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Financial Assistance

Embry-Riddle participates in a number of federal, state, and University-administered programs that help students and their families meet educational costs.

Embry-Riddle believes the primary responsibility for financing education lies with the student and the student’s family. Therefore, the student should apply for financial aid early, save money, look for ways to reduce costs, and become aware of specific program requirements by reading all financial aid publications. Financial aid awards are meant to supplement what the student and family can contribute toward costs and rarely cover all educational expenses. All financial assistance will be limited to the student’s individual remaining need or Embry-Riddle’s established cost of attendance.

A complete description of financial assistance programs and optional financing programs available to students and their parents is available on the Web under the Financial Aid section, http://daytonabeach.erau.edu/financial-aid/indez.html. Students who expect to need help in meeting their financial obligations are encouraged to seek such assistance through one or more of the programs available for this purpose.

Programs Available

The major categories of financial assistance programs include scholarships, grants, loans, and student employment. Loans from state and federal government sources or from private lenders must be repaid; the interest rate, however, is usually low, and the repayment period is extended. Grants and scholarships do not have to be repaid, nor does the income earned through student employment. Most of these programs are based on the student’s financial need.

Scholarships

Embry-Riddle

A limited number of academic scholarships are awarded to entering freshmen and college transfers who possess outstanding academic credentials. An incoming student’s completed application for admission to the University is the only application required for scholarship awarding consideration. For more information about scholarships, students should contact the Financial Aid Office of the Daytona Beach Campus.

Grants

Federal (Undergraduate Only)

  • Federal Pell Grant
  • Federal Supplemental Educational Opportunity Grant

State and Institutional (Undergraduate Only)

  • Family Grant
  • Florida Student Assistance Grant
  • Florida Resident Access Grant
  • Florida Bright Futures Scholarship Program
  • Grants from other states

Loans

Federal

  • Federal Subsidized Stafford Loan
  • Federal Unsubsidized Stafford Loan
  • Federal Parent Loan for Undergraduate Students - PLUS (Undergraduate Only)
  • Federal PLUS Loan for Graduate Students (Graduate)
  • Federal Perkins Loan (Undergraduate Only)
  • Other private-sector educational loans

Employment

The Student Employment Office provides assistance to students seeking part-time employment on or off-campus.

On-campus employment is available to students regardless of financial need. Working on or off campus not only gives students more financial support, but also helps them develop self-confidence, gain valuable employment and credit references, establish a work record, acquire useful skills in time-management, financial planning and communication.

Eligibility Requirements

To be considered eligible to apply for most financial aid programs, students must:

  1. Be U.S. citizens or eligible non-citizens
  2. Be enrolled or accepted for enrollment as at least a half-time student in a degree program
  3. Be making satisfactory progress toward a degree
  4. Be registered with Selective Service if required to do so
  5. Establish financial need
  6. Not be in default on a loan or owe a repayment on a previous financial aid award received at any institution

The Application Process

After applying for admission to the University, students may complete the federal application (FAFSA) at http://www.fafsa.ed.gov. Each year, students are required to reapply for financial aid.

Some funds are limited. Students are encouraged to complete the FAFSA as early as possible beginning October 1.

Satisfactory Academic Progress for Financial Aid Recipients

Federal regulations require ERAU to define minimum standards of satisfactory academic progress (SAP) to determine your eligibility for financial aid. ERAU must set certain standards to ensure you are progressing toward degree completion.  If you do not meet the standards, you will not be able to receive financial aid.

How is SAP measured?

The following measurements will be reviewed to determine good standing for continued financial aid eligibility:

Qualitative: College level grade point (Cumulative GPA)

Quantitative (Pace):   College credits completed and time frame needed to complete the degree

What are the standard requirements?

Qualitative:

  • Undergraduate students: Minimum cumulative GPA of 2.0

  • Graduate students: Minimum cumulative GPA of 3.0

Quantitative/Pace:

  • College credits hours completed: required to complete 67% of total credit hours attempted.

How to calculate PACE

Cumulative number of credit hours student successfully completed
Cumulative number of credit hours student attempted

              Application of Grades and Credit Hours:

  1. Credit hours attempted are all course credit hours for which you are enrolled as of the end of add/drop period.
  2. For calculating credit hours, grades of “F” (failure), “I” (incomplete), “IP” (in progress), “W” (withdrawn), “WP” (withdrawn passing), “WF” (withdrawn failing), “U” (unsatisfactory), AU (audited), FX (ceased attendance) and repeated courses, are counted as hours attempted but not as credit hours completed.
  3. For example, a sophomore that has attempted 60 credit hours and has satisfactorily completed 48 of those credit hours would have completed 80% of attempted credits hours.

Time frame needed to complete the degree: You are not allowed to attempt more than 1.5 times, or 150%, of the number of hours in your degree program of study.

Repeat Courses

For courses repeated during your program of study, both the original and repeated credit hour will be counted as attempted hours in rate of progress calculations.

Transfer Credit Hours/Change of Degree Program

Transfer credits that are accepted toward your educational program count as both attempted and completed credits.

