How Financial Aid Works

Financial assistance from the university should be viewed as a supplement to the financial efforts of the family/student.

The financial aid office places primary emphasis on financial need, enrollment status, academic achievement, character and future promise. Your need-based aid amount is calculated by subtracting your expected family contribution (EFC), as determined by your FAFSA results, from the cost of attendance.

Once financial need is determined –

First, outside sources of aid, such as grants and scholarships, are applied to your outstanding needs.

Then, financial aid awards such as loans and employment are offered based upon program eligibility and need.

Finally, an Award Notification Letter will be mailed to the new incoming freshman or emailed to returning students listing the sources, amounts, and terms for which assistance is offered.

Things to know about Financial Aid:

The Financial Aid Office may cancel or reduce any award/funds because of changes in a student’s financial or academic status, academic program, living arrangements, or enrollment status.

Students have Rights and Responsibilities  in the financial aid process. Financial need is defined as the difference between the cost of attendance and the expected family contribution as determined by your FAFSA results.

Enrollment Status

  • Most university student financial aid is awarded based on the assumption that students will enroll full time – at least 12 credit hours per semester. Awards may be adjusted for any other enrollment status.
  • Federal programs allow you be enrolled at least half-time – 6-8 hours of required course work. Audit hours are not acceptable. (Some Federal Pell Grant recipients are eligible for partial awards for less than half-time enrollment.)
  • Aid is limited to course work required for a degree program.
  • Students are eligible for aid for a total of 30 hours of required remedial courses.
  • Complete withdrawal from classes or dropping a class without attending it may result in the required repayment of the financial assistance or the forfeiture of any entitled refund.
  • Transient students attending Faulkner are not eligible for student financial aid and should check with their home institution on availability of aid.
  • Study Abroad Consortium Agreement-Under a consortium agreement, Faulkner University, the home school, students may take courses at a school other than the home school and have those courses count toward the degree at Faulkner University. The student can only receive Federal Student Aid assistance for courses that are applicable to the student’s degree at Faulkner and is approved by their academic advisor.

Basic Eligibility for Federal Programs

To be considered for federal financial aid, you must meet all of the following requirements:

  • Maintain satisfactory academic progress as defined in the policy in the university catalog;
  • Not owe a refund on any federal/state grant previously received at any institution;
  • Not be in default on any federal educational loan received from any institution;
  • Be a U.S. citizen or a permanent resident;
  • Be registered with the Selective Service, if applicable.

Federal Student Financial Aid Penalties for Drug Violations

Federal law provides that a student who has been convicted of an offense under any federal or state law (not local or municipal) involving the possession or sale of a illegal drugs during a period of enrollment for which the student was receiving federal financial aid, shall not be eligible to receive any federal student aid assistance during the period beginning and ending date specified in the table below.

Possession of illegal drugs:

  • First Offense – ineligibility period is 1 year from date of conviction
  • Second Offense – ineligibility period is 2 years from date of conviction
  • Third Plus Offense –  Indefinite Period

Sale of illegal drugs:

  • First Offense – 2 years from date of conviction
  • Second Offense – Indefinite Period

A student whose eligibility has bee suspended based on a conviction for possession or sale of illegal drugs may regain their eligibility before the end of the period if:

1. A qualified drug rehabilitation program must include at least two unannounced drug tests and satisfy at least one of the following requirements:

  • Be qualified to receive funds directly or indirectly from a federal, state, or local government program.
  • Be qualified to receive payment directly or indirectly from a federally or state-license insurance company.
  • Be administered or recognized by a federal, state, or local government agency or court.
  • Be administered or recognized by a federally or state-licensed hospital, health clinic, or medical doctor.

2. Students denied eligibility for an indefinite period can regain eligibility after completing any of the following 3 options:

  1. Successfully completing a rehabilitation program, as described below, which includes passing two unannounced drug tests from such a program
  2. Having the conviction reversed, set aside, or removed from the student’s record so that fewer than two convictions for sale or three convictions for possession remain on the record: or
  3. Successfully completing two unannounced drug tests which are part of a rehab program (the student does not need to complete the rest of the program).

It is the student’s responsibility to certify to us that he/she has successfully completed the rehabilitation program.

Helpful Hints when applying for Financial Aid

  • Apply early. An early start will leave time to collect information, ask questions and solve problems.
  • Read instructions and follow directions carefully making sure all documents submitted are complete, accurate and contain required signatures.
  • Print your name and Social Security number on all documents submitted.
  • Make copies of all documents including all correspondence with your lender or school and keep them in a financial aid file.
  • Mail all tax return transcripts and other documents to the Financial Aid Office.
  • Carefully read all correspondence from Financial Aid.
  • Respond promptly to all requests for additional information.