FAFSA monies and amount of credits per year, Do they count CLEP and Dantes as credits

[EI2HCB]

Hi everyone,

I know theres someone who's answered this question before, however When I apply for FAFSA I am able to get around $5,000 based on last years income. Here's the question, If I join Excelsior and do CLEP and DSST after I join are these credits counted towards a minimum I must attain each year in order to keep my full amount of FAFSA money.

I've got a choice, sign up at my local CC which costs 3,000 for the yearand gain credit there along with having them evaluate my foreign credit and award credit for them and have FAFSA money left over or at least cover the cost of books.

or

I join Excelsior , have them evaluate my Irish credits enroll in a few of their courses and continue to CLEP out. Does submitting CLEP and gaining credit allow me to get my FAFSA money or will I need to take full amount of credits to get the FAFSA

your help is appreciated

Desmond

[nj593]

How do you know $5,000? Did the school report this?
Is this in loans or grant money?
Fafsa in it self does not grant you return money. Maybe Im just confused. I know when I attended the only money I would get in return would be loan money from Sallie Mae which is totally opposite of Fafsa. They would return any grant money that was left over. As for clep and taking exams while in school. The credits will get banked in. Your money stops going to the school each term when you are done with the school. There is nothing that says you need to hold say 12 credits in order to get financial aid. I would say call the school financial aid office and speak with a rep. Dont forget that if its not grant money your getting you have to pay it back. Trust me it adds up. I have posts on here on how Im stuck with ex amount of money now. So if you can return it do so !

Hi everyone,

I know theres someone who's answered this question before, however When I apply for FAFSA I am able to get around $5,000 based on last years income. Here's the question, If I join Excelsior and do CLEP and DSST after I join are these credits counted towards a minimum I must attain each year in order to keep my full amount of FAFSA money.

I've got a choice, sign up at my local CC which costs 3,000 for the yearand gain credit there along with having them evaluate my foreign credit and award credit for them and have FAFSA money left over or at least cover the cost of books.

or

I join Excelsior , have them evaluate my Irish credits enroll in a few of their courses and continue to CLEP out. Does submitting CLEP and gaining credit allow me to get my FAFSA money or will I need to take full amount of credits to get the FAFSA

your help is appreciated

Desmond

[rebel100]

How do you know $5,000? Did the school report this?
Is this in loans or grant money?
Fafsa in it self does not grant you return money. Maybe Im just confused. I know when I attended the only money I would get in return would be loan money from Sallie Mae which is totally opposite of Fafsa. They would return any grant money that was left over. As for clep and taking exams while in school. The credits will get banked in. Your money stops going to the school each term when you are done with the school. There is nothing that says you need to hold say 12 credits in order to get financial aid. I would say call the school financial aid office and speak with a rep. Dont forget that if its not grant money your getting you have to pay it back. Trust me it adds up. I have posts on here on how Im stuck with ex amount of money now. So if you can return it do so !

Thats is not really correct....or maybe its just poorly worded, I'm unclear about what your saying.

FAFSA is the US Governements financial aid gateway. Pretty much every school will require it's students to complete the FAFSA application if that student is seeking aid. There will be report generated when you apply and it will give you a pretty good idea of what you qualify for: grants/loans etc...

Grants are like a gift from the US taxpayer and are given out to students who qualify based on "need". This is usually in the form of a PELL grant....this DOES NOT HAVE TO BE REPAID except in some rare instances....like if you withdraw from your classes you don't get to keep the money. There is a 6 year maximum to PELL benefits and the award ranges from a few hundred bucks to about $5700/year. Typically the funds are split into the spring and winter semesters...so you get 1/2 per regular semester. You must take a full time course load to recieve full time (full grant) benefits. You can take as few as 6 credits a semester and still receive aid, but you will cut your benefit in half. If you go to an inexpensive school and the benefit is greater than your tuition/fee's/and books you will get a check through your school for the difference which you can spend anyway you like.

FAFSA also is the initial qualifier for loans such as stafford, perkins, etc... one can be awarded a grant and still need loans to cover costs. One can be denied a PELL and still get loans. Loans of this nature are dangerous. They are guaranteed through the Federal Gov. but you have to pay them back....they are not even dischargeable in bankruptcy....be carefull if you go this route.

