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2018-2019 Student Financial Aid Handbook

Table of Contents

Introduction

Rosalind Franklin University of Medicine and Science (RFU) Financial Aid Handbook is intended to provide you with current information on financing your health profession education. Among the topics discussed in this handbook are: financial aid application procedures; tuition and payment policies and information on debt management and repayment of student loans. The information in this handbook is subject to change at any time based on changes to federal and/or institutional policies and regulations; therefore, the information in this handbook is subject to change without notice. The RFU official method of communication with our students is through their RFU email account, InSite, and Student Self-Service. Please check these often to stay up to date on all relevant information and notifications. The Office of Student Financial Services is located in HSB L.724. The office is open Monday – Friday from 8:30 am to 4:30 pm. We can also be reached via email at financial.services@rosalindfranklin.edu or by phone at 847-578-3217.

The mailing address is:

Student Financial Services
HSB L.724
3333 Green Bay Road
North Chicago, IL 60064

Student Financial Services Staff:

Maryann DeCaire, Associate Vice President of Financial Aid, Services, and Literacy, Maryann.DeCaire@rosalindfranklin.edu
Jessica Barthule, Assistant Director of Financial Aid, Jessica.Barthule@rosalindfranklin.edu
Elizabeth Hamilton, Financial Aid Counselor, Elizabeth.Hamilton@rosalindfranklin.edu
Gina Monfeli, Financial Aid Counselor and Student Health Insurance Coordinator, Gina.Monfeli@rosalindfranklin.edu
Hannah McInerney, Financial Literacy Counselor, Hannah.McInerney@rosalindfranklin.edu
Isela Balderas, Financial Services Coordinator, Isela.Balderas@rosalindfranklin.edu
Stephanie Lewis, Bursar, Stephanie.Lewis@rosalindfranklin.edu
Kevin Suddick, Student Account Counselor, Kevin.Suddick@rosalindfranklin.edu

Section I: General Information

Financial Aid: Eligibility Requirements

The U.S. Department of Education has established certain basic eligibility requirements for all federal financial aid. Individual scholarship, work study, and loan programs may have additional eligibility requirements.

To qualify for most types of aid, you must:

  • Be enrolled or accepted for enrollment as a student pursuing a degree or certificate.
  • Be enrolled half-time; six or more credit hours per quarter.
  • Be a U.S. citizen, U.S. national, or an eligible noncitizen.
  • An eligible noncitizen is defined as a U.S. permanent resident who has an Alien Registration Card (I-151, I-551, or I-551C). If you have an Arrival-Departure Record (I-94) from the U.S. Immigration and Naturalization Service (INS) showing "Refugee," "Asylum Granted," "Indefinite Parole," "Humanitarian Parole," "Cuban-Haitian Entrant," "Status Pending," or "Conditional Entrant" (valid only if issued before April 1, 1980), you are also eligible for aid.
  • If you hold only a Notice of Approval to Apply for Permanent Residence (I-171 or I-464), you are not eligible for federal aid.
  • If you are in the United States on an F1 or F2 student visa or a J1 or J2 exchange visitor visa, you are also not eligible for federal aid.
  • While students who are not U.S. citizens, U.S. nationals, or eligible noncitizens are not eligible for federal financial aid, they may be eligible for certain private loans with a U.S. citizen as a cosigner.
  • Have a valid Social Security Number.
  • Make satisfactory academic progress, as defined by Rosalind Franklin University of Medicine and Science, towards the completion of your degree or certificate.
  • Sign a statement on the Free Application for Federal Student Aid (FAFSA) certifying that you will use federal student aid only for educational purposes.
  • Register with Selective Service, if required.
  • The requirement to register applies to males who were born on or after January 1, 1960, are at least 18 years old, are citizens or eligible noncitizens, and are not currently on active duty in the U.S. Armed Forces.
  • Citizens of the Federated States of Micronesia, the Marshall Islands, or Palau are exempt from registering.
  • Not be in default on a federal student loan and not owe money back on a federal student grant.

For additional information on eligibility: https://studentaid.ed.gov/sa/eligibility

Loss of Eligibility Due to a Drug Conviction

A student who is convicted of a state or federal offense involving the possession or sale of an illegal drug that occurred while the student was enrolled in school and receiving Title IV aid is not eligible for Title IV funds. [An illegal drug is a controlled substance as defined by the Controlled Substance Act and does not include alcohol and tobacco.]

A borrower's eligibility is based on the student's self-certification on the Free Application for Federal Student Aid (FAFSA). Convictions that are reversed set aside or removed from the student's record or a determination arising from a juvenile court proceeding does not affect eligibility and do not need to be reported by the student.

A student who is convicted of a drug-related offense that occurred while the student was enrolled in school and receiving Title IV aid loses Title IV eligibility as follows:

For the possession of illegal drugs:

  • First offense: one year from the date of conviction.
  • Second offense: two years from the date of the second conviction.
  • Third offense: indefinitely from the date of the third conviction.

For the sale of illegal drugs:

  • First offense: two years from the date of conviction.
  • Second offense: indefinitely from the date of the second conviction.

A school must provide a student who loses Title IV eligibility due to a drug-related conviction with a timely, separate, clear, and conspicuous written notice. The notice must advise the student of his or her loss of Title IV eligibility and the ways in which the student may regain that eligibility.

Regaining Eligibility after a Drug Conviction

A student may regain eligibility at any time by completing an approved drug rehabilitation program and by informing the school that he or she has done so. A student regains Title IV eligibility upon successful completion of the program. A drug rehabilitation program is considered approved for these purposes if it includes at least two unannounced drug tests and meets one of the following criteria:

  • The program received or is qualified to receive funds directly or indirectly under a federal, state, or local government program.
  • The program is administered or recognized by a federal, state, or local government agency or court.
  • The program received or is qualified to receive payment directly or indirectly from a federally or state licensed insurance company.
  • The program is administered or recognized by a federally or state-licensed hospital, health clinic, or medical doctor.

For a student whose Title IV eligibility is reinstated after a drug conviction, the maximum loan period that a school may certify is within the academic year during which the student regains eligibility-- the school may not certify eligibility prior to the date on which eligibility is regained. A student who loses eligibility during a loan period is immediately ineligible to receive subsequent disbursements of Title IV Federal Loan funds and is required to repay any Title IV funds received after the date he or she lost eligibility. Schools are not required to recalculate a student's loan amount.

Rights & Responsibilities of a RFU Financial Aid Recipient

As a student financial aid recipient, it is your responsibility to:

  • You must regularly check your student email account for information from RFU and Student Financial Services.
  • You must complete all application forms accurately and submit them on time. You must read and understand all forms you are asked to sign and keep a copy of each. You are also responsible for knowing the financial aid reapplication deadlines.
  • You must provide correct information at all times. Reporting false information is a violation of the law and may be considered a criminal offense.
  • You must submit, by the deadline indicated, all additional documentation, verification, corrections and/or new information requested by either the Financial Aid Office or the agencies to which you submitted applications. Some examples include proof of citizenship, loan entrance counseling, loan promissory notes and loan exit counseling prior to leaving school.
  • You must notify us in writing if the information reported on your financial aid applications has changed.
  • You must notify the RFU Registrar’s Office and any lenders if there are changes in your name, social security number, permanent mailing address, anticipated graduation date, or enrollment status.
  • You must notify us if you receive any scholarships or other awards that do not appear as part of your award in Financial Aid Student Self-Service (FASS). You must report these resources using the Report Outside Aid button in FASS. Some examples include scholarships, tuition credits, and veterans or rehabilitation benefits.
  • You must accept responsibility for all agreements that you sign.
  • After completing a Direct Loan Master Promissory Note, Student Financial Services will disburse the maximum loan for which you are eligible to your RFU account. You must contact our office if you do not want us to follow that procedure.
  • You must perform the work agreed upon if you accept a Federal Work-Study job, and notify your employer if the amount of your award changes.
  • You must know and comply with the refund procedures of RFU.
  • You must show Satisfactory Academic Progress according to established policies and standards of RFU.
  • You must notify us in writing if you are receiving financial aid for attendance at another institution while attending RFU.
  • If you are a recipient of a Federal Direct Loan, you must notify the lender should any of the following occur before the loan is repaid:
    • You change your address and/or phone number
    • You graduate
    • You withdraw from school or are enrolled less than half time
    • You change your name (e.g., maiden to married name)
    • You transfer to another university
  • You must maintain satisfactory status on student loans. You may be required by your lender to complete deferment forms for loans that were previously in repayment. Students who default on their student loans or owe refunds on federal grants are not eligible for any financial aid.

