Financial Aid

Financial Aid

Student Financial Services  provides important information to all students regarding student financial aid and student accounts. Students are encouraged to read the complete section on student financial services and ask questions if necessary. It is the responsibility of all students to become familiar with policies and procedures that may affect their financial status.

Important:  APU does not send out individual student billing statements.

All financial aid and student account information is available via the “student portal”. Make sure you can access your information. The official method of communication at APU is student campus e-mail. It is your responsibility to check your APU e-mail for correspondence.

Please contact Student Financial Services with any questions or concerns related to your financial aid or student account; email: sfs@alaskapacific.edu, phone: (907) 564-8341.Student Financial Services is located on campus in Carr-Gottstein, Room 106. Our normal office hours are from 8:00 am to 5:00 PM Monday through Friday – appointments are not required.

We emphasize that students who are diligent in their scholarship searches through national scholarship databases may find they receive enough funds to pay for the majority, if not all, of their education at APU. These scholarship database lists are available in the Student Financial Services Office or through diligent search and consist of monies given upon the basis of major, heritage, religion, need/non-need, membership, age, and even contests.

Federal Financial Aid Eligibility

To be considered for financial aid, a student must comply with the following requirements:

1. Student must be fully admitted to Alaska Pacific University as a degree-seeking student. Provisional or early decision status does not qualify for Federal Aid.
2. Half-time students are eligible to receive Federal Stafford Loans.
3. Complete a Free Application for Federal Student Aid (FAFSA) and request the results be sent to APU, school code 001061. The results will be received electronically by APU from the federal processing center.
4. Students interested in alternative (private) loans must apply directly through their chosen lender.
5. Submit a Master Promissory Note if accepting a Federal Direct Stafford Loan for the first time at APU. It is valid for 10 years.
6. Complete Loan Entrance Counseling if accepting a Federal Direct Stafford Loan for the first time at APU.
7. Comply with all application deadlines. Financial aid must be reapplied for annually.
8. Respond to and complete all requests for documentation, verification, corrections, and other information as requested by the Student Financial Services Office or the agency to which you apply.
9. Accept/decline awards electronically through the student portal by the required date. A financial aid offer is not valid until the awards acceptance has been submitted through the student portal or in writing to the APU Student Financial Services Office.
10. Notify the Student Financial Services Office in writing of any of the following changes: course load, withdrawal, marital status, residence, living arrangements, or aid received from outside sources.
11. Maintain good academic standing and make satisfactory progress toward completing an academic program in accordance with APU Financial Aid Satisfactory Academic Progress Policy.

FAFSA Application Information

FAFSA is the required application for the federal financial aid including: Federal Direct Stafford Subsidized Loan, Unsubsidized Loan, Parent Plus Loans, Graduate Plus Loans, Federal Pell Grant, and Federal Supplemental Education Opportunity Grant. All students, both incoming and returning, requesting financial aid are encouraged to file a FAFSA prior to June 30th for priority processing for financial aid assistance during the academic year beginning the following August.

As of July 1st, 2012, graduate students are only eligible for the Federal Direct Stafford Unsubsidized Loan and Graduate Plus Loans.

Submit the FAFSA electronically at www.fafsa.ed.gov.

Notification of the award offer may be delayed by a federally selected verification of information process; please submit accurate information when completing the FAFSA.

Federal and State Financial Aid Disbursement Rules

Federal and state regulations require that a student must be in attendance at least half-time (3 credits graduate student; 6 credits undergraduate students) before APU can disburse federal and state funds. Adding and dropping classes may affect the amount of federal/state financial aid a student receives.

Students who receive loans may need to sign for the check in the Student Financial Services Office, though most will be credited automatically via electronic fund transfer. The student will receive written notice from the SFS Office if they need to endorse their check. If the student does not sign within 30 days, the check will be returned to the lender. If the student still requires a loan, the student must reapply for a new loan.

All financial aid awarded, with the exception of Federal College Work Study (FWS), is credited to the student’s account after the student signs an award letter and if required endorses a paper loan or scholarship check. It is important that students are prompt in signing for the checks. Unendorsed loan checks are sent back to the disburser.

Some students receive financial aid in excess of direct university costs. In such cases, the portion exceeding direct costs is refunded to the student as long as it does not exceed the cost of attendance. Federal Guidelines allow institutions up to 14 days after receipt of federal funds to process any applicable refunds. This allows APU adequate time to verify the student’s enrollment and attendance in all classes. As mentioned above, drops and adds affect the student’s eligibility for all types of financial aid. It is the student’s responsibility to make sure they are enrolled in the required number of credits for each type of aid they are receiving.

