Terms and Conditions of Awards

FAFSA

The most important process in applying for Financial Aid is completing the Free Application for Federal Student Aid (FAFSA) Application each year.  At AAMU, the FAFSA is the only application required for federal, state, or institutional funding.  This is applicable for Fall, Spring, and Summer semesters.  Our priority date for submission of the FAFSA is February 1st for the following academic year.  Submitting your FAFSA prior to this priority date will allow you the best opportunity to be considered for certain limited funding sources such as FSEOG and Federal Work Study.

Renewal

Awards are not automatically renewed from year to year. The FAFSA must be completed each year.  

Summer Financial Assistance

Students requesting assistance for the summer term, will need to complete the current award year FAFSA prior to being awarded. Financial aid funding may be limited during the summer semester.  Students are urged to manage their financial aid during the fall and spring semesters to assist with expenses for the summer semester.

Awards

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

Award Acceptance

To view and accept your financial award, students will need to access their Banner Self-Service online.  

Master Promissory Note (MPN)

Borrowers MUST complete the Master Promissory Note.  Visit www.studentloans.gov and sign in using your FSA ID Username and Password.

Entrance Counseling

Borrowers MUST complete Entrance Counseling.   Visit www.studentloans.gov and sign in using your FSA ID Username and Password.

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 Financial Aid Office 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

All students must meet Satisfactory Academic Progress (SAP) standards in order to receive federal financial aid.  

Payment of Your Bill

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.

Payment of the Award

With the exception of campus job compensation, your financial aid 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 fund 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 balance 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 at least considered eligible. Check with your financial aid counselor for additional details.