Financial Aid Policies
Satisfactory Progress Policy Statement
Federal financial aid regulations require students to make satisfactory progress to remain eligible for financial aid. Financial aid programs affected by this policy include:
- Federal and Michigan Work-Study
- Federal Perkins Loans
- Federal Direct Subsidized Loans
- Federal Direct Unsubsidized Loans
This policy defines the minimum requirements for financial aid eligibility at Michigan Tech. Note that other types of financial aid (e.g., scholarships) may have more stringent requirements.
Students who do not meet the GPA requirements after any semester are not considered to be making satisfactory progress, and the affected financial aid for subsequent semesters will be canceled with the following exception. Students who do not meet the GPA requirement after their first semester at Michigan Tech will be placed on financial aid probation, and will remain eligible for financial aid for one semester. Students not meeting the schedule of credits passed after spring semester are not considered to be making satisfactory progress. Both GPA and credits passed requirements must be met for aid to be reinstated.
Graduate students receiving any kind of financial assistance, including fellowships and assistantships not listed above, are required to maintain, at the end of each semester, a cumulative grade point average (GPA) of at least 3.0. Failure to do so will result in the student being placed on financial aid probation and may result in the loss of funding. After receiving notification of probation, graduate students must meet with their graduate program director as soon as possible to plan a course of action for resolving the situation.
Every student must adhere to the following schedule of credits passed, even if the academic major is changed. Audits (U or V) do not count toward credits passed. To reference credits passed, access your Unofficial Transcript through Banweb.
| Semesters full-time at Michigan Tech | Master’s credits passed at Michigan Tech | PhD credits passed at Michigan Tech |
|---|---|---|
| 1 | 4 | 4 |
| 1.5* | 6 | 6 |
| 2 | 8 | 8 |
| 3 | 12 | 12 |
| 4 | 16 | 16 |
| 5 | 20 | 20 |
| 6 | 24 | 24 |
| 7 | 28 | 28 |
| 8 | 32 | 32 |
| 9 | no aid | 36 |
| 10 | no aid | 40 |
| 11 | no aid | 44 |
| 12 | no aid | 48 |
| 13 | no aid | 52 |
| 14 | no aid | 56 |
| more than 14 | no aid | no aid |
| *half-time example | ||
Credits passed include Progress grades (P). Audit grades (U or V) do not count as credits passed.
Note: For the complete statement, see http://www.admin.mtu.edu/finaid/documents/satprogpolicy.pdf.
Eligibility Defined
All students, regardless of whether they are receiving aid, have a limited number of semesters for which they are eligible for such aid. For example, undergraduates who have attended Michigan Tech for 8 full-time semesters may be eligible for another 4 semesters of aid, regardless of whether or not they have received aid in the past. The record of full-time semesters increases by one for every semester an undergraduate student is enrolled for 12 or more credits at the end of the official add period. If an undergraduate student is enrolled for 6 through 11 credits, the full-time semesters increase by one-half. Full-time semesters will not increase during the semesters undergraduate students carry fewer than 6 credits.
M.S. and Ph.D. students’ records of full-time semesters increase by one each semester in which they are enrolled for 9 or more credits at the end of the official add period. If an M.S. or Ph.D. student is enrolled for 5 through 8 credits, the full-time semesters increase by one-half. In all other cases, full-time semesters are not increased.
Credits passed include progress grades (P). GPA is calculated using all courses, which appear on the graduate transcript.
Appeals and Reinstatements
Because financial aid dollars are applied to the first billing each semester, and the progress status is not determined until semester-end grades are processed, necessary adjustments will appear on a subsequent billing of the semester following a change of progress status.
If completion of temporary grades (I or X) or other transcript changes (e.g. grade changes) warrant reinstatement, the student should notify the Financial Aid Office before the end of the semester following unsatisfactory progress.
Students not meeting the satisfactory progress requirements because of mitigating or extenuating circumstances may request reinstatement of financial aid by submitting a Satisfactory Progress Appeal Request Form along with the specified documentation. This form can be obtained from the Financial Aid Office or downloaded from the Financial Aid Office website. Appeals should be submitted to the Financial Aid Office no later than Tuesday of the first week of the semester following unsatisfactory progress. If a student’s appeal is approved, when appropriate, the full-time semesters will be adjusted allowing continued eligibility.
Financial Aid Refund/Repayment Policy
A tuition/fee adjustment, according to a schedule available in the Office of Student Records and Registration, may be required for students withdrawing from the University. The adjustment will appear on the student’s subsequent billing statement. Non-tuition refunds will be prorated according to the week of withdrawal. Withdrawing students must repay any financial aid that exceeds the charges incurred for the semester.
Return of Title IV Funds
Students who completely withdraw from all courses prior to completing more than 60 percent of a semester will have their eligibility for aid recalculated based on the percent of the semester completed. This policy shall apply to all students who withdraw, drop out, or are dismissed from the University and receive financial aid from Title IV funds. The term “Title IV Funds” refers to the following Federal financial aid programs:
- Federal Direct Unsubsidized Loan
- Federal Direct Subsidized Loan
- Federal Perkins Loan
Title IV aid is earned in a prorated manner on a per diem basis up to and including the 60 percent point in the semester. Title IV funds and all other aid is viewed as 100 percent earned after that time. The percentage of Title IV aid earned shall be calculated as follows:
(Number of days completed by the student)/(Total number of days in the semester*) = Percent of Title IV aid earned
*The total number of days in the semester includes weekends, but does not include any scheduled breaks of more than five days.
A student's withdrawal date is determined by the University as:
- the date the student began the University's withdrawal process or officially notified the Office of Records and Registration of intent to withdraw; or
- the midpoint of the semester for a student who leaves without notifying the University; or
- the student's last date of attendance at a documented academically related activity.
University’s Portion to be Returned
The percentage of Title IV aid unearned (i.e., to be returned to the appropriate program) shall be 100 percent minus the percent earned. Any unearned aid to be returned by the University is the lesser of (1) the entire amount of unearned aid or (2) the total institutional charges multiplied by the percentage of unearned aid. Unearned Title IV aid shall be returned according to the following priority up to the amount received for the semester (1) Direct Unsubsidized Loan; (2) Direct Subsidized Loan; (3) Perkins Loan.
Student’s Portion to be Returned
When the total amount of unearned aid is greater than the amount returned by the University from the student’s account, the student is responsible for returning unearned aid to the appropriate program(s). The same priority as above would be used. Any loan funds that must be returned by the student will be repaid according to the terms of the promissory note.
Return of Non-Title IV Funds
The portion of state, university and other assistance that must be returned will be calculated based on the particular program's return policy. The student will be billed for any amount due to the University resulting from the return of Title IV and Non-Title IV funds.