Students having a credit balance on their account after federal aid is received may request an online voucher for their books. The cost of the books will be added the student’s account, thus reducing the credit balance to be refunded.

If a student’s Federal Aid is applied to their account after the census date and a credit balance is created, the refund will be processed within 14 days.

Refund checks will be disbursed from Student Financial Services (SFS) and will require a picture ID and student signature. If the student is unable to pick it up in person, they will be required to provide written authorization along with a copy of some form of identification (APU e-mail address is acceptable) for SFS to mail the refund check to the address specified by the student.

Discontinuance of Attendance

Students who drop classes may have their financial aid reduced if they then fall below the full-time/half-time credit requirement for a particular type of financial aid. Students who withdraw from APU must notify the Student Financial Services Office and the Registrar so that refund calculations or late disbursements may be made. Students who withdraw from APU may be required to begin immediate student loan repayment. Federal regulations require all student loan borrowers to participate in Exit Loan Counseling whenever they withdraw or graduate from APU, for students to understand their rights and responsibilities as borrowers.

Sharing Financial Aid Funds between Institutions of Higher Learning

Federal financial aid cannot be divided between institutions unless there is a consortium agreement between the institutions. The financial aid will be processed at the institution where the student is pursuing their degree, the home school. APU participates in a very limited number of consortium agreements. The home school will process the federal aid and any refund due to the student will be disbursed to the student approximately 14 days after the beginning of the semester or receipt of the funds, whichever is later. It is the student’s responsibility to pay the tuition and fees at the host institution.

University awards from APU will not be divided between APU and another institution of higher learning.

APU Performance Scholarships Eligibility

Awards eligibility is assessed toward the end of the academic year. Students may only regain eligibility for awards starting the next academic year. All awards are applied toward tuition for the Fall and Spring semesters only.

Presidential (merit) – $7,000

Award Criteria

Atwood (merit) – $5,000

Award Criteria

Trustee (merit) – $2,500

Award Criteria

Peterson (merit) – $1,500

Award Criteria

AK Award – $2,000

• Award Criteria
• Alaska high school graduate
• Alaska residence

APU Education Grant – $1,000

• Award Criteria
• Non-Alaska resident

Denali – Variable award amount

• Award Criteria
• Must apply with APU common scholarship application

APU participates in the Alaska Supplemental Loan Program, the Alaska Performance Scholarship Program and the Alaska Education Grant Program.
Please see http://acpe.alaska.gov/FINANCIAL_AID/Grants_Scholarships and http://acpe.alaska.gov/FINANCIAL_AID/Loans/State_Education_Loans for more information.

Satisfactory Academic Progress for Financial Aid

Federal Financial Aid regulations require Alaska Pacific University to establish a Satisfactory Academic Progress Policy (SAP) for students receiving financial aid. Further, APU must notify students of that policy and monitor the progress of all students receiving financial aid to ensure continued compliance. It is the responsibility of all financial aid recipients to familiarize themselves with the policy and to ensure the standards are met. Failure to meet financial aid satisfactory academic progress standards may place a student’s financial aid eligibility in jeopardy.

All students must maintain a minimum of 66.7% completion rate of term and yearly attempted credit hours. An undergraduate student with attempted hours of 0-29 is required to maintain a minimum cumulative grade point average of 2.0 and a student with 30 credit hours or above is required to maintain a minimum 2.25 cumulative grade point average. Graduate students are required to maintain a minimum cumulative GPA of 3.00, with no semester falling below 2.50.

Satisfactory academic progress must be maintained even during semesters in which aid is not received.

Academic progress will be reviewed at the end of each semester. Results of that review will be used to determine the subsequent semester eligibility for financial aid.

All students are responsible for maintaining the minimum semester percentage of credit hour completion and cumulative grade point average required.

All students must be enrolled and seeking a degree to receive financial aid.  Students who owe a repayment or are in default on any of the Title IV Programs will not be eligible for financial aid (federal and institutional)

Student’s official enrollment status will be determined on the census date of enrollment and aid will be awarded accordingly.

Warning

Students who fail to complete the required minimum number of credits to maintain the 66.7% completion rate of attempted hours or fail to meet the required minimum cumulative grade point average will be placed on warning for the subsequent semester. All students placed on warning will receive a letter of current eligibility status. Students on warning will be eligible to receive financial aid during their semester of warning. Students placed on warning and their advisors will see an alert message in the university’s CAMS software system warning them of the warning status. Failure to regain good standing within the one semester of warning will result in the suspension of financial aid (federal and institutional).

