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    University of Wisconsin Stout
   
 
  Oct 22, 2017
 
 
    
2017-2018 Undergraduate Bulletin

Financial Assistance


 


 

Financial Aid Office

The Financial Aid Office provides year round assistance to students and their families who are seeking resources to cover educational expenses. 

Staff members will help answer any questions about the application process, what types of aid may be available, and how to maintain eligibility so you can make the best choices for your educational funding. 

Applying For Aid

Complete the Free Application for Federal Student Aid (FAFSA) at fafsa.gov every year to determine your eligibility for aid. Be sure to check with the Financial Aid Office or Self-Service in Access Stout to ensure you have completed all the necessary materials. 

Receiving Aid

After your FAFSA has been reviewed and processed by the Financial Aid Office, you will receive an email notifying that your award is available for you to view in Access Stout.


Basic Types of Financial Aid

Grants

Grants are funds provided by federal, state or private sources that do not need to be repaid, provided that the enrollment period is completed. Grants are awarded based on a financial need and federal guidelines. The Free Application for Federal Student Aid (FAFSA) must be completed to be considered for all federal and state grants unless otherwise stated.

Scholarships 

Scholarships vary in amount and criteria for award. Scholarships may be based on academic performance, financial need, program of study, year in school, or many other factors. Students are generally responsible for their application process.

Stout University Foundation Scholarships

Stout Foundation scholarships are awarded based on an overall student profile, including participation in academic organizations and other groups, students’ interest areas or financial need. Awards range from $250 to $8,500. Scholarship applications are due the first Monday of February. The following list describes specific scholarship opportunities for freshmen. A full list of sholarships and an application are available online. 

Other Scholarship Opportunities 

By investing a little time and energy, you can conduct your own scholarship search. The Financial Aid Office provides information on its website to help get you started.   

Federal Work Study 

The Federal Work Study Program provides jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay educational expenses. Please note that these funds are typically used to pay for smaller expenses throughout the semester and will not be available to pay for tuition, housing and other charges due at the beginning of each term.

The maximum amount a student can earn while a work study student will be limited to the student’s work study award. The awards are based on the student’s need, timing of application, FAFSA information and fund limits.

Loans

Loans are financial assistance that must be repaid. There are education loans available through the federal government and through private lenders. Each loan program has specific eligibility criteria, repayment, cancellation, and deferment conditions. The Free Application for Federal Student Aid (FAFSA) must be completed to be considered for all federal education loans.

In Access Stout you will need to respond to the financial aid awards given to you. You will accept or decline federal work study and loans. Grants will automatically be accepted for you.

If you accepted any loans, you will need to complete loan processing. You will have checklist items on your “To Do List” in Access Stout that will indicate you must complete Loan Entrance Counseling and sign a Master Promissory Note (MPN).

 

Financial Aid Policies

Students’ Rights and Responsibilities

Students have a right to know:

  • What financial aid is available, including federal, state and institutional aid
  • That the information they give to the Financial Aid Office will be treated confidentially
  • The cost of attendance and the policies for students who withdraw
  • How their financial aid budget and financial need was determined (including how other resources affect their need)
  • How their aid was calculated and awarded
  • What types of aid they were awarded and the criteria used to award each financial aid program
  • Which financial aid programs must be repaid and which do not
  • They can have their financial need reviewed through the Re-evaluation process if their family circumstances have changed
  • How satisfactory academic progress is determined and how it might affect their financial aid eligibility

Students have the responsibility to:

  • Provide the Financial Aid Office with accurate information in a timely manner
  • Provide any additional information requested for the processing of their financial aid file (such as Federal tax returns, verification worksheets, or other documentation)
  • Read and understand all forms that they are asked to sign and keep a copy of such forms for their record
  • Make satisfactory academic progress as determined by the Financial Aid Office
  • Inform the Financial Aid Office of any additional financial aid they receive such as scholarships, outside grants, assistantship or other educational/tuition assistance
  • Repay all loans according to the payment schedule. Students who default on a loan are not eligible for additional financial aid
  • Perform their Federal Work-Study job in a satisfactory manner
  • Know and comply with any refund procedures
  • Inform the Financial Aid Office if their personal information changes such as:
    • Their permanent or local address
    • Their residency status
    • Their enrollment status (credit load)
    • Their classification (Undergraduate, graduate, second degree, special student)
    • Change in governmental benefits (veterans)

Withdrawal and Return to Title IV (R2t4) Policy

Federal Title IV funds are awarded to a student under the assumption that he/she will attend school for the entire period for which the assistance is awarded. When a student withdraws from all of his/her courses, for any reason including medical withdrawals, he/she may no longer be eligible for the full amount of Title IV funds that he/she was originally scheduled to receive.

