When it comes to financing a higher education, filling out the Free Application for Federal Student Aid (FAFSA) is essential. However, for students attending two or more schools simultaneously, it`s important to understand the concept of consortium agreements.
A consortium agreement is an agreement between two or more schools that allows a student to receive financial aid awards from one school while taking courses at another school. This comes in handy for students who want to take a course that is not offered at their primary school or need to attend a second school to meet degree requirements.
To initiate a consortium agreement, the student must first meet with their academic advisor and financial aid office. The student`s home institution will then work with the other school to determine the amount of financial aid the student is eligible for.
It`s important to note that students can only receive financial aid from one school at a time. So, if you`re taking classes at two different schools through a consortium agreement, you cannot receive financial aid from both schools. Your home institution will disburse funds to the other school on your behalf.
To qualify for a consortium agreement, the courses taken at the other school must be necessary for the student`s degree program at their home institution. Additionally, the student must be enrolled in at least half-time status at their home institution.
When filling out the FAFSA, it`s important for students to disclose any information about their participation in a consortium agreement. This includes the name of the school where the student is receiving aid and the amount of financial assistance they`ll be receiving.
In conclusion, consortium agreements allow students to take courses at another school while still receiving financial aid from their home institution. By understanding the ins and outs of this process and disclosing it on the FAFSA, students can maximize their financial aid awards and graduate on time.