Financial Aid Policies

Satisfactory Academic Progress(SAP)

In accordance with federal regulations, all financial aid recipients are required to maintain satisfactory academic progress in his or her course of study and be in good academic standing  in order to remain eligible to receive federal, state, or institutional financial aid.  It is important to note that SAP standards are separate from, and in addition to, the Academic Standing policy established by the faculty of the Charter Oak State College.

To Maintain SAP and be eligible for federal, state, and institutional finanicial assistance, students must meet the following criteria:

• Undergraduates must maitain a cumilative grade point average (GPA) of a 2.0/Graduates must maintain a GPA of 3.0. and;
• Successful completion of 67% of all attempted credits, and;
• Sucessful completion of the credtis required for their degree or certification within 150% of the standard length of their academic program.

Academic progress is evaluated at the end of each semester. Students will be notified in writing of the results of an evaluation that impacts the student’s eligibility for federal, state and institutional financial assistance. SAP reviews will result in a student being placed on one of the following statuses:

Good Financial Aid Standing

A student who has met with the SAP standards listed above is making satisfactory academic progress toward degree completion.

Financial Aid Warning

The first time a student has not met all SAP standards listed above, the student will be placed on financial aid warning. The student is not making satisfactory academic progress toward degree completion. The financial aid warning status will be assigned automatically without an appeal or other action required by the student.

A student cannot be placed on two consecutive terms of financial aid warning; a student must return to good financial aid standing by the end of the financial aid warning period to remain eligible to receive financial aid. A student who has returned to good financial aid standing but at a later date does not meet SAP standards can be placed on a second term of financial aid warning.

Financial Aid Probation

A student on financial aid warning who has not met all SAP standards by the end of the next semester of enrollment is no longer eligible to receive assistance under federal Title IV, state and institutional financial aid programs unless the student has an approved SAP appeal on file with the Office of Financial Aid. Students should follow the process of how to appeal as described in the full SAP policy.

Financial Aid Suspension

A student whose SAP appeal is not approved will remain on financial aid suspension and will not be eligible to receive financial aid until all SAP deficiencies have been repaired.

Withdrawal and the Return of Title IV Funds

Federal financial aid, also known as Federal Title IV funds, are provided to students under the assumption the student will successfully complete their coursework.  If a student withdraws from all courses within a semester, the Charter Oak State College is required to determine the earned and unearned Federal Student Aid a student has as of the date the student ceased attendance, based on the amount of time the student spent in attendance. The calculation of these funds earned by the student has no relationship to the student’s incurred institutional charges.

The Registrar’s Office will document the student’s official withdrawal date, which is used to determine the percentage of the semester completed, and therefore, the amount of aid a student has earned.  The following situations are not subject to the federal calculation and the student must have:

• completed 60% or more of the semester, or
• completed all requirements for graduation from the program before completing the days/hours in the semester the student was scheduled to complete, or
• successfully completed one modular course or a combination of modular courses that equal 49% or more of the semester, excluding breaks during or in between modules, or
• successfully completed coursework equal to or greater than half-time enrollment (6 credits), or
• provided written confirmation to resume attendance within a 45-calendar days of when they ceased attendance.  

Charter Oak State College must calculate earned aid by multiplying the total aid disbursed or, which could have been disbursed, by the percentage of the payment period the student completed. If less aid has been disbursed than a student has earned, then a post-withdrawal disbursement must be made. Charter Oak State College will notify the student or, if a Parent PLUS Loan the parent borrower, in writing within 30 days of the date the institution determined the student withdrew that a post-withdrawal disbursement is available. The student/parent must respond within 14 days of notification in order to receive the funds. The student/parent may accept all or part of the post-withdrawal disbursement.

If more aid was disbursed than earned, then Charter Oak State College, the student, or both must return all unearned aid in a specific order:

• Federal Direct Unsubsidized Student Loans
• Federal Direct Subsidized Student Loans
• Federal Direct PLUS Loans
• Federal Pell Grants
• Federal SEOG
• Other Title IV assistance for which return of funds is required

Refunds are processed within 45 days of the student’s withdrawal date or within 45 days of when Charter Oak State College determines the student to have withdrawn if the student does not notify Charter Oak State College of withdrawal.  Students are responsible for repaying all unearned aid a school is not required to return, as well as any balance created on their  account by the application of the Title IV return of funds formula.