1. Financial Aid Award Revisions and Adjustments
The Solution Center
Financial Aid Award
Revisions and Adjustments

2. Objective
What you will learn?
TSC staff will understand why changes were made to students’ awards
Know which changes are initiated by FAO
Know which changes are initiated by student

3. Revisions Initiated by FAO
Change in FA Load Status (i.e., enrollment)
FA assumes the following FA Load Statuses for initial aid package:
UGRD = Full-time (12 credits)
GRAD = Three-quarter time (FA=9 credits)
DOCE = Half-time (6 credits)
Enrollment is confirmed after Add/Drop period of every semester
Students whose FA Load status changes, is manually reviewed and repackaged accordingly during FA Exceptions Process

4. Revisions Initiated by FAO (cont.)
In addition to Enrollment, students will see adjustments due to changes in the following:
Change in grade level
Change in residency
Change in housing status
Change in degree status
Change in graduation term
Change in aid eligibility
Exceptions processing continues throughout the academic year on a weekly basis

5. Revisions Initiated by the Student
Reduce / Decline Awards
Students may decline/reduce loan and student employment awards directly on iSiS self-service.
Note: once a loan has been disbursed, the student can no longer reduce/decline loan on iSiS. Request must be made in writing to FAO.
Additional Resources
Students receiving internal/external scholarships, waivers, stipends, assistantships or other payments toward education expenses must notify the FAO in writing
Request for Additional Aid
Student may request additional aid, such as student employment. Depending upon time of year and funding, staff member would place student on wait list.

6. Additional Reasons for Adjustments
The Financial Aid Office will automatically consider a revision in a student’s aid package when the following occurs:
There is conflicting information in the student file
There are changes resulting from verification
There is a change in availability of funds
There is an error in the original award package
The student’s account will be updated by FAO to reflect change and, if necessary, the student will be repackaged and notification will be sent to the student’s UMass Lowell .

7. Additional Resources
Students receiving internal or external scholarships, stipends, assistantships or other payments toward education expenses must notify the FAO in writing 
Federal regulations require FAO to coordinate internal and external awards with other need-based financial aid awards received
IMPORTANT: ALL types of aid are applied to need first regardless if it is meritorious or need-based. In situations when student financial need has been met with financial aid funds (need or merit), any remaining need-based aid must be reduced/cancelled in order to remain within need and/or cost of attendance (COA) limits in accordance with federal regulations.

8. Maintaining Eligibility
Students must reapply for financial aid each year by the March 1st priority deadline. 
Financial aid awards are offered based on the information available at the time of the award.  Students are expected to maintain eligibility throughout the year.  If student fails to meet federal, state or institutional eligibility criteria their awards will be cancelled. 
Common eligibility failures include:
Student loan default
Non-degree status
Change in program/plan
Change in career/degree
Course load requirements. Some financial aid programs require full-time enrollment (12 or more credits) while others require half-time enrollment (6 or more credits)

9. Why is my award different from last year?
Financial aid awards may vary year to year due to a number of factors. Some reasons include, but are not limited to:  
Changes in EFC due to student/parent income
Changes in EFC due to household size/ number in college
Date of FAFSA submission
Change in enrollment and/or career
Housing status
Changes resulting from verification
Availability and changes in State, Federal or Institutional funding
Receipt of outsides resources

10. Reminder !!!
Students should be advised to review their UML and iSiS accounts frequently for updates and communications regarding their financial aid award status.