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Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: Robert Kneschke/Shutterstock August 18, 2021 Dori Zinn has been a personal finance journalist for more than a decade. Aside from her work for Bankrate, her bylines have appeared on CNET, Yahoo Finance, MSN Money, Wirecutter, Quartz, Inc. and more. She loves helping people learn about money, specializing in topics like investing, real estate, borrowing money and financial literacy. Chelsea has been with Bankrate since early 2020. She is invested in helping students navigate the high costs of college and breaking down the complexities of student loans. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our loans reporters and editors focus on the points consumers care about most — the different types of lending options, the best rates, the best lenders, how to pay off debt and more — so you can feel confident when investing your money. Bankrate logo Editorial integrity
Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. To keep receiving federal financial aid, you’ll need to complete the Free Application for Federal Student Aid, or , every year and show satisfactory academic progress (SAP). SAP is a measure of the progress you’re making toward your degree, typically establishing a minimum grade point average and number of credit hours each year. Here’s what it means for your financial aid and why it matters. How satisfactory academic progress works
Satisfactory academic progress varies by institution, so each school’s exact requirements are unique. Generally speaking, SAP is an institution’s standard for making progress toward your desired degree or certificate. SAP tracks your grade point average and the number of credits you get as you make your way through college. The better your grades with the minimum number of classes you need to take, the more likely you are to receive financial aid. What are the three components of satisfactory academic progress
SAP consists of: Grades: Your grades are one of the most influential parts of financial aid. The better your grades, the better chance you have of getting financial aid for the next school year. While the exact grades differ by school, you generally have to maintain a C average or better for satisfactory academic progress. Credit hours: Credit hours are how many credits you take in a given semester or school year. You’ll need to enroll in and complete a minimum number of credit hours to secure financial aid for the upcoming year. Degree completion timeline: Most two- and four-year institutions have tracks in place for you to complete your degree within a specific time frame, whether you’re part time or full time. Since each school determines its own satisfactory academic progress, you’ll need to check with your school’s website or financial aid office to see if you’re on track. Does dropping a class affect your satisfactory academic progress
Dropping a class could hurt your satisfactory academic progress. If you aren’t taking and completing the minimum number of credit hours each year required by your institution, you might not qualify for financial aid in the future. If you already received financial aid for the current semester, dropping a class could mean returning some of the aid you’ve gotten. Why does satisfactory academic progress matter
If you don’t make satisfactory academic progress, you could: Receive a financial aid warning: These usually last about one term, and you typically keep getting aid during the warning period. As long as you meet the requirements within the given time frame, you shouldn’t have any issues and the warning will be lifted. But if you don’t meet the requirements, you could lose your financial aid. Financial aid suspension: Failing to keep up with satisfactory academic progress could result in losing your financial aid for the upcoming term or year. This also hurts your chances of future enrollment if you can’t afford to pay for school on your own. Many also have satisfactory academic progress requirements. If you fall below your school’s SAP threshold, you may not qualify for private loans. Appealing satisfactory academic progress
If you don’t meet your school’s satisfactory academic progress, you could lose federal financial aid funding. However, some schools allow you to appeal this decision and will tell you so when you receive the letter detailing your loss of financial aid. You can appeal if you’ve experienced: Severe personal injury or illness. Death of a relative. Other special circumstances determined by your institution. You’ll need to show that there was a direct link between your circumstances and your poor academic performance. For instance, along with the immense grief of losing a parent, you may also need to handle arrangements for a funeral, burial and the completion of any last wishes. This means that you might not be able to attend classes, attend labs or complete coursework during this time. Your appeal needs to detail what changed or impacted your SAP. You’ll need to give as much detail as possible in a written statement. Your school will give you a timeline for when you should complete the appeal; otherwise, you won’t have another chance to regain your financial aid eligibility. If your appeal was successful, you could regain your financial aid but possibly enroll in a probationary period. You can still get aid during this time, but you’ll need to meet the minimum requirements set by your school or risk losing aid in the future. The bottom line
You need to meet the minimum satisfactory academic progress requirements set by your school or you could risk losing financial aid. Without it, you’ll miss out on any federal funding, including , and . Additionally, some private student loan lenders set their own satisfactory academic progress requirements. If you’re struggling with your schoolwork, reach out to your professors, academic advisor or campus tutoring center as soon as possible. Learn more
SHARE: Dori Zinn has been a personal finance journalist for more than a decade. Aside from her work for Bankrate, her bylines have appeared on CNET, Yahoo Finance, MSN Money, Wirecutter, Quartz, Inc. and more. She loves helping people learn about money, specializing in topics like investing, real estate, borrowing money and financial literacy. Chelsea has been with Bankrate since early 2020. She is invested in helping students navigate the high costs of college and breaking down the complexities of student loans. Related Articles