Grades

Grades of AU, I W, WU, and NC indicate unsatisfactory completion of courses for financial aid purposes. An incomplete grade (I) will be treated as an “F” until work is completed and the grade is recorded.

Incoming Students

First-time freshmen and transfer students with no prior academic history at APU are considered to be making satisfactory academic progress for the first semester of enrollment.

Financial Aid Time-Frame

The maximum number of credits for which a student may receive financial aid is 150% of the published credit requirements of his/her educational program. The standard of 192 credit hours for a bachelor’s degree and 96 credit hours for an associate’s degree is used to comprise 150% of the basic graduation requirements. Monitoring begins from the first credit attempted, regardless of whether or not the student received federal financial aid. Any course for which a student receives credit, including transferred courses or repeated courses, are included in this calculation. Students pursuing a second bachelor’s degree or teacher certification must complete degree/certification requirements within 2 years of full-time enrollment.

Graduate students must complete degree requirements within 150% of full-time enrollment not to exceed total credit hours established within their degree program. Any semester of less than full time enrollment will be considered proportionately. All enrollment periods count toward maximum time frames, regardless of a change in degree or major or whether or not aid was received.

Incomplete Grades

Courses with incomplete (I) grades do not count toward satisfactory academic progress. It is the student’s responsibility to notify the Student Financial Services Office of any changes in grades as it could change the student’s eligibility for receipt of financial aid.

Repeated Courses

Courses that have been repeated and are counted towards a student’s degree program count toward the minimum credit load required for receiving aid during a given period of enrollment. Repeated courses also count toward the 150% rule under the SAP policy.

Review Coursework

Students who enroll in review coursework (less than 10000 levels) may receive financial aid. The federal government allows students to receive up to a maximum of 30 credits in this level of coursework.

Distance Delivered Courses

These courses count toward the credit hour load and may be used to fulfill credit hour requirements for financial aid if the courses are counted towards a student’s degree program.

NOTE: Students are required to complete these classes within the enrolled time period.

Institutional Funds

Students receiving scholarships, grants, or tuition waivers from APU are expected to meet the satisfactory academic progress requirements listed in this document. Please be advised, however, that some scholarships and waivers require a higher GPA for continued receipt.

Withdrawals

Students who withdraw from the university, after the census date, may be suspended from receiving future financial and could be liable for refunds and/or return of Title IV funds.  A student who withdraws from the University on or before the census date and receives no financial aid will not be held responsible for completing minimum percentage of hours.

Financial Aid Suspension

Financial aid suspension will result from failure to:

1.       Complete the minimum required percentage of credits required during the academic year or two consecutive terms of enrollment.

2.      Maintain the required cumulative GPA based on the student credit hours attempted.

3.      Graduate prior to exceeding the maximum number of credit hours allowed.

4.      Meet the requirements of a federal financial aid appeal approval. A student who is suspended after failing to meet appeal requirements MUST attend on his/her own without financial aid and earn the required cumulative GPA and/or minimum required percentage of credits in order to regain eligibility. Subsequent appeals may be considered if a student has experienced unusual, extenuating circumstances.

Financial Aid Reinstatement

Appeals

A student whose financial aid has been suspended may submit a written appeal to Student Financial Services after notification of this/her non-compliance. The appeal must include any extenuating circumstances (such as student illness or the death of an immediate family member). The student must complete the APU Appeals Form in full and submit all documentation required to be considered for reinstatement of financial aid. Appeal forms are available in the SFS Office. Appeals will be reviewed by the Financial Aid Appeals committee. All decisions of the Financial Aid Appeals Committee are final.

Alternative Route to Reinstatement of Eligibility

A student who does not wish to appeal or whose appeal has been denied may regain eligibility the semester following the completion of the percentage of credit hours attempted and/or the required cumulative grade point average.

Probation

A student who has been put on Financial Aid Suspension that has filed an appeal and has been approved will be placed on Financial Aid Probation. All students placed on probation will receive a letter of current eligibility status. Students on probation will be eligible to receive financial aid during their semester of probation. Students placed on probation and their advisors will see an alert message in the university’s CAMS software system warning them of the probation status. Failure to meet the requirement of the approval within the one semester of probation will result in the suspension of financial aid (federal, state, and institutional).