Financial aid counselors see it all the time: A student loses her financial aid and has no idea why. Know that your parents are not receiving any notices about your college life once you are 18. You must give permission in writing to allow them access to your records. So they won’t automatically know all this stuff, which means they can’t nag you the way they did in high school.
Financial aid — whether it is loans, scholarships or grants — comes with strings attached. Here are the most common ways for students to lose their financial aid.
1. Not showing adequate progress toward your degree.
2. Not maintaining at least a 2.0 GPA overall — not just in your major. For academic scholarships, the standards can be even higher.
3. Not finishing at least 70 percent of the classes you take.
4. Not knowing all of the conditions of your aid. Some aid goes beyond these common minimums.