In order to retain a Peabody Scholarship, students must be enrolled full-time and maintain satisfactory academic progress. Scholarships can be applied to all allowances in your cost-of-attendance budget, not just tuition, in special circumstances.
Undergraduate students must achieve a cumulative and current grade point average of at least 2.0, earn a grade of at least B- in major area enrollments (lessons, juries, recitals, hearings) and satisfactorily complete 30 credits each year.
Graduate students must achieve a cumulative and current grade point average of at least 3.0, earn a grade of at least B- in major area enrollments (lessons, juries, recitals) and complete enough credits each year as follows: MM/MA/DMA students: 18 credits; GPD/AD: 8 credits.
The amount of Peabody Scholarship remains the same throughout a student’s program for only the published length of the program. Peabody Scholarships will not increase in subsequent years and students cannot re-audition in the same program for a new scholarship or to increase current scholarship. Completing a successful jury is a requirement of satisfactory academic progress and will not result in a Peabody Scholarship award or increase. For more information, please contact the Peabody Financial Aid Office at email@example.com.
The Financial Aid Office is required by federal statute to recalculate federal financial aid eligibility for students who withdraw, drop out, are dismissed, drop to less than half time status, or take a leave of absence prior to completing 60% of a payment period or term. The federal Title IV financial aid programs must be recalculated in these situations.
If a student leaves the institution prior to completing 60% of a payment period or term, the financial aid office recalculates eligibility for Title IV funds. Recalculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula:
Percentage of payment period or term completed = the number of days completed up to the withdrawal date divided by the total days in the payment period or term. (Any break of five days or more is not counted as part of the days in the term.) This percentage is also the percentage of earned aid.
Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula:
Aid to be returned = (100% of the aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period or term.
If a student earned less aid than was disbursed, the institution would be required to return a portion of the funds and the student would be required to return a portion of the funds. Keep in mind that when Title IV funds are returned, the student borrower may owe a debit balance to the institution.
If a student earned more aid than was disbursed to him/her, the institution would owe the student a post-withdrawal disbursement which must be paid within 120 days of the student’s withdrawal.
The institution must return the amount of Title IV funds for which it is responsible no later than 30 days after the date of the determination of the date of the student’s withdrawal.
Institutional Aid (Peabody Scholarships and grants) are subject to the Peabody Conservatory’s refund policy. Contact the Peabody Registrar’s office for additional information.
Students who receive Federal Student Financial Aid must, in accordance with federal, state, and institutional requirements, be in good standing and maintain Satisfactory Academic Progress (SAP) toward obtaining their degree or certificate. Under Federal Title IV law, the college’s SAP requirements must meet certain minimum requirements, and be at least as strict as the college’s standards for Good Academic Standing. This policy applies to students applying for financial aid for semesters/periods of enrollment that begin on July 1, 2011 or after. Students receiving institutional scholarship may have additional requirements and should refer to their award notification.
The federal government requires that an institution use three measurements to determine SAP: qualitative, quantitative, and maximum timeframe. The student must maintain a minimum cumulative grade point average or equivalent measure, maintain a minimum cumulative completion rate of credits attempted, and complete a degree or certificate within a maximum timeframe set by law. The standards used to evaluate academic progress are cumulative and, therefore must include all periods of the student’s enrollment (even periods during which the student did not receive SFA funds).
What is Our Financial Aid SAP Policy?
To be able to receive federal financial aid at the Peabody Institute, students must demonstrate satisfactory progress toward their academic objectives, as measured by:
Treatment of W, I, AU, F, S, and P Grades, No Grade Reported and Repeated Coursework
How do classes taken at another institution and transferred to our schools affect a student’s SAP?
All credits accepted for transfer to the student’s program of study by Peabody Institute are taken into consideration under the quantitative measurement component of SAP as both attempted and earned credits. Grades earned at other institutions are not, however, counted when computing the student’s GPA.
How does a change of major impact a student’s SAP evaluation?
For students who change majors within their degree program, only those credits attempted which apply to their new major are included in evaluation of SAP status. All coursework is included in the calculation of GPA as required under federal law.
How does remedial coursework and ESL coursework impact a student’s SAP evaluation?