As a student financial aid recipient, you have the right to:

  • You have the right to privacy. All records and information submitted with your application for financial aid are confidential, and subject to legal requirements concerning disclosure of such information.
  • You have the right to know about the refund policies for both Rosalind Franklin University and Financial Aid if you withdraw after the quarter begins, your school specific student affairs office acts as a resource for students considering withdrawal.
  • You have the right to request a reduction or cancelation of your student loan. Remember that a student loan is a debt that must be repaid; borrow only what you need.
  • You have the right to know specific consumer information such as campus crime statistics.
  • You have the right to know what financial aid programs are available to you, including information on all federal, state and university financial aid programs.
  • You have the right to know the application procedures and deadlines for each of the available programs.
  • You have the right to know how financial aid is distributed and the basis for these decisions.
  • You have the right to know how and when financial aid is disbursed.
  • You have the right to know how your financial aid eligibility was determined. This includes how costs for tuition, fees, room, board, books and supplies, transportation, and personal expenses were determined in your estimated cost of attendance. It also includes what resources were considered in the calculation of your financial aid eligibility.
  • You have the right to know the interest rate of your loan, the total amount to be repaid (or not to be repaid), repayment procedures, when repayment begins, and the length of the repayment period.

Renewal of Financial Aid Awards

There is no automatic renewal of financial aid awards at RFU. Financial aid is granted for only one academic year at time. Students are required to apply for financial aid for each academic year. Because students' circumstances may change, financial aid eligibility must be determined annually.

In order to be considered for renewal of financial aid, continuing students must:

  • Continue to meet the general eligibility requirements
  • Maintain satisfactory academic progress
  • Complete a Free Application for Federal Student Aid (FAFSA)
  • Meet any specific requirements for outside financial aid awards
  • Complete the RFU Financial Aid Application
  • Respond to requests for additional information from the Office of Student Financial Services

FSA ID

An FSA ID is comprised of a username and password and can be used to login to certain Federal Student Aid websites, such as the Free Application for Federal Student Aid(FAFSA®).

The security of your FSA ID is important. Your FSA ID can be used to:

  • Electronically sign Federal Student Aid documents
  • Access your personal records, and
  • Make binding legal obligations

It's easy to apply for a FSA ID. Simply access the FSA ID website at https://fsaid.ed.gov and choose the Create An FSA ID tab.

National Student Loan Data System (NSLDS)

NSLDS is a central database that stores information on all loans made through federal student aid: disbursed amount, outstanding balance, outstanding interest, and loan servicers. Log onto https://nsldsfap.ed.gov.

Refer to your promissory note or lender for information on private student loans.

Defer Prior Educational Loans

You may be eligible to defer payment on prior educational loans while you are enrolled at least half-time as a student at RFU. Contact your lender to determine if you qualify for a student deferment. Typically, the deferment process depends on the loan type:

FFEL Loans, Federal Direct Stafford, Federal Direct Graduate PLUS Loans

  • The University Registrar sends your enrollment information to the National Student Loan Clearinghouse once a month.
  • The Clearinghouse notifies your lender(s) and/or servicer(s) that you are in school.
  • If your lender(s) or servicer(s) send you a deferment form, simply bring or send it to your school's registrar office. The form will be forwarded to the Clearinghouse for completion.

Federal Perkins Loan

  • Contact your former school to obtain a Student Deferment form (your former school is your lender for Federal Perkins Loan).
  • Complete the "Student Section" of each deferment form as directed.
  • Bring or send each deferment to your school's registrar's office.
  • Your registrar will complete the form and send it to your former school.
  • Contact your lender(s) by telephone 6-8 weeks after school begins or after submitting the form to your registrar (whichever is later) to verify that your student deferment has been processed.

Your Responsibilities while in Deferment

  • Notify your lender(s) of any change in circumstance (e.g., change in address, phone number, name, enrollment status) that might affect your deferment(s).
  • Contact your lender(s) immediately if you continue to receive requests for payment after school has started and/or you have submitted a Student Deferment form. Your Registrar may need to send an enrollment history to your lender(s) to verify your eligibility.

Privacy Information (FERPA)

All documents submitted on behalf of a student are strictly confidential. No information is released to anyone, including parents, spouses, faculty members or program directors, without written permission from the student. RFU has the right to disclose information to a funding source in connection with financial aid for which a student has applied or received, as necessary to determine eligibility for financial aid, the amount of aid, the conditions that are imposed regarding aid, and enforcing the terms of the aid. In turn, a student does not have the right of access to family financial information if the parents indicate nondisclosure. Many parents try to act on a student's behalf; however, as a graduate student you are considered independent for federal aid purposes. Thus, according to federal guidelines, financial aid administrators are not allowed to discuss the specifics of a student's financial aid or academic file with anyone other than the student. Students who wish to grant permission to specific persons must complete an Authorization to Release Information form.

InSite

InSite is an online tool for currently enrolled students; it is designed to provide access to all the necessary financial service information and resources a student will need. Students may login using their Helix ID and password.

The following information is available through InSite:

  • Forms
  • Financial Aid Applications
  • Budget Guidelines
  • Federal Work-Study Information
  • Scholarship Database
  • Student Billing Policies
  • Student Insurance Information and Forms

Student Self-Service

Student Self-Service is an online tool that provides RFU students access to the most up to date information regarding their enrollment, billing and financial aid. The following information is available through Student Self-Service:

  • Financial Aid Award Summary (current and previous)
  • Account Summary by Term
  • Grades
  • Make a Payment
  • Sign up for direct deposit

Section II: Applying for Financial Aid

Cost of Attendance (COA) or Student Budget

The Cost of Attendance (COA) determines your maximum financial aid. Individual aid sources are limited by program maximums. Total aid from combined sources, including Federal Direct Unsubsidized Stafford and Grad PLUS loans, scholarships, and Federal Work-Study cannot exceed the school-approved Cost of Attendance. The COA determines the maximum you can receive in financial aid.

The COA is designed to support the student attending school, not extended family, except as noted under Budget Adjustment Allowances below. COA is reviewed annually and updated with estimated information in March of each year; information is not finalized until the May Board of Trustees meeting. NOTE: TUITION AND FEES ARE SUBJECT TO CHANGE WITHOUT NOTICE.

A student's annual COA includes:

  • Direct costs (expenses paid to the school):
    • Tuition
    • Mandatory fees
    • Health insurance (unless waiver submitted)
  • Indirect costs (funds a student may need for other allowed costs):
    • Room and Board (lodging, basic utilities)
    • Food
    • Books and supplies
    • Transportation (gas, auto insurance, maintenance, but NOT purchase of a vehicle)
    • Personal Expenses

Regional cost of living indexes are used in adjusting room and board, food and transportation allowances. Programs are polled for books and supply costs. Adjustments are made annually for actual direct costs based on recommendations by the Finance Office as approved by the Board of Trustees.

Budget Adjustment Allowances

Federal regulations allow RFU to consider only those expenses that are directly related to your attendance. Requests may be granted for the following exceptions based on documented expenses for the specific enrollment period:

  • Dependent day care
  • Vehicle repair
  • Paid medical bills not reimbursed by insurance
  • One-time computer purchase
  • Student Health Insurance coverage
  • USMLE/APMLE Exam Fees

Non-Allowable Expenses

Federal regulations stipulate that the following expenses cannot be included in a student's COA, regardless of the circumstances.

