student loan question

[crz4mm2]

Anyone have any idea if a student is still eligible for student loan $$ if they fail a semester?
THanks.

 

[funhouse8]

Yes, they still can apply for them, I do know that if you have any money from TAP this will have to be repaid. Found this out the hard way. Good luck it does get better!

 

[crz4mm2]

Yes, they still can apply for them, I do know that if you have any money from TAP this will have to be repaid. Found this out the hard way. Good luck it does get better!

Thanks. WHat is TAP?

THanks again. I hope it gets better. I am very disappointed right now

 

[funhouse8]

No sure where you are from and if your state has something similar but here in NY it's:
The Tuition Assistance Program (TAP) is New York's largest grant program. It helps eligible New York residents attending in-state post-secondary institutions pay for tuition. TAP grants are up to $5,000, based on the applicant and family NYS net taxable income. Start the TAP application process using the FAFSA.

This normally doesn't have to be paid back unless the students grades fall below a certain %. Good luck to you!

 

[rhett972]

Anyone have any idea if a student is still eligible for student loan $$ if they fail a semester?
THanks.

Hello CRZ.
When you say "fail a semester", do you mean failed all of the classes or dropped out entirely? Is he or she intending to re-enroll at the same school or at a different school?

Failing a semester, in and of itself, doesn't necessarily exclude you from student loans although it can reduce the amount the student may be eligible for in that year. It also may mean a loss of the 6-month grace period. Definitely need to have a conversation with the school's financial aid office here.

Some options to seriously consider:

1. Pay those loans back for the semester that was failed right away
2. Take 6 months off and start fresh with a new academic year
3. Be prepared to pay cash for some or all of the next semester

At any rate, he or she needs to come up with a plan to make sure that it doesn't happen again. Most schools can work with a student on a probationary basis after one bad semester but they normally won't do anything if it is a repeat performance.

Let me know if you have additional questions.