Remedial coursework and ESL coursework is included in the calculation of the GPA as required by federal law but is not included in the determination of the student’s completion rate.
How often is a student’s SAP reviewed and how are students notified?
Financial aid recipients are reviewed for SAP at the end of each traditional semester of enrollment (Fall, Spring, Summer). Letters are mailed to students who do not meet the SAP standards and are placed either in a warning status or who lose eligibility.
Financial Aid Warning Status
Students who fail to meet the minimum cumulative grade-point average standard (2.0 for undergraduates and 3.0 for graduate students; or receive a grade of B- in a lesson, jury or recital) or fail to meet the quantitative measures (at least two-thirds of cumulative credits attempted, and a 100% semester completion rate for undergraduate students) will be placed on Financial Aid Warning for the subsequent semester/period of enrollment. Students are still eligible for financial aid during the “Warning” semester.
Students receiving financial aid for the first time will be placed on Financial Aid Warning as applicable if they did not meet the minimum grade point average or course completion standards as noted in this policy based the previous period of enrollment prior to applying for financial aid.
Financial Aid Suspension – Losing Title IV Eligibility
Students who, while on Financial Aid Warning, fail to maintain the minimum completion rate and/or fail to maintain the minimum cumulative GPA requirement will be placed on Financial Aid Suspension status for subsequent semesters/periods of enrollment. No financial aid will be disbursed during subsequent semesters/periods of enrollment until the student regains financial aid eligibility.
Students applying for financial aid for the first time will not be eligible for financial aid and will be placed on Financial Aid Suspension status as applicable if they did not meet the minimum grade point average or course completion standards as noted in this policy based the two previous consecutive periods of enrollment prior to applying for financial aid.
Students who do not complete their program within the Maximum Timeframe lose eligibility for financial aid and are placed on Financial Aid Suspension status.
Financial Aid Probation and Reinstatement of Aid After Financial Aid Suspended Status
Reinstatement of financial aid after a student is placed in Financial Aid Suspended status is achieved in one of the following ways:
*Students who are beyond the maximum timeframe to completion may only regain financial aid eligibility on a semester-by-semester basis through the appeal process.
The student must submit an appeal of Financial Aid Suspended status in writing to the Financial Aid Appeals Committee by the date specified in the Financial Aid Suspended notification letter. The committee will review the appeal and notify the student in writing of their decision within 14 working days after the Appeals Committee meets and makes its determination. Appeals should include:
The Financial Aid Appeals Committee will review the appeal and consult with academic advisers and other involved parties as appropriate. If it is determined that the student will not be able to meet the SAP standards by the end of the next semester/period of enrollment but the Committee is in agreement that the student’s grounds for appeal are reasonable and the student has a reasonable chance to succeed and graduate, then if the appeal is approved the student will also be placed on an Academic Plan. Students will receive written notification of the decision. All decisions on such appeals are final. Students who lose eligibility for financial aid due to not meeting the minimum SAP standards more than one time during their program may submit an appeal each time.
Students who lose eligibility and submit an appeal may be placed on an Academic Plan if the appeal is approved. The purpose of an academic plan is to support the student in bringing himself or herself back into compliance with the financial aid SAP standards by a specific point in time in order to ensure that the student will be able to successfully complete the degree or certificate program. The academic plan will be specifically tailored to the student and may include milestones and specific requirements such as a reduced course load, specific courses or tutoring. Students on an academic plan are still responsible to meet the SAP requirements in the subsequent semester/period of enrollment and will lose eligibility if the SAP standards are not met, and need to go through the appeal process in order to regain eligibility. The student’s progress in their academic plan will be taken into account in any subsequent appeal process of financial aid eligibility.
Is financial aid probation the same as academic probation?
No. Federal financial aid recipients must meet the financial aid satisfactory academic progress standards, which is at least as stringent as the schools’ academic policy standards, in accordance with federal Title IV law. Students should consult the Standards for Good Academic Standing for more information on that standard. Students on academic probation may also be on Financial Aid Suspension or Financial Aid Probation status, or they may not be.
Where can students get more information?
Contact the Financial Aid Office at 667-208-6590 or firstname.lastname@example.org.