  • Automobile Payments and/or Purchase
  • Consumer Debt (i.e. credit card debt, previous student loan debt or payments)
  • Moving Expenses
  • Spousal/Dependent Insurance
  • Aid during periods of non-enrollment
  • Students dependents

Student Budgets

The Office of Student Financial Services is required to develop a student cost of attendance/budget each year. The budget is an estimate of allowable expenses (tuition, fees, books & supplies, transportation and living allowance) for the approximate academic year that students are enrolled. Figures within the budget are based on the average amount needed to meet direct charges such as tuition and indirect charges such as living expenses. In addition, the standard budget represents the maximum amount of financial assistance that a student may be awarded for the academic year (the total of grants, scholarships, and loans).

The standard budget is based upon projected maximum costs for the academic year. Allowances are provided to assist in meeting educational costs and are not intended to cover individual expenses which vary greatly depending upon personal lifestyle. Students receiving a scholarship or other awards must subtract such awards from the budget in determining their maximum borrowing limit, i.e. loan eligibility.

The THRIFTY budget provides an optional cost of attendance that is calculated with lower indirect expenses, such as room and board. Students are not required to use the THRIFTY Budget but should consider it as an option when thinking through their living expenses during their health profession education. Sticking with the THRIFTY budget will have a measurable effect on student loan debt at graduation.

Interest Rates and Origination Fees

Interest is the money paid to the lender in exchange for borrowing money. Interest is calculated as a percentage of the unpaid principal amount borrowed. Interest rates vary depending on the loan type. The most up to date rates can be accessed here: https://studentaid.ed.gov/sa/types/loans/interest-rates

All federal student loans have a loan fee associated with each disbursement you receive. The amount of money received from the loan will be less than the amount actually borrow. You are responsible for repaying the entire amount you borrowed and not just the amount you received. The most up to date origination fees can be accessed here: https://studentaid.ed.gov/sa/types/loans/interest-rates#fees

Important Updates on Federal Student Loan Programs

HR 1911, the Bipartisan Student Loan Certainty Act of 2013, was effective as of July 1, 2013. Under the new law, interest rates for all newly-issued Federal Direct student loans are tied to the U.S. Treasury 10-year borrowing rate, plus add-ons to offset costs. It also places a fixed cap on the interest rate for each program affected.

Loan Programs

Federal student loans are available to most students regardless of income and provide a range of repayment options including income-based repayment plans and loan forgiveness benefits, which other education loans are not required to provide.

William D. Ford Federal Direct Unsubsidized Loans

  • This loan is not based on financial need.
  • This loan is unsubsidized, which means that you pay the interest while in school.
  • You may choose to defer any payments while you are enrolled in school at least half-time and during your six-month grace period before repayment. All unpaid accrued interest will be capitalized and added to the outstanding principal balance.
  • Repayment on your loan begins six months after you leave school or drop below half-time.
  • Interest rates are available at: https://studentaid.ed.gov/sa/types/loans/interest-rates
  • Annual and aggregate loan limits are available at: https://studentaid.ed.gov/types/loans/subsidized-unsubsidized#how-much
  • If you are a first-time borrower you must complete the online entrance counseling and the master promissory note before you can receive your loan funds.
  • Additional Information about the Unsubsidized Stafford can be found at: https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized

William D. Ford Federal Direct Graduate PLUS Loan

  • This loan is not based on financial need.
  • You may borrow up to the cost of attendance for the academic year less any estimated financial aid you will receive each academic year.
  • This loan is limited to students who pass a credit check.
  • Interest begins to accumulate at the time the first disbursement is made.
  • Information regarding interest rates is available at: https://studentaid.ed.gov/sa/types/loans/interest-rates
  • Repayment on your loan begins six months after you leave school or drop below half-time.
  • First-time borrowers of the Graduate PLUS must complete an online entrance counseling quiz and a master promissory note.
  • Additional Information on the Graduate PLUS loan can be found at: https://studentaid.ed.gov/sa/types/loans/plus

While credit checks are required to be eligible for a Graduate PLUS loan, the credit criteria are less strict than those associated with private student loans. If you do not meet the credit requirements for a Graduate PLUS loan, you may still obtain the loan with an endorser who does meet the credit requirements.

Credit Criteria

Credit approval is based on federally mandated criteria, not a credit score. In order to qualify you must not have any of the following items on your credit report:

  • Any current delinquency of 90 days or more
  • Any of the following within the preceding five years of the date of the credit check: default, bankruptcy, discharge, foreclosure, repossession, tax lien, wage garnishment, write-off of a Title IV debt, open collection.

Recent changes in the law that governs the terms and conditions of Grad PLUS Loans establish a specific circumstances for certain Grad PLUS Loan applicants who would otherwise be considered to have an adverse credit history. Specifically, a Grad PLUS Loan application may qualify for a Grad PLUS Loan based on extenuating circumstances if the applicant:

  • Has been or is delinquent for 180 days or less on mortgage loan payments, or on medical bill payments for the application or the applicant's family, AND
  • Does not otherwise have an adverse credit history as determined in accordance with the federal regulations that apply to Grad PLUS Loan applicants.

Credit Approval

Credit approval is valid for 90 days. Your credit is evaluated every time you request a new loan unless you have had a credit decision within the preceding 90 days.

If you think you may have one or more of the items outlined in the credit criteria listed above you may want to obtain your credit report in advance of applying for a Grad PLUS Loan. You should work to correct negative items on your credit as soon as possible.

Credit denial options include:

  • Applying for the loan with an endorser, which is a credit worthy loan cosigner
  • Correct any invalid information on your credit report and reapplying

Appeal the denial with Application Services (contact Student Financial Services for details)

Health Professions Student Loans (HPSL)

HPSL loans are offered to students in the College of Podiatry and Pharmacy, and are currently at 5% interest rate. A student applicant must be a citizen or national of the United States, or a lawful permanent resident of the United States, the Commonwealth of Puerto Rico, the Northern Mariana Islands, the Virgin Islands, Guam, American Samoa or the Trust Territory of the Pacific. A student who remains in this country on a student or visitor's visa is not eligible.

Students receiving HPSL loans must be enrolled or accepted for enrollment as a full-time student in a health professions school participating in the HPSL program. The student must be in good standing, as defined by the school, and capable in the opinion of the school of maintaining good standing in the course of study. Graduate students are considered independent for financial aid eligibility; however, regulations require schools to consider parents' information for the purpose of awarding HPSL funds. This requirement cannot be waived. Unless the parents are deceased, a student who does not provide parental income information may not be considered for HPSL funds.

Federal vs. Private Educational Loans

More so than ever before, both federal and private loans are viable options for financing an education, but it is important for the funding source to be one that best complements the student's expected career path and financial goals. Health professions students face a unique situation with their long enrollment periods followed by additional years of training post-graduation. For this reason, careful consideration should be given when choosing a funding source for health professions school.

Research and Then Decide

Each loan type has its own advantages and disadvantages. To fully understand the value of each program, you must compare the specific features, including loan terms, interest rates, origination fees, and conditions. Do your homework and equip yourself with the knowledge to make an educated decision about the loan product that is right for you.

Benefits of Federal Education Loans

  • Numerous repayment plans exist, including some based on the household's income.
  • Ability to change from one repayment plan to another (as the borrower's goals/situation change).
  • Opportunity to obtain Public Service Loan Forgiveness (PSLF), 20-year Pay As You Earn forgiveness, or 25-year IBR forgiveness.
  • Postponement of payments during residency and fellowship using grace, deferment, or forbearance are available.
  • Eligible for consolidation through the Direct Consolidation Loan program.
  • A student who is not in default and has not exceeded cumulative loan limits can borrow (if eligible) a Federal Perkins Loan and/or a Direct Stafford Loan, regardless of credit history. (A Direct PLUS Loan will require a credit check. If the loan is denied, an endorser with good credit may be added to the loan application to qualify).
  • Availability of fixed interest rates that will not rise (or fall).

