Please refer to the links below for new federal rules on student aid eligibility.
A brief synopsis of the new rules is below; the links above provide more detail:
Students are required to complete successfully at least 67% of the courses for which they sign up during the semester, but the percentage accounting is cumulative across all of their semesters. The accounting for the total number of attempted credits is done daily at 5 PM starting on the first day of class in a semester. Basically, students who are early in their college studies, and especially freshmen, should not register for a lot of credits that they do not complete by the end of the semester. Because the accounting of accumulated credits begins on the first day of class, credits dropped during the regular drop/add period will be counted as uncompleted credits unless the student adds the same number of credits during the same work day (before 5 PM). Because the requirement for students to complete 67% of their credits successfully uses all courses across all of the semesters in which the students registered, juniors and seniors are not at as much risk of falling below the 67% cutoff as are freshmen and perhaps some sophomores.
Related link Office of Student Aid