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Federal Loans

Student Financial Services realizes a quality education is an investment that will provide lifelong returns, and we are committed to providing you with the information needed to make informed decisions about funding your health profession education. Here we will give you an overview of the eligibility criteria, sources of assistance, the process for obtaining financial aid as well as resources for debt management.

Return of Title IV Funds

Student Financial Services is required by Federal statute to recalculate Federal financial aid eligibility for students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60% of a payment period or term. The Federal Title IV financial aid programs must be recalculated in these situations. If a student leaves the institution prior to completing 60% of a payment period or term, the Financial Aid Office recalculates eligibility for Title IV funds. Recalculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula:

Percentage of payment period or term completed = the number of days completed up to the withdrawal date divided by the total days in the payment period or term. (Any break of five days or more is not counted as part of the days in the term.) This percentage is also the percentage of earned aid.

Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula:

Aid to be returned = (100% of the aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period or term.

If a student earned less aid than was disbursed, the institution would be required to return a portion of the funds and the student would be required to return a portion of the funds. Keep in mind that when Title IV funds are returned, the student borrower may owe a debit balance to the institution.

If a student earned more aid than was disbursed to him/her, the institution would owe the student a post-withdrawal disbursement which must be paid within 120 days of the student's withdrawal. The institution must return the amount of Title IV funds for which it is responsible no later than 30 days after the date of the determination of the date of the student’s withdrawal. Refunds are allocated in the following order:

  • Unsubsidized Federal Stafford Loans
  • Federal Perkins Loans
  • Federal Graduate PLUS Loans

Tuition Refund Policy

Tuition Refund Policy Charges are adjusted for students who withdraw from the university or withdraw from courses/programs. Neither failure to pay nor placing a stop payment on a check constitutes an official withdrawal. Students must complete the appropriate withdrawal forms initiated in the Registrar’s Office and obtain clearance signatures from designated departments. The following is the refund schedule for a withdrawal:

  • 100% refund of tuition within the 1st week of the quarter
  • 75% refund of tuition within the 2nd week of the quarter
  • 50% refund of tuition within the 3rd week of the quarter
  • 25% refund of tuition within the 4th week of the quarter
  • 0% refund of tuition after the 4th week of the quarter

Entrance and Exit Counseling

Before we can process your federal loans, regulations require that you complete an entrance counseling session. The counseling session provides information about how to manage your federal loans, both during and after school. Please complete the online Entrance Counseling.

Before you graduate, drop below half-time attendance, or withdraw, regulations require that you complete an exit counseling session. The counseling session helps guide you in managing your federal loans after school. Please complete the online Exit Counseling.