CLEP/DSSt/Striaighterline/ALEKS are NOT eligible to count in the number of credits you need to take to qualify for aid. You cannot receive aid for the purpose of taking them (though you can use any overage grant mpney this way if you like). The 6 minimum for 1/2 aid and the 12 minimum for full time aid have to come froman organized class through a school. This can vary a bit from school to school, but it's essentially a concrete rule (that can at times be bent...a little).

[marianne202]

Rebel is correct. This fall they reduced the total number of semesters that you can attend school and receive PELL funding. This takes into account all years combined, regardless of how long ago it was. Keep this in mind going forward. You want to make sure you can finish your degree in the number of semesters allotted. Loans don't have a limit per se except what they think you can afford to repay. You have to be doing full-time = minimum 12 credits per semester or part-time = 6 credits per semester (but some don't qualify for part-time status). You can get a check for excess PELL funds to use towards housing, transportation etc.

[mrs.b]

To expand just a little on what Rebel and marianne explained, you must earn the minimum number of graded credits per term (and that may differ by school, based on how their terms are distributed through a traditional semester timeframe) to receive any funding, whether grants or loans. Credit-by-exam options are not considered graded, even if a specific school transcribes them that way; not all schools will do that. You can use credit-by-exams in addition to actual courses, but you must earn at least the minimum number of course credits to receive funding.

Your best resource to be certain you develop a degree plan that will optimize available funding as well as your time and effort is to consult with your specific schools' financial aid departments and see what their policies are and how they distribute credits and funding. It always differs slightly by school, and changes periodically even within the same schools as Federal restrictions and guidelines get updated. Give your community college and Excelsior both a call and see what works best for your specific situation.

[EI2HCB]

To expand just a little on what Rebel and marianne explained, you must earn the minimum number of graded credits per term (and that may differ by school, based on how their terms are distributed through a traditional semester timeframe) to receive any funding, whether grants or loans. Credit-by-exam options are not considered graded, even if a specific school transcribes them that way; not all schools will do that. You can use credit-by-exams in addition to actual courses, but you must earn at least the minimum number of course credits to receive funding.

Your best resource to be certain you develop a degree plan that will optimize available funding as well as your time and effort is to consult with your specific schools' financial aid departments and see what their policies are and how they distribute credits and funding. It always differs slightly by school, and changes periodically even within the same schools as Federal restrictions and guidelines get updated. Give your community college and Excelsior both a call and see what works best for your specific situation.

Thanks for the information. Excelsior is now my only option because my household goes from 1 to two people before the fall semester (which is when my cc has classes available) therefore I can enroll in excelsior now and start using the cash before the fall semester which is when my circumstances change and I loose the funding.

[rebel100]

Thanks for the information. Excelsior is now my only option because my household goes from 1 to two people before the fall semester (which is when my cc has classes available) therefore I can enroll in excelsior now and start using the cash before the fall semester which is when my circumstances change and I loose the funding.

All of the big 3 are possibilities. Definitely check with EC and even TESC

COSC will even help work out a consortium agreement between say them and CSU-Pueblo where you could more easily make use of the funds.

Western Governors starts students the first of every month (though they have a funny system where they call credits competency units and that throws things off a bit).Online University | Online Degree Programs, Accredited Bachelor's and Master's

CSU-Pueblo will likely let you start late if you enroll in their degree completion program....would let you use the PELL funds to accrue credit and you could either finish there or transfer the credits out after the summer....or whenever. Undergraduate Degree Program > Division of Continuing Education > Colorado State University-Pueblo

[mrs.b]

Not to deter intrest from my alma mater, but unless a student is wanting to go with a full load of 36+ credits in the year through TESC through their comprehensive tuition plan, they are losing their viability as an inexpensive option (and frankly, their financial aid department is abysmal, unfriendly, and prone to supplying wrong information unless you can get them to put something in writing and good luck getting them to answer an email). I would point towards COSC and Excelsior over TESC for this situation. Both have reputedly much better customer service and options to choose from where financial aid is concerned.