Repacks
In a repack situation, how would the student's financial aid be "prorated" What does it mean?
Alexander - I'm hoping someone from your institution will reply as each circumstance for packaging varies.
The institution I work for is credit hour based. So all of their awards are based on how many hours they are completing. If they do not need to required hours for a full award, we pro rate it based off the hours they need.
As stated above repack are based on the model your paticular school functions under, for my school number of credits the students will be completing are a major factor in granting aid.
If a student is on the Final Period of study we must prorated: by the amount of credits in the term divided by the Academic year Definition to let you know the amount of eligibility for the final period.
Check to see if the student has ever withdrawn and re-entered. If so, the aid may need to be distributed proportionately due to a partial academic year. Also, the final period of study may be less than one academic year and require division. Use the Funding Worksheet for non-standard term programs, and the Program Outline for non-term programs to calculate the proration.
I agree with Tracy Lee. Please see your Supervisor. Have a wonderful week-end. :-)
If a student is only taking 1 or 2 courses per academic year then the loan money and PELL must be prorated.
Prorating funds doesn't always apply to repacks and to certain programs so I agree with Traci. Please see your supervisor for the appropriate training on prorating funds.