Before Borrowing a Private Student Loan, Consider the Following

  • Most private loan programs offer variable interest rates, although more fixed rate options have become available recently.
  • Variable rates may be low, but they can rise or fall as the rate indexes on which they are based change.
  • Loan rates are based on the borrower's credit worthiness, although a co-borrower may help secure a better rate. (Co-borrower's credit needs and the length of the co-borrower's obligation should be considered carefully before committing to the loan). Interest rate indexes can be compared at bankrate.com.
  • Repayment may or may not be required while in school, residency, or fellowship.
  • Many times, repayment, deferment, forbearance, grace, and loan forgiveness options are limited, in comparison to federal loan options.
  • Death and/or disability loan discharge may or may not be available.

A private loan may make sense if...

  • The borrower is ineligible for federal student aid.
  • The rate of the private debt is lower than the federal debt, and if it is expected to remain lower for the length of repayment.
  • A borrower's certainty of a significant income in the near future that will allow for an aggressive and short repayment term of a variable rate.

Federal Work-Study Program (FWS)

The Federal Work-Study program provides jobs for students with financial need, allowing them to earn money to help pay for educational expenses. The program is administered through the Office of Student Financial Services.

Applicants must demonstrate financial need, complete the I-9 form at the time of hiring, complete IRS forms and submit all financial aid information required by the Office of Student Financial Services office.

Applications are available through the Office of Student Financial Services. All applications, payroll, timekeeping procedures, and job assignments are handled through the specific supervisor or department for which a student works. Jobs range from typical library and office work, assisting in labs, and participating in research.

Federal Work-Study wages are $10.00 to $15.00 per hour. The total FWS award depends on when you apply, your level of need, the amount of other aid you will receive, the availability of funds and the time requirements of the job. The amount of your FWS award is calculated as part of your overall financial aid award and therefore may reduce your need for other funds. The total hours may not exceed 15 per week when classes are in session or 35 hours per week during vacation periods.

Students are paid on a bi-weekly basis from RFU.

Entrance Counseling

Student loan entrance counseling is a mandatory information session which takes place before you receive your first federal student loan that explains your responsibilities and rights as a student borrower. All students taking out Direct Unsubsidized Loans or Direct Grad PLUS Loans are required to complete entrance counseling. You must complete entrance counseling before your school can make the first disbursement of your loan. Entrance counseling is completed at www.studentloans.gov. When completing entrance counseling, you should expect it to take you about 30 minutes.

The Federal Master Promissory Notes

Federal Direct Stafford Loans and Graduate PLUS loans require a Master Promissory Note, which allows a student to receive multiple Direct Loans under one Promissory Note while enrolled at RFU. Entering students or first-time borrowers will be asked to sign a Promissory Note online at www.studentloans.gov.

Financial Aid Notification

The Financial Aid Notification officially lists the financial assistance a student is expected to receive for the current academic year. Students may access their aid notification by logging onto Student Self-Service. All financial aid funding will be disbursed evenly among the number of quarters a student is registered. The amount of financial aid awarded may not exceed the annual cost of attendance. Students may refund or cancel all or part of their loans by completing and submitting the Refund/Cancellation form to the Office of Student Financial Services.

Scholarships and Other Assistance

Following federal guidelines, the Student Financial Services Office is required to take all financial resources into account when determining your eligibility for financial aid. If you receive an outside scholarship, a University scholarship, a private educational loan, or any other form of assistance you must notify our office in writing of this resource. Please notify our office in writing as soon as you are informed of this outside assistance and include any relevant documentation. Once notified we will make an adjustment to your award and send you a new award notification. Notifying us late in the process may result in an inconvenient adjustment to your financial aid package after classes have begun.

Section III: Adjusting Financial Aid

Requesting Additional Loan Funds

Students who did not initially request their full Federal Direct Stafford Loan or Federal Direct Grad PLUS Loan eligibility may request additional loan funds by completing the Additional Loan Request Form which is located on Insite on the Financial Aid page under forms. Additional loans can be processed for students once they have a valid Master Promissory Note (MPN) on file for the Federal Direct Stafford Loans, and/or the Federal Direct Grad PLUS Loan.

Refund and Cancellation Forms

Students who have requested funds through the Federal Direct Loan Programs and wish to decrease the amount they have requested can used the Loan Cancellation Form or the Student Loan Refund Form when applicable.

Use the Cancellation form to cancel loans you do not require before disbursement. This form must be completed 30 days prior to start of the quarter in which the student has elected to cancel funds. The Cancellation form can be submitted via Insite.

The Refund form is used to refund loan amounts after disbursement. Each quarter there is a deadline in which the student can refund that quarters disbursement. The form can be submitted via Insite and then the student will be notified once it has been processed and will then be responsible for making the appropriate payment to bring their account current.

Section IV: Payments

Tuition and Fee Payment

Tuition and fees are billed quarterly and due ten business days before the beginning of each academic term. E-Billing Notifications are generated three weeks prior to the billing due date. Billing statements can be accessed by students via Student Self-Service and will include charges and anticipated financial assistance as of the statement date. A student will not be considered officially registered until full payment of tuition and fees have been made. For a list of the current deadlines and due dates please refer to the Student Financial Services Calendar.

Late Assessment Penalty

Students with outstanding balances will be assessed a 1.5% late penalty assessment monthly on any unpaid balance. A registration hold will also be placed on a student's account until the balance is paid in full. If further action is warranted, the student will be responsible for all collection costs and legal fees.

Making Payments

Students may pay by mail, drop box, on-line, or in person. Tuition and fee charges may be paid by the following options below:

  • Payment in full using check or money order (include RFU Student ID)
    Mail to: Student Financial Services
    Student Billing
    3333 Green Bay Road
    North Chicago, IL 60064

    To ensure proper credit on a student account, your check should be:
    • Payable in U.S. dollars to RFU
    • Include your name and student ID
    • Your check will be deposited upon receipt
  • Online Payment Option
    • Sign-in to your Student Self-Service account
    • Select “View Account and Make Payment” (under Student Financial Services)
    • Follow screen prompts for credit card or e-check payment
    • Visa, American Express, Discover, MasterCard accepted (2.5% processing fee applied)
    • Checks accepted (no fee)
  • Bank Wire Transfer
    Wire payments can be made directly from your bank to RFU University's account with the following information:
    • Bank Name: JP Morgan Chase Bank, N.A.
    • Bank Address: 5813 Milwaukee Ave., Chicago, IL, 60646
    • Account Name: Rosalind Franklin University of Medicine and Science
    • Account Number: 654199017
    • Wire ABA Number: 021000021
    • ACH ABA Number: 071000013
    • Swift Address: CHASUS33

      Please note: it is crucial that the student's name and Student ID number are included with the wire instructions. Please review the wiring policies with your bank; there may be fees deducted from the amount of your payment.
  • Financial Aid Deferral
    Students who have financial aid pending by the quarter start date may use this option. Students must have taken all required steps to receive the financial aid. Tentative financial aid or awards in process cannot be used in determining the net balance due on a student's account. Students choosing to apply for financial aid should contact the Office of Student Financial Services at least 30 days prior to the quarter start date.
  • Sponsored Third Party Billing
    RFU will temporarily defer the payment for students who present written authorization/contract from a third party/sponsoring company for payment of tuition and/or fees on their organization or corporate letterhead. All letters/contracts are subject to review by the Office of Student Financial Services and must include the following information:
    • Student's name
    • Student ID
    • Quarter or academic year covered
    • Dollar or percentage limit (tuition and/or fees), if applicable
    • Sponsoring organization's name, billing address, contact person and telephone number

      Sponsored Third Party documentation must be submitted to the Office of Student Financial Services 30 days prior to the quarter start date.
  • RFU Payment Plan
    The RFU Payment Plan allows you to divide your educational expenses into 3 convenient monthly payments per quarter. The RFU Payment Plan is a pay-as-you-go budgeting plan, instead of saving to make a single payment at the beginning of each quarter. RFU Payment Plan participants may budget their tuition, fees, university housing, and student health insurance expense as a part of their regular monthly payments on a quarterly basis. Participants are billed in equal monthly installments once the RFU Payment Plan enrollment has been completed. This process will transfer the balance owed in the student's account to the RFU Payment Plan. A total minimum balance of at least $1,500.00 is required to participate in this plan. (This means that you must owe at least $1,500.00).  For additional information to sign up for the payment plan please click HERE.

