
as the outstanding high school student who plans to enroll. These academic
scholarships are renewable each year based on continued high academic
performance. A university financial aid/scholarship application must be
submitted, and students are encouraged to complete the "Free Application for
Federal Student Aid" ("FAFSA").
(2)
Federal financial
aid programs. The university cooperates in the administration of Pell grants
and makes awards under the following programs: the supplemental opportunity
grant, the federal work-study program, the Perkins loan, the Stafford loan, the
nursing student loan, the PLUS loan, and the ROTC scholarship
program.
(3)
State programs. The university participates in the Ohio
instructional grant, the Ohio college opportunity grant, Ohio academic
scholarship, Ohio national guard scholarship, and Ohio war orphans scholarship
programs.
(4)
Installment payment plan. The university offers an
installment payment plan to students needing temporary help in paying tuition
and housing.
(5)
Alternative education loans from private lenders also
are administered by the office of student financial
aid.
(C)
Notification of award.
A student will be notified of the aid package by a
financial aid award proposal which will be mailed to the student's permanent
mailing address. The award will also be available electronically via
zipline.
(D)
Distribution of aid.
(1)
Financial aid is
applied directly to the charges on the student account. Awards are based on
full-time enrollment (twelve semester credits). If the student is not taking at
least twelve credits, aid awards will be adjusted to reflect part-time
enrollment.
(2)
The student is awarded aid for the entire academic
year; however, the aid is disbursed proportionately each
semester.
(3)
If the student's aid exceeds the direct costs, the
difference is refunded to the student during the semester to assist with other
educational expenses such as transportation, housing, etc. The student must
maintain satisfactory enrollment status to be eligible for the expense
check.
(E)
Revision of awards.
(1)
After receipt of
the financial aid award, situations may arise which may necessitate a revision
in the aid package. A revision may result from receipt of an outside
scholarship, a dramatic change in the family income such as unemployment of a
parent or a divorce, etc.
(2)
If family circumstances alter, the student should
contact the office of financial aid and employment so the aid package may be
reviewed.
(F)
Student rights and responsibilities.
(1)
A student who
applies for student financial aid has the right to expect confidentiality
regarding all personal information.
(2)
It is the
student's responsibility to notify the office of student financial aid of any
changes in name, address, graduation plans, etc. A student must also report any
outside scholarships received. It is the student's responsibility to be aware
of the types and amounts of aid received.
(G)
Standards of
satisfactory academic progress. To receive or maintain eligibility for federal
financial aid, the student must meet the requirements outlined in the
"standards of satisfactory academic progress" policy. The policy states that a
student must make progress toward a degree. This rule applies to each potential
financial aid recipient, whether a previous aid recipient or not. A copy of
this policy is available in the office of student financial
aid.
Replaces: 3359-60-05
