Living and Learning 121|Page www.kutztown.edu/thekey Student and Parent Loans By filing the Free Application for Federal Student Aid (FAFSA) students will be awarded Direct Stafford loans based on their eligibility. Students must actively accept or decline the loans each aid year. Students can accept loans and reduce the amount. Accepting and declining loans is done through their MYKU portal. First-time borrowers or students who have not had Direct Stafford Loans before must go to studentaid.gov to (1) complete loan entrance counseling and (2) sign a master promissory note (MPN). The student will use their FAFSA FSA ID to electronically sign the master promissory note. Loan funds are delivered via EFT to the Office of Student Accounts at the beginning of each term after the drop/add period is over. Parents can apply for a Parent PLUS Loan at studentaid.gov. Parents should apply for the whole academic year (fall/spring). Parents apply using their FSA ID. Those loans also disburse when the student Direct Stafford Loans disburse. The refund will go to either the student or parent, depending on the refund option the parent set up Financial Aid Progress Requirements Continued aid eligibility for incumbent students requires maintaining financial aid progress toward a degree. This measure is both quantitative (completion rate based on credits) and qualitative (GPA) in nature. Financial aid progress requirements are not the same as the University’s academic policy. Advice from an academic advisor may differ from what is needed to maintain financial aid eligibility. Financial Aid progress is measured after every period of enrollment (fall/winter, spring, summer). If a student drops below the minimum requirements following a term of good financial aid standing, they are permitted to have a financial aid warning term in which they will still receive federal Title IV financial aid. If they do not regain satisfactory financial aid progress by the end of the warning term, they will lose all federal Title IV aid until they have met the following financial aid progress requirements or are granted a semester of appeal. The financial aid progress policy is a two-part policy: 1. Successfully complete 2/3 of the total cumulative credits attempted (credits attempted are all credits which the student is enrolled in at the end of Drop/Add). 2. Maintain a cumulative 2.0 GPA. Every time a course is repeated, it will be included in cumulative credits attempted. However, the repeated course will only be counted as credits earned the first time a passing grade is received. Only credits earned from a course in which the student was actually enrolled will count for financial aid progress. CLEP credits, credits received by challenge exam, and credits received as a result of placement testing to determine proficiency are not included in the financial aid progress formula and cannot be used to make progress. Students who need to raise their GPA will need to take classes at Kutztown University, as transfer credits do not affect the GPA at KU. Taking classes at another institution will increase a student’s completion average, but will not necessarily be enough to regain financial aid eligibility.
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