Application of Payments

All payments received for a student are promptly applied to the student's account. Electronic payments are credited the day they are received. Paper check payments mailed to the University may take up to two days to process. In person cash or check payments are applied on the day they are presented to the Office of Student Financial Services. Payments of RFU tuition waivers/scholarships are applied to each student's account as of the first day of class or earlier.

Returned Payments

If a check payment posted to your account is returned by the bank because of insufficient funds, the returned check amount along with a $25.00 returned check fee will be charged to your student account. Failure to immediately replace the returned check will result in a University hold being placed on your student account.

Registration Hold

Students with overdue accounts are ineligible to register for the next term, and/or will have their registration for the next quarter administratively cancelled if their account becomes past due after registration. The University reserves the right to cancel the registration of a student with an unmet financial obligation that results for any reason. Furthermore, students will not receive diplomas and all letters of recommendation and transcripts will be withheld until all payments have been made.

Health Insurance

RFU requires that all students obtain and maintain health insurance while enrolled. In order to ensure that all students are in compliance with this requirement, the University offers group health insurance.  Current provider information and rates can be found on the Student Insurance page on the website. 

Students are automatically enrolled in the Student Health Insurance Plan unless they have completed a Health Insurance Waiver Form.  The health insurance waiver must be accompanied by proof of coverage from another insurance company.

Disbursement of Financial Aid

Disbursement of financial aid takes place during the first 10 days of each term. All funds received for students are promptly applied to their student accounts.  Any funds received beyond on the direct costs billed to the university are disbursed to the student during the first week of each quarter.  This disbursement is provided to the student via direct deposit to a personal bank account or via a check mailed to the student's address on file.

If a student has not previously set up direct deposit and would like to have funds deposited directly to their personal bank account, log on to Student Self-Service to do so.

Direct Deposit

Student Financial Services recommends that any disbursement be electronically deposited to a personal bank account as this is the fastest way for student to receive their living expenses. Students can enroll in direct deposit by logging on to Student Self-Service and selecting "Enroll in Direct Deposit" under Financial Services.

Section V: Leave of Absence/Withdrawal

Satisfactory Academic Progress

Satisfactory Academic Progress ("SAP") ensures students are able to complete their academic program in a timely manner while achieving and maintaining compliance with minimum academic standards. Federal regulations mandate that all students are required to conform to SAP standards as they work towards a degree in order for them to qualify to receive financial assistance through all Rosalind Franklin University eligible Title IV Federal Financial Aid programs. Complying with the Rosalind Franklin University SAP policy ensures students complete their academic program in a timely manner while achieving and maintaining compliance with minimum academic standards.

Scope and Applicability

This SAP policy applies to all Rosalind Franklin University students including Graduates and Professional students. These standards are for Title IV Federal Financial Aid purposes only and neither replaces nor override academic policies outlined by Rosalind Franklin University, other state or Federal benefit programs or individual program requirements. However, these standards are intended to be at least as rigorous as Rosalind Franklin University academic policies.

Policy Statements

  1. STANDARDS OF SATISFACTORY ACADEMIC PROGRESS
    SAP standards (Academic Standing, Pace, and Maximum Time Frame, from now on collectively referred to as "Standards") consist of quantitative and qualitative measurements that are determinants of SAP. The qualitative measurement evaluates the quality (i.e. GPA and Academic Standing) of the students’ academic work. The quantitative measurement evaluates the Pace by which students are working toward the completion of their program and the Maximum Time Frame required to complete their program.
    • CGPA and Academic Standing (Qualitative): All students must maintain a minimum cumulative grade point average ("CGPA") or comparable norm as specified in Appendix A found at the end of this policy and be neither dismissed nor suspended from their academic program, as determined by their program’s specific academic standards policy. All students are also required to achieve a CGPA or comparable norm that is consistent with their program requirement for graduation.
    • Pace (Quantitative): Students must be on target to complete their academic program within the set time frame, which is measured by the Pace at which they complete their required coursework. All students must maintain a minimum Pace as specified in Appendix A found at the end of this policy. To determine if a student is meeting this standard, total cumulative earned credit hours at Rosalind Franklin University plus accepted transfer credit hours are divided by the total cumulative attempted credit hours, including accepted transfer credits. A student must successfully complete the designated cumulative minimum percentage of all attempted credit hours at the point of SAP evaluation as determined by the calculation above.
    • Maximum Time Frame (Quantitative): All students are expected to finish their degree or certificate program within a maximum time frame, no longer than 150% of the published length of their program as provided in the Appendices.
  2. ADDITIONAL CONSTRAINT ON FINANCIAL AID ELIGIBILITY
    Students who have completed the academic requirements for a program but do not yet have the certificate or degree are not eligible for Federal Financial Aid funds for that program of study.
  3. SAP EVALUATION
    • Academic Year: The academic year at RFUMS consists of summer, fall, winter and spring, payment periods/quarters. Summer begins the academic year and spring concludes it.
    • Frequency and Timing: Rosalind Franklin University evaluates all students’ academic progress quarterly or annually as specified in Appendix A. As grades are posted, the Office of Financial Aid will review the academic records of all students who are receiving Federal Financial Aid funds to determine if they are meeting the Standards. This review will be performed for all students who were enrolled at Rosalind Franklin University for the previous academic year. Students returning from administrative leave may follow the appeal policy if consideration for financial aid is desired. All periods of enrollment at RFUMS will be included in the measurement of satisfactory academic progress. Terms in which the student enrolled but did not receive financial aid are also included in the measurement
    • Evaluation: The Office of Financial Aid will perform an annual or quarterly review of each student’s progress to ensure that students are meeting each of the Standards. If it is determined that the student is not compliant with any of the Standards, the student becomes ineligible to receive Federal Financial Aid and Financial Aid eligibility will be suspended.
  4. SAP NOTIFICATION
    A student not meeting the Standards will be notified in writing of their Financial Aid Warning or Suspension after all grades have been posted for their program of study. The notification will include an explanation of the Standards evaluated and instructions on how to proceed. Written notification will be sent electronically via their Rosalind Franklin University email account and/or mail via the last known mailing address according to the Registrar’s records.
    • Financial Aid Warning: Financial aid eligibility will be reinstated for one quarter. No SAP appeal is necessary. During the warning quarter, students are expected to improve their academic standing and degree progress, to meet standards of SAP at the end of the quarter. Students, who fail to achieve SAP at the end of the quarter, will be denied financial aid beginning the following quarter. A SAP Appeal to request financial aid consideration will be required at that time.
    • Financial Aid Suspension: Students, who do not meet the Standards (as indicated in the Appendices) at the time of the quarterly/annual evaluation, will be ineligible to receive Federal Financial Aid funds for the subsequent quarter (unless they submit an appeal and are placed on financial aid probation). Financial aid is suspended for a student who fails to meet the standards of SAP and:
      1. has not submitted an appeal of their status or has had their appeal rejected by the appropriate review committee;
      2. fails to regain eligibility by meeting the minimum Standards after a successful appeal and completion of the probationary period; or
      3. has not fulfilled the requirements set forth in their Academic Plan.
      4. students with financial aid eligibility suspended may either:
        • remediate any of the Standards that are non-compliant while not receiving federal, institutional or need-based financial aid, or
        • submit a SAP appeal.

    If at any time during a non-review period, a student who has been suspended from Financial Aid eligibility has remediated any of the Standards that are non-compliant (e.g., due to a late grade change or completing an incomplete course), that student must contact the Office of Financial Aid to request a review of their academic record and reinstatement of their financial aid eligibility. It should NOT be assumed that reinstatement is automatic.

    Unless academically dismissed, students may be permitted to enroll at Rosalind Franklin University while financial aid is suspended. Students denied Federal Financial Aid may continue attending Rosalind Franklin University by funding their education themselves. It is the student’s responsibility to monitor his or her academic progress and to be aware of their program requirements and SAP standards. 
    • Financial Aid Probation: Financial Aid Probation is a status assigned to any annually reviewed student who fails to meet the Standards and has successfully appealed their Financial Aid Suspension. If placed on Financial Aid Probation, students will be required to follow an approved Academic Plan in order to receive Federal Financial Aid for one quarter/term and have their progress be evaluated at the end of the quarter/term. Students who meet all Standards or the requirements outlined in their Academic Plan will remain eligible for Federal Financial Aid. Students who fail to meet the Standards or the requirements outlined in their Academic Plan will again be suspended from financial aid eligibility and will be ineligible for Federal Financial Aid going forward.

