Financial Aid Checks, Balances and Service Indicators
The federal and state governments require that all colleges and universities set up a system of checks and balances to make sure that students maintain their financial aid eligibility throughout each award period. These checks and balances are instituted to alert students to potential problems that may prevent them from registering, receiving financial aid, or clearing their bills. There are legislated regulations that govern the rules for schools, and the system of checks and balances ensure that these rules are followed.
An example of how a rule is followed appears in the Service Indicator system the University has developed to ensure that only eligible students continue to receive financial aid. LIU has created these Service Indicators with impacts that prevent, for example, a student who is in loan default, from receiving future financial aid. Please see the chart below, which provides the financial aid and bill clearing Service Indicators most frequently seen on student accounts.
Also included in our checks and balances system is a very comprehensive review of the academic record of our students, which guides them in making sure that they are earning enough credits each year, that they are achieving a cumulative average of at least a 2.0, and that they are making progress toward their degree objective. A comprehensive description of this academic review and charts that describe the above requirements can be found in Good Academic Standing section of this Web site.
In addition to the regulations governing federal financial aid, New York State requires certain academic standards be met as well. These standards serve to ensure that students are making progress toward their degree objectives. Good academic standing requirements for TAP may be found on the Tuition Assistance Program page.
Service Indicators (My LIU Holds)
As part of maintaining the integrity of the financial aid packages offered to students and in complying with federal guidelines, the University has set in place descriptive Service Indicators or Holds that appear on the student’s My LIU record. These Service Indicators provide information regarding problems with academic status, loan default, or prior billing indebtedness. These Service Indicators are part of the student’s record and are visible to the student via the Self-Service Portal of their My LIU account. Service Indicators also are visible to all administrative offices providing services to students.
The following is a listing of some of the most common Service Indicators, and the actions triggered by their appearance on a student’s record.
||Impact of the Service Indicator|
|Financial Aid M Block
||Default on a campus-based financial aid loan (Federal Perkins or HPL Loan)
||No further financial aid funding is permitted|
|FA Exit Interview
||An electronic Loan Exit Interview has to take place
||No diploma may be released until the student completes an electronic Loan Exit Interview|
||There is a prior balance owed to the University which exceeds $1,500
||No future registration may take place|