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Financial Aid

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, 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.

The major categories of financial assistance programs include grants, scholarships, loans, and student employment. Grants and scholarships do not have to be repaid, nor does the income earned through student employment. Loans from state and federal government sources or from private lenders must be repaid. Most of these programs are based on the student's financial need.

A complete description of financial assistance programs is available online at http://prescott.erau.edu/financial-aid/index.html under the Financial Aid section. 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.

Eligibility Requirements

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

  1. Be U.S. citizens or eligible noncitizens
  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 (must complete the Free Application for Federal Student Aid (FAFSA))
  6. Not be in default on a federal loan or owe a repayment on a federal grant received at any institution.

The Application Process

Students that are applying for admission to the University should complete their federal application (FAFSA) at www.fafsa.gov after January 1 of the year they plan to enroll. Embry-Riddle’s school code is 00147900, and our priority deadline is March 1st of each year. In order to receive federal aid, you must complete your FAFSA every year.

Programs Available

For specific information about sources of financial aid, please refer to our website as follows:

Grants –            http://prescott.erau.edu/financial-aid/grants/index.html

Loans -              http://prescott.erau.edu/financial-aid/loans/index.html

Employmenthttp://prescott.erau.edu/financial-aid/student-employment/index.html  

Institutional Sources of Aid

Academic Merit Scholarships

Scholarships are awarded to entering freshmen and college transfers who possess outstanding academic credentials. The minimum grade point average (GPA) to be considered for a merit award is 3.0.  Award amounts can range up to $15,000 per year for entering freshmen and $7,500 for transfers.  Each student is expected to enroll full time (12 hours or more) and maintain a cumulative GPA of 3.0 or higher annually.

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 campus Financial Aid Office

Athletic Grants

The University offers a limited number of Athletic Grants for qualified students. Athletic awards are available for men and women's cross-country, men and women's golf, men and women's soccer, men and women's basketball, softball, volleyball, and wrestling.  The maximum value permitted by the NAIA is the actual cost of tuition, room, board, books, and fees. However, most grants are awarded as partial tuition waivers. To qualify, students must meet both University and NAIA eligibility requirements. The grants are highly competitive, and interested students should contact the campus Athletic Department for specific details.

Donor Scholarships

The University has endowed scholarships as a result of the generosity of our donors . Scholarship award amounts vary from $500 to $5,000 and are not renewable.  Scholarship criteria also vary; some are very specific and others are very general.  Most are based on need which is determined by the results of the FAFSA. The scholarship application can be found in ERNIE under Financial Aid.

Resident Advisor Positions – Employment Opportunity

The University offers opportunities for students to become a Resident Advisor and receive compensation each semester.  Please contact the Department of Housing and Residential Life for specific criteria and deadlines.

Student Government Association Leadership Program – Employment Opportunity

The Student Government Association (SGA) at each residential campus offers partial tuition waivers for elected officials of the organization. The amount of the waiver varies depending on the position held. The goal is to stimulate interest in holding elected office and to recognize the commitment student leaders make in such positions.

For information about the criteria students must meet to run in an SGA election, or for other information about the program, contact the Student Government Association office.

External Financial Aid Programs

Reserve Officer Training Corps

The Air Force Research Officer Training Corps (ROTC), Army Reserve Officer Training Corps (ROTC), and the U.S. Marine Corps Platoon Leaders Class Programs provide tuition scholarships to students who meet specific academic, medical, and physical requirements. In addition, Embry-Riddle offers financial assurances to new high school ROTC Scholarship winners. For more information on all requirements and benefits, refer to the Degree section of the catalog.

Veterans Education Benefits

Most Embry-Riddle degree programs are approved by the U.S. Department of Veterans Affairs for enrollment of persons eligible to receive education benefits.  For further information concerning approved programs and the application process, eligible persons should contact the University’s Veterans Certifying Official at 928-777-3795. Students can also visit the U.S. Department of Veterans Affairs website at www.gibill.va.gov for more information.

Graduate Financial Aid

Graduate students can complete the FAFSA to apply for federal loans.  They can borrow up to $20,500 annually in Federal Stafford loans based on their tuition, fees, living expenses, books and transportation costs for the academic year. If funding is needed beyond the Stafford loan program, please refer to our website for additional loan opportunities.   http://prescott.erau.edu/financial-aid/loans/index.html

Assistantships

Graduate assistantships are academic appointments that are normally reserved for qualified graduate students. A graduate teaching assistant helps in teaching undergraduate students in specified courses or laboratories under the general supervision of a faculty member. A graduate research assistant is involved in research activities under the direction of a faculty member or a research associate. A graduate administrative assistant assists departments or faculty with curriculum development, special projects, and other duties as assigned. To be eligible for a graduate assistantship, a student must have full graduate status in a degree program, must have maintained a CGPA of 3.00 out of a possible 4.00 or above,  through the end of the semester (graduate or undergraduate) preceding the appointment, and must demonstrate adequate communication and technical skills.