      Only Financial Aid eligible applicants and/recipients will be placed on Financial Aid Probation. Students who successfully appeal their financial aid eligibility and are approved will be placed on Financial Aid Probation for the current or subsequent quarter as requested by the student in the appeal process.

    • Discretionary Review of SAP in Non-Annual Review Periods: The Offices of Financial Aid and the Registrar may, at their discretion, conduct SAP assessments at any time throughout the academic year. If upon performing the analysis the financial aid or registrar staff identifies that a student may be at risk of failing to meet all Standards, the identified student(s) may be sent a courtesy notification via their Rosalind Franklin University email address.

      Any student for whom a discretionary SAP assessment is performed and risk is identified, an ERP system-flag (not to be confused with Financial Aid suspension or probation) will be placed on the student’s account/record to notify the Financial Aid department, the Registrar, and the student’s academic advisor that the student is at risk of losing Federal Financial Aid eligibility. Students who receive a courtesy notification letter will continue to have their Federal Financial Aid normally processed by the Office of Financial Aid for the term during which the discretionary review was completed and until they fail to meet the standards of Satisfactory Academic Progress as determined by the annual review period described above.
  5. APPEAL PROCESS

    Students who become ineligible to receive Federal Financial Aid for failure to meet the Standards and have been notified of the Financial Aid Suspension have the right to make a written appeal to the appropriate Committee. Students who appeal must demonstrate all of the following:

    1. that failure to meet the minimum standard was caused by extreme or unusual circumstances beyond his or her control (documentation must be supplied);
    2. that they have resolved the issue(s) that caused the deficit, and;
    3. that the issue(s) will not affect their performance in the future.
      1. Monitoring the Status of An Appeal: Once an appeal is submitted to the appropriate committee for a decision, that appeal will be heard at that committee’s next meeting. All decisions are final. If a decision has not been made by the time tuition is due, it is the student’s responsibility to contact the Office of Financial Aid to discuss the alternative payment options.

        Below is a listing of the potential appeal statuses that could be determined by the committee:

        • In-Progress: Appeal has been received, but not reviewed.
        • Tabled: Appeal has been reviewed, but the committee has deferred the appeal until it receive(s) additional information.
        • Approved: Appeal has been approved and the student has been placed on Financial Aid Probation.
        • Denied: Appeal was not approved based on the information that was provided. The student is no longer eligible to receive Federal Financial Aid.
      2. Limit of appeals: Students may not initiate an appeal using the same extraordinary and extenuating circumstance three times.
      3. Regaining Eligibility for Financial Aid through Self-Correction: Students who are denied Federal Financial Aid on the basis of not meeting the Standards, may regain eligibility by becoming compliant with all of the Standards while studying at their own expense. This is known as self-correction. 

        It is the student's responsibility to notify the Office of Financial Aid when they have self-corrected their SAP-related issue(s). The Office of Financial Aid will then conduct a review to confirm that the student is meeting all Standards at that point in time.

      4. Late Grade Posted or Grade Change: Students whose financial aid eligibility has been suspended or those on Financial Aid Probation who have a grade posted late or changed must notify the Office of Financial Aid to have their SAP re-evaluated. It is the responsibility of the student to notify the Office of Financial Aid of these circumstances. There is no automatic process to remove the Financial Aid Suspension or Probation status for students. If no notice is provided, the student’s SAP status will remain unchanged and will be re-evaluated during the next review.
      5. Program Changes: Students who switch programs while at Rosalind Franklin University will be evaluated based only on the Standards for the program for which they are currently active. Students who are not compliant with any Standards prior to switching programs or based on their new program may be required to submit a SAP appeal form before they are eligible to receive any Federal Financial Aid. Failure to submit an appeal may result in the student not being eligible for Federal Financial Aid. It is the student’s responsibility to recognize that a program change may result in a Financial Aid Suspension.
      6. Multiple Programs: For students simultaneously pursuing two (or more) graduate or professional degrees, the measurement of their Minimum 67% Pace of Completion and Measurement of Quality are still based on their Total Attempted Hours Their Maximum Total Attempted Hours will be calculated using the degree with the greater number of required hours.
      7. Academic Plan: If an appeal is approved, the student will be placed on Financial Aid Probation and given an Academic Plan.

        An Academic Plan is a written agreement between the student and the student’s adviser that may extend the student's eligibility for Federal Financial Aid for one quarter/term during a designated probationary period. The Academic Plan specifies requirements (i.e., minimum course completion ratio, CGPA, reduced course load or enrolling in specific courses) that the student must meet and exceed each quarter/term to maintain or regain Federal Financial Aid eligibility. A student that does not meet these Standards will again be suspended from Financial aid eligibility and will be ineligible for federal aid in future quarters/terms until the student does meet the standards.

  6. EFFECT OF WITHDRAWALS, TENTATIVE GRADES, REMEDIATION, AND TRANSFER CREDITS
    1. Withdrawal (W): Students are given a "W" (Withdrawal) when they officially withdraw from a course. The course will only appear on the transcript if the students withdraw after the end of the add/drop period as per the university’s academic calendar. A "W" grade is not calculated into the GPA, attempted credits or earned credits, when dropped on or before the add/drop period. After the add/drop period, a "W" grade is calculated into the attempted credits, but not calculated into GPA or earned credits.

      Withdrawn courses recorded on the student’s permanent academic transcript are included in the Pace and maximum Time Frame calculations as attempted but not satisfactorily completed credits.

    2. Incompletes (IN): Courses that are assigned an "incomplete" grade are included in the attempted credits but not earned credit hours for Pace and maximum Time Frame measures. They are entered as attempted but not satisfactorily completed credits and are not included in the minimum CGPA. Students’ status may change once a final grade is recorded. It is the responsibility of the student to notify the Financial Aid Office when a grade has been entered as final.
    3. Pass/Fail (P/F): All credits for Pass /Fail course attempts will be counted as attempted credits. Only P grades will count as satisfactorily completed credit hours in the quantitative measures.
    4. Remediation (NR): For purposes of financial aid, students may be permitted to retake courses in which the student received a failing grade or its equivalent which is dependent on the academic requirements of the program in which the student is enrolled. Each time a course is attempted, it is considered an attempt when calculating the Pace of completion and maximum Time Frame measures, regardless of whether the course is subsequently repeated for a better grade.

      Students are only allowed to receive Federal Financial Aid for one repeat of a previously attempted course (for the first time only) in a term-based program, including when the student is retaking a passed class due to failing other associated coursework. Any grade that is higher than an “F”, or its programmatic equivalent, is considered passing for this purpose regardless of the school or program policy/requirements. If after that one allowable repeat, a satisfactory grade is not achieved, the student may not be eligible to receive Federal Financial Aid for additional repeats of the same course. Students may not appeal their federal financial aid eligibility if deemed ineligible for this reason.

    5. Transfer Credits(TR): For purposes of financial aid, only transfer credit hours officially accepted for the student’s program of study will be automatically counted in the attempted and successfully completed credit hours toward the quantitative (Pace of completion) and maximum Time Frame. Various programs of Rosalind Franklin University may have different standards and requirements regarding acceptability of transfer credits and calculations will be based on the program in which the student is enrolled.

Definitions

Satisfactory Academic Progress (SAP): Federal requirement that mandates that institutions monitor a student’s academic progress for the purpose of determining financial aid eligibility. To be in good SAP standing, the student must meet all SAP Standards.

SAP Standards: Refers to the standards that students must meet in order to maintain their financial aid eligibility. This includes maintaining compliance with Minimum Cumulative GPA, or comparable qualitative norm, Pace, and Maximum Time Frame requirements.