Withdrawing from courses

Withdrawing from courses may impact your financial aid awards. Before withdrawing from class, you should contact the Financial Aid Office to determine the consequences.

Withdrawing from the university or dropping all courses in a term

Students who totally withdraw or drop all courses in a term, and receive aid may owe the university money. Before withdrawing from the university, you should contact the Financial Aid Office to determine the consequences

When are these standards reviewed?

The standards are reviewed once each academic year at the end of the spring semester. Email notifications will be sent to your ERAU email account, if you fail to meet the SAP standards.

What happens if I’m not meeting the standards?

Financial Aid Suspension

Students who fail to meet satisfactory academic progress are placed on financial aid suspension. You will not receive federal or institutional aid during this suspension.

Can I appeal my suspension?

You have the option to appeal the suspension. An appeal must be based on extenuating circumstances that seriously affected academic performance such as student or parent injury or illness, death of a relative or other special circumstances.

The Appeal Process

Contact the Financial Aid Office to begin processing an appeal. We will supply you with the appeal form and required steps. You will need to explain what type of circumstances contributed to the academic problem and what plans you have to eliminate those problems in the future. We realize that sharing personal information can be difficult. Be assured that your statement will remain confidential. An academic plan approved by an academic advisor may be required.

Financial Aid Probation

For students who are successful in their appeal, aid will be reinstated; however, placed on probation for one payment period/term. At the conclusion of the probation term, you must be meeting the school’s SAP standard in order to qualify for further Federal Title IV Funding. If you are academically suspended, dismissed, or not permitted to continue your enrollment, you will not be eligible to receive financial aid.

Reinstatement

You may reestablish your eligibility for financial assistance by achieving the satisfactory academic progress standards. Keep in mind this will be at your own expense as you are ineligible for aid. Once you have earned the required grade point average or completed the required credit hours, you must contact Financial Aid to request the reinstatement of your financial aid eligibility

Do these standards apply to every financial aid program?

These standards are related directly to the Federal Financial Aid programs.  However, state, institutional and private sources of aid have other standards that must be considered. Refer to your state web sites to review the specific criteria for each program. Contact the Financial Aid staff to determine the specific requirements of each type of aid that you receive.

Return of Federal Financial Aid for Withdrawal

Students who officially withdraw from all of their classes are subject to the Return of Title IV Federal Financial Aid Programs Policy. Students who stop attending or participating in all of their classes will be considered an unofficial withdrawal and will also be subject to the Return of Title IV Federal Financial Aid Programs Policy. The Embry-Riddle Return of Title IV Funds Policy, in accordance with federal regulations, will determine the amount of financial aid funds to be returned.

How does ERAU determine the Return of Title IV Funds amount?

Students earn a percentage of their federal financial aid each day they are enrolled and active in their classes. When a student withdraws from the university, or ceases attendance or has non-participation in all courses in a semester/term, this percentage is calculated by the number of days attended divided by the number of days in the term. The amount of federal aid you received and your institutional charges will also be used to determine the amount of federal funds to be returned. Students withdrawing beyond 60% of the semester will have 100% of Title IV programs funds earned.

Who is responsible for the Return of Funds?

Both the university and/or the student could be responsible for the return of funds. The financial responsibility is determined as part of the return of Title IV funds calculations. If the university is responsible, the funds are returned to the appropriate program. If any portion of the return of funds is due to a grant program, the university will return the funds, on behalf of the student. If the student is responsible for repayment of direct loans, the repayment will be administered according to the terms of the promissory note. In some cases, the student may have a balance owed to the university.

How will the money be returned?

The money will first be returned to the loan and/or grant programs that you received during the semester. ERAU must follow a specific order in returning the money. The order is:

1. Federal Unsubsidized Stafford Loan

2. Federal Subsidized Stafford Loan

3. Federal Parent Loan for Undergraduate Students

4. Federal Perkins Loan

5. Federal Pell Grant

6. Federal Supplemental Educational Opportunity Grant

7. Other Federal Programs

Is there anything else I should know if I withdraw from the university?

Yes, if you must withdraw from ERAU, you should complete a Withdrawal Clearance form through the Office of the Registrar. This form will be used to determine your withdrawal date, and the amount of funds to be returned, if applicable.

What constitutes an unofficial withdrawal for Federal (Title IV) Financial Aid?

If students stop attending or cease to participate in all of their classes and fail to withdraw from the University, an FX grade is assigned for each course in which they were enrolled and stopped attending. If the student receives FX grades in all classes, the student will be considered an unofficial withdrawal. The Return of Title IV funds will be calculated based on the last recorded activity date, or if that cannot be determined, the mid-point of the term.

Payment Deferrals

Students who use financial assistance to pay their University charges may have the payment date extended for the amount of their award if their funds are not ready to be disbursed by the date payment is due. This is called a payment extension. Any difference between the total charges and the amount of the extension granted must be paid according to the University’s payment procedure. To qualify for a payment extension, students must have applied for financial assistance and must have received final approval of their award.