Not meeting the required GPA for your grade level will do it most assuredly. You have to not only pull your GPA up to get it back, but you have to keep it there too.
If you are underage and are caught with drugs or alcohol or if you are using with someone who is underage -- you can't get it back, and some colleges are turning to the option of kicking you out of college unless you agree to enroll in AODA courses.
You can lose Fin Aid by the amount of money you earn -- if that goes up (or if your parents' financial situation goes up) you won't get as much fin aid; however, you can get it back if the financial situation drops back down.
You could not receive Fin Aid if you don't apply or don't apply on time. You want to be sure to apply as soon as you can -- the earliest is always January 1st of the year. Just make sure your W2's are in and the taxes are complete.
Hope that helps.
The most common reason of losing financial aid is when you fail to meet the school's minimum academic guidelines. The school is required to monitor your GPA and your course completion rate (attempted courses/courses completed successfully). If you fall below the minimum standards then the aid office can deny you additional financial aid until you meet the standards. Most financial aid offices allow you the chance to appeal the loss and, if you have mitigating circumstances (such as health issue, death in the family, etc.) odds are you'll be given the benefit of the doubt. But if you just don't apply yourself, or if you've had to submit a number of appeals, odds are the school will deny your appeal.
You can also lose eligibility if you answer 'yes' to the drug question on the FAFSA. Since this is federal law there is no appeal if you lose your aid eligibility.
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