Students are not eligible for financial aid while participating in co-op or practicum. If a student receives a merit scholarship, they maintain that semester's worth of eligibility for a future semester, not to exceed 8 semesters of undergraduate coursework. Loans will remain in in-school status, and students do not utilize their grace period.
Earnings from the co-op program should be correctly reported on the following year's FAFSA to avoid being penalized for those earnings. Review the FAFSA instructions for further information.