Student Financial Assistance

Payment of Funds

Financial aid funds will allow deferral of payment; however, these funds will not be available on the first day of classes. Students must be prepared to use personal funds to cover expenses at the outset of each semester. Late applicants and students for whom files are incomplete 30 days prior to the fee payment deadline should not expect funds until well into the semester. Financial aid payments generally will take place after the second week of classes. Funds can be released for payment only if all eligibility criteria are met at the time of payment. Please refer to the web site at http://finaid.ucf.edu for program details.

Payments made will apply to any outstanding University charges including tuition, fees, housing, outstanding short-term advances, etc. Funds that exceed charges will be released to students as a refund. Refunds will be deposited directly to the studentchecking account; which can be done online on myUCF, under Student Accounts, Direct Deposit. For those without a student’s checking account, refunds will be mailed to the current mailing address on file.

Verification

If the student has been selected for verification, it must be complete before financial aid funds may be released.

Satisfactory Academic Progress

Federal regulations require the University to establish Standards of Satisfactory Academic Progress as a general eligibility requirement for financial aid. A student must maintain satisfactory academic progress in a course of study regardless of whether the student previously received financial aid.

To meet the standards adopted by the University of Central Florida, a student must:

• Complete a minimum of 70% of the attempted hours taken during the course of the year. Compliance of this requirement is checked at the end of each spring term. If students fail to meet this requirement or were not enrolled during the last monitoring period (fall/spring), a review of total hours taken at UCF will occur to determine if a 70% completion rate was attained for all attempted UCF course work. If students fail to pass both of these reviews, the student will be placed on Satisfactory Academic Progress cancellation status, effective the following academic year, beginning fall term. Students on probation must meet standards each term.
• Graduate within the number of hours allowed by the Satisfactory Academic Progress policy. Students are allowed a specific number of UCF attempted hours, based on their academic level at the time of admission to UCF. (see chart below)
• For detailed SAP policy information, please refer to the Office of Student Financial Assistance Web site at: http://finaid.ucf.edu.

Re-establishing Eligibility after Cancellation

Any student with extenuating circumstances, (i.e., death of a relative, an illness or injury of the student, etc.), who is placed on cancellation status may appeal to the Financial Aid Review Committee for reinstatement based on his/her special case.

If the student was canceled for the failure to complete 70% of the attempted hours and since cancellation, he/she has brought up the percentage to a minimum of 70%, the student may appeal to the above committee for reinstatement, at that time.

To appeal, the student must:

• Complete the Satisfactory Academic Progress Appeal Form; (available on the Office of Student Financial Assistance Web site).
• Attach documentation supporting specific circumstance(s) to the appeal form; and
• Submit the appeal and the supporting documentation to the Office of Student Financial Assistance.

After a thorough evaluation of the written request and all supporting documentation, the Financial Aid Review Committee will notify the student of the decision by email communication or the student may view the updated status on myUCF, under View Financial Aid Status.

Disbursements

Financial aid disbursements begin the second week of each term. Students should be aware of this, so they are prepared to use their personal savings for anticipated expenses such as books and supplies at the beginning of the term. The Short Term Advance is available for students to help with these expenses. The application is available for download prior to each term, so that funds may be available as early as the first day of classes. Students who apply late for financial aid should be prepared to cover their own living expenses, out-of-pocket, well into the semester. When financial aid disburses, the funds first apply towards university debts. The remaining balance is refunded to the student one of two ways: the refund is deposited into the student’s account or a check is mailed to the student’s current mailing address listed on myUCF.

Transfer Students

Be informed. Not all financial aid programs are transferable and eligibility for some programs will be determined by UCF. The application process must be complete; pay close attention to priority filing dates. If a FAFSA for the year in question has already been filed, request that the federal processor forward the information to UCF, Code 003954, by utilizing Part II of the SAR, or by calling the federal information center at 1-800-4 FED AID. The To Do List on myUCF will indicate any required forms.

Independent Students

You will be classified as independent for financial aid purposes only if at least one of the following applies:

• you are 24 years of age or older by December 31 of the award year;
• you are married;
• you are or will be enrolled in a master’s or doctoral program (beyond a bachelor’s degree) during the school year;
• you have children who receive more than half their support from you;
• you have dependents (other than your children or spouse) who live with you and who receive more than half their support from you and will continue to receive more than half their support from you through June 30th of the school year;
• you are an orphan or ward of the court (or were a ward of the court until age 18); or
• you are a veteran of the U.S. Armed Forces. (“Veteran” includes students who attended a U.S. service academy and who were released under a condition other than dishonorable.)

Dual Enrollment

Students who have been approved to take classes at another institution might have those hours counted toward meeting financial aid requirements for some programs at UCF. Dual enrollment will not meet eligibility criteria for institutional aid programs. Courses must meet some major or general education requirements to be calculated as part of student aid eligibility. All of the following documents must be submitted to the Office of Student Financial Assistance on or before the withdrawal deadline of the semester in which aid is to be disbursed:

1. Advisor Certification Form with all required signatures;
2. A copy of the Fee Invoice and class schedule confirming that the classes and hours enrolled match the Transient Student Form;
3. A completed Consortium Agreement Form to be completed by the transient school financial aid office.

Dual enrolled students must make arrangements to pay tuition and fees at the visited school since there is no system for deferral of those tuition and fees. In addition, it is the student’s responsibility to insure that the visited school promptly provides UCF with academic transcripts, confirming that the attempted hours are completed. Transcripts or grades should also be submitted to the Office of Student Financial Assistance. This will help avoid academic progress problems. Students who expect to receive funds under any of the federal loan programs must enroll for a minimum of six undergraduate hours at UCF in UCF classes to meet eligibility requirements.

Students may not receive financial aid from two institutions at the same time. Students must decide which of the two institutions is the primary school at which they are degree seeking and apply for aid there. Any inaccuracy will result in a mandatory repayment to one of the two schools for the overpayment.

Over Awards

An over award occurs when a student’s award package has exceeded either the unmet need or cost of attendance, depending on the type of aid that has been awarded. To prevent over awards, it is extremely important to notify the Office of Student Financial Assistance of any potential awards not already listed on the student’s financial aid award summary on myUCF. In the event of an over award, a student’s award package is reduced to eliminate the over award, which may result in a repayment of the over award.

Refunds and Return of Title IV Funds

Students should be aware that if they withdraw from the university after having received financial assistance, they might have to repay a portion of that assistance. Students who received Federal Stafford Loans should also know that the Office of Student Financial Assistance is required to notify lenders of student withdrawals.

Student Rights and Responsibilities

Students have the right to full information about the financial aid programs available at UCF, our application procedures and aid deadlines, and the criteria used to determine a financial aid package. Students have the right to appeal decisions made by the Office of Student Financial Assistance. Students have the right to equitable treatment of their financial assistance applications. Although each student’s case is analyzed individually, eligibility standards are applied uniformly without regard to race, gender, religion, creed, national origin, or physical handicap. All students’ records are confidential.

It is the student’s responsibility to review and understand all information and instructions, meet all deadlines, and provide all information and documentation accurately. Errors and omissions can cause delays and prevent students from receiving assistance. Misrepresentation is a violation of the law.