A student that withdraws from all courses prior to completing more than 60 percent of a semester may be required to repay a portion of the federal financial aid received for that term. A pro rata schedule is used to determine the amount of federal student aid funds the student will have earned at the time of the withdrawal.

The return of funds is based upon the concept that students earn their financial aid in proportion to the amount of time in which they are enrolled. Under this reasoning, a student who withdraws in the second week of classes has earned less of his/her financial aid than a student who withdraws in the seventh week. Once 60 percent of the semester is completed, a student is considered to have earned all of his financial aid and will not be required to return any funds.

The Student Business Services Office, in accordance with 34CFR Sec. 668.22 calculates the Return of Title IV Funds for any student receiving Title IV Aid and subsequently withdraws before the end of the enrollment period (i.e. term).

Official Withdrawal

Students intending to officially withdraw should contact the Registration and Records Office. Students planning to enroll for the next semester will need to contact the Financial Aid Office to re-apply for financial aid for the following semester.

The official withdrawal date used to determine the return of funds calculation is maintained in the Registration and Records Office as well as within the PeopleSoft system. The “Student’s Withdrawal Date” will be the date the student provides official notification of their intent to withdraw. The “Date of the Institution’s Determination that the Student has Withdrawn” will be the date the Registration and Records office posts at the top of each Withdrawal list.

Unofficial Withdrawal

The Financial Aid Office will assume that students that fail to earn a single grade in any of their classes for a term to have unofficially withdrawn.  Students that receive all grades of “FS” “FN”, “WU”, “WS” or a combination will be considered to have unofficially withdrawn from the University. If all grades are “FN” (never attended) the student is ineligible for Title IV aid and all aid will be returned.  The Financial Aid Office will process an R2T4 using the 50 percent point as the student’s “Withdrawal Date”.

The university has initiated a grading policy that will be used to distinguish between a student who earned a grade of “F” (awarded to students who complete the course but fail to achieve the course objectives) or a grade of “FS” (awarded to students who stopped attending) or “FN” (awarded to students who never attended).  A student that earns at least one grade including an “F” grade will be considered to have completed the term and no R2T4 calculation would be required or performed. 

Satisfactory Academic Progress (SAP)

As a financial aid recipient, you are responsible to know there are limits to your eligibility to receive financial aid. You are reviewed for satisfactory academic progress in three areas:

  • Minimum grade point average
  • Minimum credits completed (67 percent rule)
  • Maximum time frame

In order to maintain financial aid eligibility students who fail any of the tests above will not be eligible for federal or state financial aid. This includes all federal and state grants, federal student loans and the federal work-study program.

Standard for Grade Point Average

Undergraduate students (including transfer students and those seeking a second degree) are required to maintain at least a cumulative 2.0 grade point average (GPA) throughout their enrollment until degree completion. 

Standard for Minimum Credits Completed

You must successfully complete at least 67 percent of all the credits you attempt to remain eligible for financial aid. To determine if you are meeting the requirement, divide your cumulative completed credits by your cumulative attempted credits. For example, if you enrolled in 15 credits at the beginning of your first semester and only successfully complete nine of those credits (9 divided by 15 is 60 percent), you would not meet the SAP standards. Your “attempted credits” is the number of credits you were enrolled in on the tenth day of class each semester. In reviewing for minimum credits completed, a grade of “D‐” or better is considered successful completion. Incomplete grades (“I” and “IP”), failing grades (“F,” “FN” and “FS”), withdrawn grades (“W,” “WS” and “WU”), unreported grades, “no credit,” or “audit” grades are counted as attempted credits, but not as completed credits.

Standard for Maximum Time Frame

You are eligible for financial aid up to 150 percent of the minimum credit requirement of your program. If you fail to complete your undergraduate degree within the 150 percent maximum time frame, you will not be eligible for further financial aid. For example, if your undergraduate program requires 120 credits, you would no longer be eligible for financial aid when you attempt more than 180 credits (120 x 150 percent = 180). “Attempted credits” are defined above. Credits transferred in are counted. If you add additional majors or minors than what is required for your degree or if you change your major, you are still held to the 150 percent maximum for financial aid eligibility. Transfer students who transfer in with 90 or more credits should consult with a financial aid counselor to determine future eligibility for financial aid. Special students (those who already have a bachelor’s degree and are seeking a second degree) are eligible for financial aid for a maximum of 75 credits. If you fall in this category, you should confirm your aid eligibility with a Financial Aid Counselor.

UW System Code of Conduct

UW-Stout participates in federal student loan programs. We also certify private loans for students who need to borrow beyond the federal loan limits. We abide by the UW Regent Code of Conduct related to student loan borrowing.