I need 10 credits for my bachelors degree. I just received a job offer, but the position does not start until November. I need to move into a new apartment, and I need 3k for various move in related expenses.
I know that if you are registered full time, receive full time grants/loans, then drop to part time you must pay a portion back before you can receive more loans. However, I don’t need anymore loans because I will be done after this semester. What would the penalties be if I registered full time, accepted, the full time grant/loan, and then dropped to part time (10 credits)? I need the money but I won’t need any more money.
You are not entitled to full time aid if you drop to part time. Plus financial aid for college…is for college.
Financial is also for room and board too. Also, the money will hit his account before the drop deadline occurs. Can you please respond to that?
@kelsmom could you comment?
can this student get the full semester Direct Loan if he drops to part time status?
When do you graduate? November? December?
Does this full time job require a bachelor degree?
In my experience, employers to new college grads often require the transcript that proves you have your degree.
If you owe grants/loans to your school from dropping below full time, your school would probably place a hold on your transcript until repayment is complete.
@kelsmom
Could you please reply?
@throwawayacct970 why don’t you contact your school financial aid office and ask them?
Is full time 12 credits? Can’t you just take 12 credits to solve your problem?
I am not going to contact financial aid because it is somewhat nefarious. I will most likely get the answer “Part time students don’t qualify for full time financial aid”, which doesn’t really answer my question. The question is not can I receive full time money for part time school. That is possible. The money is deposited before the drop deadline is due. So basically I register for full time, receive the money, then drop a class. The question is, once I have the full time money, and drop to part time, what adverse action can be taken against me. I appreciate the responses (honestly) but they are not responding to the question I am asking. @Madison85 the job does require a bachelors degree. Is a software engineering position. I have already been hired though. They don’t care to see my transcript. They know I can do the work. I plan on repaying immediately (I have worked in my field the last two years of school), but right now I’m short on cash and need to pay for move in expensive.
Thanks again for the help.
I responded to your question. Companies can require the transcript which you won’t be able to provide if your school could put a financial aid hold on it.
How about you answer my questions? How many credits is full time and why not just avoid your nefarious plan and stay at a full time credit load? When do you graduate? (How do you start full time in a different city in November if you don’t graduate until December)?
Full time is a minimum of 12 credits. I do not want to take 12 credits because I will be working full time and going to school full time. Too much, I have done it before and do not wish to do it again. I graduate in December. I am not moving to a different city. I am moving to a different apartment in the same city. I have three classes (two 3 credit and one 4 credit) that can fit around my work schedule.
You aren’t clear about what kind of funds you are getting. You say grants then you say loans. Also why can’t you be bothered to look up the answer yourself. We can reply to you how we like with comments that are appropriate to the situation. If you don’t like it, simply read how federal aid works, google your college handbook and figure it out.
Can your parents lend you $3000? When is the lease on your campus apartment up? If you are working full time all semester - won’t that give you the $3000? Can you change your withholding allowances on a W-4 to 10 until year end?
Money disbursed does not mean you can keep it if your condition changed. I know students that need to return their departmental scholarship after then change major.
I don’t see why it is a problem to ask the financial aid office what if you drop a class that ends up with less than full time requirement.
Is this question about you or are you asking for someone else?
Is it a loan or a grant? Loans can be taken (and used for tuition, housing, and transportation expenses) and paid back after graduation. If a student borrows the full $7500 students are permitted to borrow senior year, they get $3750 in the fall and $3750 in the spring. I think that if they drop classes before the drop/add period ends, the school will refund the difference because the student has already borrowed the money and it’s up to them to repay it.
Grants are different. Grants for part-time study are less than grants for full-time study. The money is sent to the school and if there’s a postive balance after the drop/add period, students get a refund. However, if a student drops to part-time, I think the aid is adjusted to reflect that. For instance, they may go from qualifying for $5200 semester to $2200, so the $5200 credit is changed to reflect the drop in aid, THEN the refund is calculated. If this school is one that sends the students checks before the drop/add period ends and students end up owing money, I suppose they could bar them from attending classes until the money is repaid in full.
In my experience as a college professor, I frequently run into a situation like this: a week before the W deadline, I project student grades to the end of the semester. If it is mathematically impossible for a student to pass, I draw this fact to their attention. Some students are carrying 15 hours and can drop my class with no financial penalty. Other students report that they are carrying 12 hours, and that, if they withdraw, they will be obliged to repay all/some of their financial aid. So they don’t drop and just suck up the F.
To complicate matters, the government has recently cracked down on students who earn F’s. I am required to report the last day of attendance for a student who earns a failing grade. A student who attends the whole semester is in no financial trouble: the presumption is that they tried. A student who stops attending before some arbitrary cut-off date is obliged to repay all/some of their financial aid.
In short, it’s more difficult to be “nefarious” than it used to be.
We are also encouraged to drop students for non-attendance as soon as the pattern of behavior is clear. This depends on instructor compliance. I personally do comply, so a student could not enroll in my class without attending regularly (and keeping up with most of the work) without being dropped long before the W deadline. YMMV