Satisfactory Academic Progress Standards - Graduate Business Programs
*** We are in the process of updating these policies to incorporate new requirements that go into effect on July1, 2011 ***
Federal regulations (Sections 668.16(e).668.32(f) and 668.34) require that schools monitor the academic progress of each applicant for federal financial assistance and that the school certify that the applicant is making satisfactory academic progress toward earning his/her degree. This determination of progress must be made at least once a year and before the financial aid office disburses any federal aid funds for the subsequent semester.
Effective with the 2011-2012 academic year, the Office of Scholarships and Financial Aid will be checking graduate students academic progress at the end of each semester.
Areas that are not addressed in the graduate school bulletin or departmental sites will be addressed in this section
The Office of Scholarships and Financial Aid will basically following the university's academic regulations for graduate students to determine whether or not students participating in federal Title IV aid programs are making "satisfactory academic progress" towards completion of their degree requirements.
Students with Disabilities:
Students who are aware of learning or other disabilities should immediately contact the Office of Disability Services so that appropriate accommodations can be made. A student with a documented disability and functional limitations is still held to the same academic expectations as other students. If the student is registered with the Office of Disability Services and receiving appropriate accommodations, the student should be able to maintain satisfactory academic progress for financial aid eligibility purposes.
- Master of Business Administration
- Combined Degree Programs
Basic Academic Standards:
Financial aid recipients must take only courses which apply to their graduate program.
Prerequisite undergraduate courses do not count toward enrollment status for graduate level financial assistance. Students enrolled in pre-requisite classes may qualify for senior class (undergraduate level) Federal Direct Loan limits for a maximum of 12 months. In these special cases, the completion rate and minimum cumulative grade point average of this policy apply.
- Course Program
- MBA Program: 51 Credit Hours
- MBA/JD Program: The College of Law accepts the nine semester hours from the College of Business only after the entire 30 semester hours of required graduate business administration courses have been successfully completed. The College of Business accepts the nine semester hours from the College of Law only after the 81 semester hours of law courses have been successfully completed. Students must successfully complete all required courses in both programs
- MBA /MPS Program: Completing each degree separately would require students to take courses totaling 87 credit hours. The dual degree requires only 66 credits and so saves students 21 credit hours worth of tuition and classes
- Transfer of Academic Credit
- Degree Requirements - The capstone must be taken during the last semester in residence and students must have a cumulative GPA of 3.0 or higher in order to register for the course. A grade of B or higher is required in the capstone course to be eligible for graduation (Basic MBA Program)
Incompletes and Course Repeats
Incomplete grades must be converted to a passing grade by the end of the following regular term (fall or spring). Incompletes which remain beyond the following term will be considered failing grades for financial aid purposes.Graduate courses in which the minimum grade requirement is not met may be repeated only one time for financial aid purposes.Each occurrence on the academic transcript of a repeated course counts toward the maximum attempted credit limit stated under "Successful Completion Rate".
Grade Point Averages:
The qualitative standards for making progress will not normally be monitored by the Office of Scholarships and Financial Aid, but by the several academic deans in accordance with the policies of each GRADUATE college.
In the MBA / JD Program, students must maintain a minimum grade point average of 3.0 (4.0 scale) in the College of Business and 2.3 (4.0 scale) in the College of Law.
We must document that students are on pace to complete their degree requirements. We will check the number of hours versus the number earned at the end of each semester.
Students will be expected to complete 75% of all attempted hours over 2 semesters in order to stay in good standing for the federal student loan programs.
Maximum Time Frame to Earn a Degree
- Basic MBA Program: All candidates are required to complete at least 51 credit hours of graduate work to receive the degree.
Students forfeit their aid eligibility once they have attempted 77 credit hours and failed to successfully earn 51 credits.
This time frame will be expanded for students in one of the joint degree programs.
- MBA / JD Program: The anticipated time frame for the completion of the combined M.B.A. / J.D. program is four academic years for full-time students
- MBA/MPS Program: All candidates are required to complete at least 66 credit hours of graduate work to receive the degree.
Students forfeit their aid eligibility once they have attempted 99 credit hours and failed to successfully earn 66 credits.
Satisfactory Progress Definition:
Each aid recipient's record must be evaluated at the end of each term to determine that the student is meeting the standards described above. If the student has reached the maximum number of scheduled hours without earning the degree, the student must be excluded from further participation in federal financial aid programs.
