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Faculty & Staff > Academic Advising For Faculty > Financial Aid

Financial Aid

Financial Aid Funds Information
Satisfactory Academic Progress
Withdrawals

Financial Aid is an important aspect to consider while advising students. There is an impact on financial aid beginning with the student’s high school curriculum and choosing a major, during enrollment, and after graduation.

Financial Aid Funds Information

Students who complete a rigorous high school curriculum (as defined by their state of residency) and are Pell recipients may be eligible for the Federal Academic Competitiveness (ACG) Grant ($750) their freshman year. If the student successfully completes 30 credits with a 3.00 or higher cumulative GPA, the student is eligible for a second year ($1,300) of eligibility.

For students receiving the Founder’s Free Tuition Funds, renewal requires students to maintain full-time enrollment of at least 12 credits a semester.

Students who are enrolled in specific majors and are Pell recipients may be eligible for a $4,000/year SMART Grant available to Juniors and Seniors (60+ credits) with a 3.00+ GPA. It is important to note which majors are eligible. It may be in the student’s best interest to suggest a Biology Major instead of a Pre-Professional Major due to the SMART Grant requirements.

UMC Eligible Majors include:

  • Agronomy
  • Animal Science
  • Biology
  • Computer Software Technology
  • Manufacturing Management (BMM)
  • Plant Industries Management

(As selected by the Department of Education and based on CIP (Classification of Instructional Programs) Codes).

Students may be eligible for certain loan forgiveness programs based on employment garnered after the completion of their degree. The College Cost Reduction and Access Act of 2007 established a new public service loan forgiveness program. This program discharges any remaining debt after 10 years of full-time employment in public service. The borrower must be employed full-time in a public service job for each of the 120 monthly payments. Public service jobs include, among other positions, government, military service, public safety and law enforcement (police and fire), public health, public education, public early childhood education, public child care, social work in a public child or family service agency, public services for individuals with disabilities or the elderly, public interest legal services (including prosecutors, public defenders and legal advocacy in low-income communities), public librarians, school librarians and other school-based services, and employees of tax exempt 501(c)(3) organizations. Full-time faculty at tribal colleges and universities, as well as faculty teaching in high-need areas, also qualify. This is in addition to the teacher forgiveness program for the Perkins Loan Fund.

Funds and Enrollment Levels Required for Disbursement

3
Credits
6 Credits 9 Credits 12 Credits 15 Credits
Federal ACG/SMART Pro-rated Pro-rated Pro-rated Full Award** Full Award**
Pell Grant Pro-rated Pro-rated Pro-rated Full Award Full Award
SEOG Grant $0 Based on need Based on need Full Award Full Award
Perkins Loan $0 Based on need Based on need Full Award Full Award
Federal Loans $0 Full Award Full Award Full Award Full Award
State MN State Grant Pro-rated Pro-rated Pro-rated Pro-rated Full Award
MN Childcare Grant $0 Pro-rated Pro-rated Pro-rated Full Award
SELF Loan $0 Full Award Full Award Full Award Full Award
Institutional Founders Program $0 $0 $0 Full Award Full Award
U of MN Grant $0 Based on need Based on need Full Award Full Award
Academic Scholarships $0 $0* $0* Full Award Full Award
Athletic Scholarships $0 $0* $0* Full Award Full Award
Private
/Outside
Loans Based on Lender Based on Lender Based on Lender Based on Lender Based on Lender
Scholarships Not typical Not typical Not typical Full Award Full Award

*If students are in their graduating semester, certain scholarships may be disbursed.
** The student must be enrolled in an upper-division course required for the specific major for the SMART Grant.

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Satisfactory Academic Progress

There are three components to Satisfactory Academic Progress:

  • Quantitative – A student must earn a 2.00 cumulative GPA by the time s/he passes 60 credits (including transfer). Evaluation occurs at the end of every semester.
  • Qualitative - In order to maintain satisfactory progress toward the completion of their degree, all students must successfully complete 67% of cumulative attempted credit hours. Attempted credit hours include all hours that would appear on a student’s academic transcript at the end of any given term, including withdrawals, incompletes, repeated courses, remedial coursework, transfer hours and hours attempted at any time when not receiving Federal Student Aid. Audited coursework is not included. Evaluation occurs at the end of every semester.
  • Maximum Time Frame - The U.S. Department of Education has established a limit on the number of credit hours a student can attempt and still remain eligible for Federal Student Aid. This limit is based on 150% of the credit hours (180 credits) needed to complete a degree at UMC.

Students who fail to meet the above criteria will be placed on a semester of probation. If requirements are not met after a probationary semester, the student is placed on financial aid suspension. Students may appeal their suspension status if there were extenuating circumstances and a statement from the advisor is required.

Students who do not appeal or if the appeal is denied have the option of applying for alternative loan funds. These funds are not backed by the Federal government and students are urged to review the terms of the loan carefully prior to borrowing.

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Withdrawals

Students who withdraw from class will have their financial aid reviewed and in some instances, returned to the source. If there are specific questions, please have the student visit the financial aid office to determine the exact implications.

If a student does not withdraw but stops attending classes and does not successfully complete any credits, the financial aid office must contact the instructors for that semester for assistance in determining the last date of attendance. Calculations are based on the last date indicated for any communication, attendance and/or assignment completed.

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