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Terms and Conditions of Awards

FAFSA – In order to be considered for federal aid, you must complete the Free Application for Federal Student Aid, FAFSA.  In this process, you are applying for grants, loans and work-study.

 

Renewal - Awards are not automatically renewed from year to year. Renewal applications (e.g. FAFSA) should be submitted by the priority deadline date for the award year.

 

Summer Financial Assistance - If you are requesting assistance for the summer, you must pre-register and complete the 2010-2011 FAFSA prior to being awarded.  Financial aid is limited during the summer sessions, we urge you to manage your financial aid during the fall and spring semesters to assist with expenses for the summer session.

 

Awards – Awards are processed through our Banner system and notification is sent to you via e-mail and/or regular mail.

 

Award Acceptance - You must access Banner Self-Service through the Alabama A&M University’s website (www.aamu.edu) to accept all or part of your award.   If you do not choose to attend Alabama Agriculture and Mechanical University, please notify your Financial Aid Analyst at (256) 372 5400

 

Master Promissory Note - If your award consists of loans, you must complete a Master Promissory Note (www.studentloans.gov)

 

Entrance Counseling – If your award consists of loans, you must also complete entrance counseling (www.studentsloans.gov)

 

Award Adjustments - You are required to report to the AAMU’s office of student Financial Aid, any changes in your financial or residency status. You must report the receipt of additional scholarships, loans, fellowships, etc. The office of student financial aid may review, revise, and/or cancel awards at any time due to changes in enrollment, financial and/or academic status, discovery of incorrect or falsified information, or errors in the determination of need and eligibility for assistance.

 

Satisfactory Academic Progress - In order to receive student financial aid, all students, must maintain satisfactory Academic Progress (SAP). This policy is fully described on the AAMU office of student Financial Aid Web Page.

 

Payment of Your Bill - in all cases, financial aid may not be adequate to meet all of your cost. If this is the case, you and/or parents will be expected to pay the remaining cost(s).

 

Payment of the Award - with the exception of campus job compensation, your financial will be credited to your account. Any remaining funds, after your bill has been paid, will be returned to you by check/EFT. University policy states that all refunds checks will be sent via electronic funds transfer (EFT) or check.

 

Over-Awards - should you receive financial aid through university error, you will be liable for repayment of those funds. If the over-award is due to false or misleading information on the part of the applicant, you will be required to repay the funds and you could face other penalties under federal, State and/or institutional regulations.

 

Refunds/Repayment - If you withdraw or drop hours after aid has been disbursed, you must notify the office of student financial aid. When it is determined that a refund of charges is due, the unearned portion of the refund amount must be returned to the program account from which it was paid. The calculation therefore may result in a student who has received full aid, having a portion of that aid returned to the federal programs from which they were awarded. This reduction may result in you having to pay the balanced owed.

Course Load- All undergraduate awards (except scholarships) are made assuming that you are enrolled full time. All graduate awards are made assuming you are going to be enrolled in 6 credit hours. All title IV aid sources, with the exception of Pell and Perkins, require that you carry at least six (6) hours per semester to be considered eligible. Check with your financial aid analyst for additional details.

 

Payment of scholarship Awards - All academic scholarships are setup to disburse at 16 hours. If you are taking less than 16 hours, you should notify your financial aid analyst.

 

University Scholarships Refunds - If you were awarded a combination of the title IV funds and university scholarships, you must complete a request for refund form. This form may be obtained from the bursar’s office.

 

 

 

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