Federal regulation require that these standards apply to all Graduate students, even to first time applicants who have previously enrolled at Loyola, or to those who have not been formally placed on Financial Aid probation.
Financial Aid Warning:
There is a minimal amount of time between the time when final fall grades must be posted and the start of spring semester. There is even less time between the time when final summer grades may be posted and the start of fall semester. Students incur a financial liability to the university as soon as the semester begins. Therefore, under most circumstances, we believe it would be unfair to retroactively remove a student's aid once the semester begins IF this is the first documented time that the student has experienced academic difficulty. These students will receive a "financial aid warning" letter which will remind them of the minimum academic requirements for their aid programs AND strongly urge them to take advantage of the academic services that are available to students. Students will be eligible to receive federal aid during this semester.These students will be notified that their records will be checked again at the end of the semester and that further action may be taken if there is not significant improvement during the current semester. Students can only receive aid for one semester under this "warning" status.
Each aid recipient's record will be evaluated at the end of the spring semester to determine that the student is meeting the standards described above. If the student has reached the maximum number of scheduled hours without earning the degree, the student must be excluded from further participation in federal financial aid programs.
Federal regulations require that these standards apply to all students,even to first-time aid applicants who have previously enrolled at Loyola, or to those who have not been formally placed on probation.
Financial Aid Probation: If the student has not reached the maximum number of scheduled hours and it is determined that the student has fallen below the completion ratio standards for satisfactory progress, the student will be placed on Financial Aid Probation and notified that his/her continued eligibility for federal financial aid assistance is in jeopardy. Students who fail to maintain the required minimum GPA will also be placed on financial aid probation. Students will normally be allowed only one probationary semester during their academic program.
Students on financial aid probation will receive a separate letter that will outline the academic requirements the student must meet in order to receive aid for following semester.If the student on financial aid probation meets the terms of the probation, he/she will be permitted to continue to participate in the federal student aid programs for a subsequent semester. Students who have been placed on probation shall be considered to be making satisfactory academic progress for the purposes of receiving financial aid as long as the student continues to meet the academic requirements outlined in their probationary letter.
The Office of Scholarships and Financial Aid will review the records of students who are on financial aid probation at the end of each semester.
If the student does not meet the terms of the probation, the student will forfeit eligibility for all federal financial aid programs.
Loss of eligibility due to lack of satisfactory progress:
A student who has lost eligibility to participate in federal student aid programs for reasons of academic progress can regain that eligibility only by enrolling at Loyola at his/her own expense and demonstrating that he/she is capable of completing a semester without any failures, incompletes or withdrawals and showing the ability to complete his degree requirements in a more regular fashion. The mere passage of time will not ordinarily restore eligibility to a student who has lost eligibility for failure to make satisfactory progress.
Right to Appeal:
Students have the right to appeal any decision of ineligibility to continue to receive financial assistance. Your appeal must be filed within 30 days of notification that aid eligibility has been lost, and it must be made in writing to the Director of the Office of Scholarships and Financial Aid. The appeal may not be based upon your need for the assistance of your lack of knowledge that your assistance was in jeopardy. An appeal would normally be based upon some unusual situation or condition which prevented you from passing more of your courses, or which necessitated that you withdraw from classes.
Appeal Approval Conditions: Appeals can only be approved if the Financial Aid Appeals Committee determines :
- that the student will be able to meet the university's satisfactory academic progress after the next payment period; or
- that the student has agreed to follow an academic plan that, if followed, will ensure that the student can meet the university's satisfactory academic progress guidelines by a specific point in time.
If an appeal is granted: Students whose appeals are granted will receive aid on a conditional basis for one semester. The conditions will be outlined in the letter sent to the student granting the appeal. The Financial Aid Appeals Committee will review the student's record at the end of the semester to determine his/her status for the following semester. Students who fail to meet the conditions outlined in their individualized academic plans during their conditional semester will not be to submit a subsequent appeal.
If you do not have grounds for an appeal, or if your appeal is denied, you may still be able to regain your eligibility for future semesters. This is done by enrolling at Loyola at your own expenses -- without financial assistance -- and negotiating a contract with the Office of Scholarships and Financial Aid, in advance, for the conditions under which eligibility may be restored.
Updated December 1, 2011