The graduate program department has the responsibility to post the availability of its graduate assistantships.

Students should contact departments directly about the availability of assistantships.

Full graduate assistantships carry a stipend set by the University and a partial tuition waiver. Graduate assistants with such appointments are expected to devote up to 20 hours each week to effectively carry out their assignments. Under some circumstances, partial assistantships providing either tuition or a stipend may be granted. In such cases, expected time to be devoted is set by the assigning department. Graduate assistants are permitted to accept other University employment; however, University policies limit all students to a total of 25 hours of work per week, including the graduate assistantship. All graduate teaching, research, and administrative assistantships require that the recipient be registered for three or more graduate credits at Embry-Riddle for any semester of their appointment.

Scholarships

The Graduate Admissions Office has limited funds available for graduate study.  Students must be admitted to a graduate program, enroll in 6 hours per term, and complete the FAFSA by May1 for fall starts and November 15 for spring starts.  Funds are awarded on a first-come first-served basis, academic profile and financial need as determined by the FAFSA.  This scholarship cannot be combined with an assistantship.

International Student Financial Aid

International students are considered for merit scholarships providing they do not have a sponsor subsidizing their entire education, have submitted a high school transcript, have a GPA of a 3.0 or higher and submitted a test score for either the SAT or ACT.  Awards range up to $15,000 per year for freshmen.  Transfers are eligible for up to $7,500 based on their cumulative GPA from all transcripts submitted.

Financial Aid Terms and Conditions

The following link will provide information regarding financial policies and your responsibilities as a Financial Aid recipienthttp://prescott.erau.edu/financial-aid/terms-and-conditions/index.html.

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
Credit hours attempted are all course credit hours for which you are enrolled as of the end of add/drop period.
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.

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.

Examples of the maximum allowable attempted hours are noted below:

  • For a degree requiring 120 Credit Hours the Maiximum Allowable Attempted Credt Hours is 180 (120 x 1.5)
  • For a degree requiring 129 Credit Hours the Maiximum Allowable Attempted Credt Hours is 194 (129 x 1.5)

These maximum credit hours may vary depending on your specific program.

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 Title IV Funds Policy

This brochure helps explain certain procedures the ***Embry‐Riddle Aeronautical University (ERAU) Financial Aid Office must follow when administering the Financial Aid Programs.  It contains information for students who withdraw, ceases to attend, or ceases to participate from all classes within a semester/term and receive financial aid. The Return of Title IV Funds Policy, in accordance with federal regulations, will determine the amount of financial aid funds to be returned.  This policy is subject to change in order to comply with administrative and regulatory requirements.

What constitutes a Withdrawal?

Students who withdraw, receive an “F” for *non-attendance or *non-participation from all of their classes are subject to the Return of Title IV Federal Financial Aid Programs Policy.  

 *If a student ceases to attend ALL registered classes and/or ceases to participate in an academically related activity at any point during their Semester or Term of enrollment the faculty will use their discretion to assign an appropriate grade and supporting last date of attendance. For more information, please review your campus catalog for grading and academic policies.

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.  When a student withdraws from all their courses or ceases attendance or 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 semester/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/term 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 the student is responsible, direct loans are returned according to the promissory note.  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.  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 Direct/Stafford Loan

2. Federal Subsidized Direct/Stafford Loan

3. Federal Parent PLUS Loan for Undergraduate Students

4. Federal Perkins Loan

5. Federal Pell Grant

6. Federal Supplemental Educational Opportunity Grant (SEOG)

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 form through the Records and Registration Office at your campus.  This form will be used to determine your withdrawal date, and the amount of funds to be returned, if applicable.

In addition to the Return of Title IV Funds Policy, the Bursar’s Office will apply an institutional Refund Policy as defined in the catalog, to determine if you are eligible for a tuition credit.  For more information concerning the Institutional Refund Policy, contact the Bursar’s Office.

***Circumstances may necessitate withdrawal from the University for a semester or term in which you are already registered. Withdrawal from all sites and locations impacts your financial aid differently depending on when the withdrawal is initiated and the type of financial aid you received. However, in all cases, your financial aid must be recalculated.