Cumulative GPA Requirement: The Minimum Cumulative GPA requirement ("CGPA") is the cumulative grade point average that a student must achieve at each SAP evaluation. If a student is enrolled in a program that is more than two academic years, the student must have a CGPA of at least a "C” or its equivalent, or have academic standing consistent with the institution’s requirement for graduation. Please refer to Appendix A for requirements by program.

Pace Requirement: The Pace Requirement is the Pace at which a student must progress through their program calculated by dividing the cumulative number of credit hours the student has successfully completed by the cumulative number of credit hours the student has attempted. Please refer to Appendix A for requirements by program.

Maximum Time Frame Requirement: A period of no more than 150% of the published length of the program. Please refer to Appendix A for requirements by program.

Financial Aid Warning: A status assigned to a student who is failing to make satisfactory academic progress. Financial aid eligibility will be reinstated for one quarter. No SAP appeal is necessary. During the warning quarter, students are expected to improve their academic standing and degree progress, to meet standards of SAP at the end of the quarter. Students who fail to achieve SAP at the end of the quarter, will be denied financial aid beginning the following quarter. A SAP Appeal to request financial aid consideration will be required.

Financial Aid Suspension: Financial Aid Suspension refers to a student who fails to meet the SAP standards. These students are ineligible for Federal Financial Aid.

Financial Aid Probation: Financial Aid Probation is a status assigned to any student who fails to meet the Standards and has successfully appealed their Financial Aid Suspension. If placed on Financial Aid Probation, students will be required to follow an approved Academic Plan in order to receive Federal Financial Aid for one quarter/term.

Financial Aid Courtesy Notification: After a discretionary review in a non-review period, a Financial Aid Courtesy Notification may be sent to students if it has been determined that they are at risk of not making SAP at the SAP evaluation. The student’s Federal Financial Aid will not be affected at this point.

Appeal: A student submits an appeal after notification of Financial Aid Suspension to petition the institution (through the appropriate Committee) for reconsideration of their eligibility for Federal Financial Aid when they are not meeting SAP standards. An appeal must explain why the student failed to make SAP and what has changed in the student’s situation that will allow the student to make SAP in the future.

Academic Plan: An Academic Plan is a written agreement between the student and the institution that may extend the student's eligibility for Federal Financial Aid for one quarter/term during a designated probationary period.

Procedures

Appendix A-1
Chicago Medical School SAP Requirements

PROGRAM REQUIRED MINIMUM CGPA MAXIMUM TIME FRAME PACE REQUIRED SAP MONITORED
MD see Qualitative standards statement 6 66.667% Annually

CMS Specific Guidelines:

      • Chicago Medical School Qualitative Standards Statement
        Chicago Medical School does not measure academic progress by means of a cumulative grade point average. Students are required to complete required courses with a "P" passing grade (or the equivalent) or better. Therefore, grade performance as a measure of satisfactory academic progress must be reviewed annually in the context of each course for which a student is registered.
        • In order to determine SAP for federal student aid purposes, each course will be assigned a value of 1. To meet satisfactory academic progress, a student must maintain a value of 1 at the end of the academic year. To determine this, we will divide the number of passed courses by the number of attempted courses.
        • For example, if a student attempts 8 courses, they have a total point value of 8. If the student passes all eight courses, we divide 8/8 and get 1. If the student fails one course, we divide 7/8 and get .87; the student is placed on FA Suspension, with a chance to appeal and be placed on FA Probation.
      • USMLE and academic progress:
        • A student must satisfactorily complete the USMLE Step 1 2CS as specified in the SEPAC Guidelines to make satisfactory academic progress. Students will not be promoted to third year without having attempted USMLE Step1. Students must pass USMLE Step 2CK and 2CS as specified in the SEPAC Guidelines to make satisfactory academic progress. If each of these exams is not passed within the approved number of attempts, the student is not making satisfactory academic progress. A student who has not passed Step 2CK and/or 2CS by the expected graduation date but has completed all of the graduation requirements will not be eligible for financial aid.
      • Specific grades’ impact on Pace:
        • Incomplete grades count in attempted but not earned (count against a student's Pace / Completion %)
        • W grades count in attempted but not earned (count against a student's Pace / Completion %)
        • For CMS, a P grade counts as attempted and earned; an F grade counts as attempted but not earned.
      • Repeat of Individual Course or Clerkship:
        • Per Rosalind Franklin University SAP policy, courses retaken due to a failing grade or its equivalent are counted as attempted each time they are taken. Once the course is repeated and passed, the initial failing grade is excluded from consideration in the qualitative measure of SAP.
      • Repeat of Entire Year:
        • Students who failed a course(s) and are required to repeat either an entire year of coursework or a partial curriculum, which may include successfully completed courses, will be eligible for federal loans for the repeat of the required academic year. Funding will be provided only once for the repeat of the same academic year.

Appendix A-2
College of Pharmacy SAP Requirements

PROGRAM REQUIRED MINIMUM CGPA MAXIMUM TIME FRAME PACE REQUIRED SAP MONITORED
PharmD see Qualitative standards statement 6 66.667% Annually

COP Specific Guidelines:

      • College of Pharmacy Qualitative Standards Statement
        College of Pharmacy does not measure academic progress by means of a cumulative grade point average. Grade performance as a measure of satisfactory academic progress must be reviewed annually in the context of each course for which a student is registered.
        • In order to determine SAP for federal student aid purposes, each course will be assigned a value of 1. To meet satisfactory academic progress, a student must maintain a value of 1 at the end of the academic year. To determine this, we will divide the number of passed courses by the number of attempted courses.
        • For example, if a student attempts 8 courses, they have a total point value of 8. If the student passes all eight courses, we divide 8/8 and get 1. If the student fails one course, we divide 7/8 and get .87; the student is placed on FA Suspension, with a chance to appeal and be placed on FA Probation.
      • Specific grades’ impact on Pace:
        • Incomplete grades count in attempted but not earned (count against a student's Pace / Completion %)
        • W grades count in attempted but not earned (count against a student's Pace / Completion %)
        • For COP, a P grade counts as attempted and earned; an F grade counts as attempted but not earned.
      • Repeat of Individual Course:
        • Per Rosalind Franklin University SAP policy, courses retaken due to a failing grade or its equivalent are counted as attempted each time they are taken. Once the course is repeated and passed, the initial failing grade is excluded from consideration in the qualitative measure of SAP.
      • Repeat of Entire Year:
        • Students who failed a course(s) and are required to repeat either an entire year of coursework or a partial curriculum, which may include successfully completed courses, will be eligible for federal loans for the repeat of the required academic year. Funding will be provided only once for the repeat of the same academic year.

Appendix A-3
Dr. William M. Scholl College of Podiatric Medicine SAP Requirements

PROGRAM REQUIRED MINIMUM CGPA MAXIMUM TIME FRAME PACE REQUIRED SAP MONITORED
DPM see Qualitative standards statement 6 66.667% Annually

SCPM Specific Guidelines:

      • William M. Scholl College of Podiatric Medicine Qualitative Standards Statement
        Dr. William M. Scholl College of Podiatric Medicine does not measure academic progress by means of a cumulative grade point average. Grade performance as a measure of satisfactory academic progress must be reviewed annually in the context of each course for which a student is registered.
        • In order to determine SAP for federal student aid purposes, each course will be assigned a value of 1. To meet satisfactory academic progress, a student must maintain a value of 1 at the end of the academic year. To determine this, we will divide the number of passed courses by the number of attempted courses.
        • For example, if a student attempts 8 courses, they have a total point value of 8. If the student passes all eight courses, we divide 8/8 and get 1. If the student fails one course, we divide 7/8 and get .87; the student is placed on FA Suspension, with a chance to appeal and be placed on FA Probation.
      • APMLE and academic progress:
        • A student must satisfactorily complete the APMLE
        • Students must take the Part I and Part II examinations on the first date they are offered. Additionally, if the Part II CSPE examination is offered, it must be taken the first date it is offered. Only the Dean may make exceptions to this rule.
        • If a student fails the July offering of Part I they will register for, but not begin their clerkships, however if they fail the October offering of Part I they will not be allowed to begin clerkships, they must take a Leave of Absence until the next July offering of Part I.
        • A student who fails the July and October offerings of Part I will be allowed to complete the capstone clinical experiences including any remediation if necessary.
        • A Leave of Absence to prepare for the Part I examination cannot be longer than one calendar year and the student should consult with Student Financial Services to discuss the financial implications of a Leave of Absence. Students are strongly encouraged to seek additional academic support and consider enrolling in the board review course offered on campus.
        • A student who fails the APMLE Part I for the third time is eligible for dismissal.
      • Specific grades’ impact on Pace:
        • Incomplete grades count in attempted but not earned (count against a student's Pace / Completion %)
        • W grades count in attempted but not earned (count against a student's Pace / Completion %)
        • For SCPM grade counts as attempted and earned; an NC grade counts as attempted but not earned.
        • For SCPM, a P grade counts as attempted and earned; an F grade counts as attempted but not earned.
      • Repeat of Individual Course or Clerkship:
        • Per Rosalind Franklin University SAP policy, courses retaken due to a failing grade or its equivalent are counted as attempted each time they are taken. Once the course is repeated and passed, the initial failing grade is excluded from consideration in the qualitative measure of SAP.
      • Repeat of Entire Year:
        • Students who failed a course(s) and are required to repeat either an entire year of coursework or a partial curriculum of at least half-time status, which may include successfully completed courses, will be eligible for federal loans for the repeat of the required academic year. Funding will be provided only once for the repeat of the same academic year.

Appendix A-4
School of Graduate and Postdoctoral Studies SAP Requirements

PROGRAM REQUIRED MINIMUM CGPA MAXIMUM TIME FRAME PACE REQUIRED SAP MONITORED
Doctorate 3.0 6 66.667% Annually

Appendix A-5
College of Health Professions SAP Requirements

PROGRAM REQUIRED MINIMUM CGPA MAXIMUM TIME FRAME PACE REQUIRED SAP MONITORED
Doctor of Nurse Anesthesia Entry DNAP 3 3.0 5 Annually
Doctor of Physical Therapy DPT 3 2.75 5 Annually
Pathologists’ Assistant MS 2 3.0 3 Annually
Physician Assistant MS 2 2.5 3 Annually
Psychology PhD 5 3.0 7.5 Annually
Psychology: Clinical Counseling MS 2 3.0 3 Annually

Appendix A-6
College of Health Professions Online SAP Requirements

PROGRAM REQUIRED MINIMUM CGPA MAXIMUM TIME FRAME PACE REQUIRED SAP MONITORED
Clinical Nutrition MS 2 3.0 5 Quarterly
Nutrition Education MS 2 3.0 5 Quarterly
Health Administration MS 2 3.0 5 Quarterly
Health Professions Education MS 2 3.0 5 Quarterly
Health Promotion and Wellness MS 2 3.0 5 Quarterly
Interprofessional Healthcare Studies DSc/PhD 4 3.0 6 Quarterly
Transition Doctor of Physical Therapy tDPT 2 3.0 5 Quarterly
Doctor of Nurse Anesthesia Completion DNAP 2 3.0 5 Quarterly

Appendix A-7

College of Health Professions Biomedical Sciences SAP Requirements

PROGRAM REQUIRED MINIMUM CGPA MAXIMUM TIME FRAME PACE REQUIRED SAP MONITORED
BMS 1 3.0 2 Quarterly

Appendix A-8
College of Health Professions Online Certificate SAP Requirements

PROGRAM REQUIRED MINIMUM CGPA MAXIMUM TIME FRAME PACE REQUIRED SAP MONITORED
Population Health Analytics CERT 1 3.0 4 Quarterly
Population Health Strategies CERT 1 3.0 4 Quarterly
Online Instruction CERT 1 3.0 4 Quarterly
Nutrition for Healthcare Professionals CERT 1 3.0 4 Quarterly
Health Professions Education CERT 1 3.0 4 Quarterly
Health Administration CERT 1 3.0 4 Quarterly
Essentials of Health Promotion and Wellness CERT 1 3.0 4 Quarterly


Appendix B-1

RFU Annual SAP Evaluation Process

EVALUATION OF SATISFACTORY ACADEMIC PROGRESS

Satisfactory academic progress is monitored at the end of each academic year for the following programs:

      • Allopathic Medicine MD
      • Doctor of Pharmacy PharmD
      • Doctor of Podiatric Medicine DPM
      • Doctor of Nurse Anesthesia DNAP
      • Doctor of Physical Therapy DPT
      • Pathologists’ Assistant MS
      • Physician Assistant MS
      • Psychology PhD
      • Psychology: Clinical Counseling MS
      • School of Graduate and Postdoctoral Studies PhD

NOTIFICATION OF SAP STATUS

Active students with a FAFSA on file will be notified via their RFU email if they fail to meet SAP standards. If grades are not posted when the SAP evaluation is run, SAP status may be delayed or changed.

Students who are not maintaining SAP will lose their eligibility to receive financial aid. As progress is measured annually, there is no warning quarter. If denied aid, students may appeal.

Outstanding grades may change or delay SAP status decisions.

If a SAP Appeal is submitted and approved, students will be placed on Financial Aid Probation for the payment period (quarter). If the satisfactory progress check after the end of the probationary period is failed, students may only continue to receive their aid if they are meeting the requirements of their academic plan. Students over the maximum time frame for program completion; can only use financial aid to pay for courses required for their degree or eligible program.

The financial aid satisfactory academic progress policy is separate from the program/school academic regulations.

SAP Appeal

When student lose their financial aid eligibility for failing to make satisfactory progress, they may appeal that result based on: injury or illness, the death of a relative, or other extenuating circumstances.

When to Appeal

Students may submit their SAP Appeal and Academic Plan at any time; however, aid cannot be reinstated retroactively for a prior term. Students must submit their plan by the posted dates. If an appeal is not complete within 30 days, it will be denied.

How to Appeal

The SAP Appeal and Academic Plan form, which includes detailed instructions, can be downloaded from the Office of Student Financial Services Insite page.

The SAP appeal must include an explanation statement describing why SAP standards have not been met and how the situation has changed or will change so that the students’ Satisfactory Academic Progress will be met. The SAP appeal must also include an Academic Plan to achieve SAP standards by a specified point in time.

IF this is not the first appeal:

    1. An explanation statement must include information about what has changed since the student’s last appeal.
    2. The student MUST also attach an updated Academic Plan signed by their academic adviser.

Students should not assume that a SAP Appeal will be approved. Decisions of SAP Appeals review are final.

IMPORTANT NOTE ABOUT FINANCIAL AID ELIGIBILITY:

If the maximum program timeframe is exceeded, students must be meeting Minimum CGPA or comparable norm (qualitative) and pace requirements, and be enrolled only in courses required for their program and listed on their Academic Plan.

CAUTION:

A student who enrolls for classes before the SAP Appeal is approved remains responsible for paying all charges without financial aid.

If Student SAP Appeal is Approved

If the student SAP appeal is approved, the student will be placed on Financial Aid Probation for one quarter/term. If the SAP check after the end of the probationary period is failed, a student may only continue to receive aid if they are meeting the requirements of their academic plan.

If Student SAP Appeal is Denied

If the student SAP appeal is denied, the student will need to use alternate financial resources such as the payment options to attend Rosalind Franklin University until the deficiency is resolved. If a student registers for classes, they are responsible for all charges.

Academic Probation Policy Differences

The Financial Aid Satisfactory Academic Progress Policy standards are separate and distinct from school and college academic policies. The Financial Aid SAP policy only applies to eligibility for financial aid. The SAP policy reviews both Pace and Maximum Time Frame, in addition to Minimum CGPA/comparable norm (qualitative measure), and all attempted credit hours are included in reviewing student eligibility. These policies also have separate appeal procedures.

RFU Annual SAP Evaluation Process

  1. Student failed SAP evaluation– student loses Title IV eligibility immediately and is placed on Financial Aid Suspension and has the option to appeal suspension
  2. Student successfully appeals. Placed on Financial Aid Probation and Title IV funds are disbursed for next payment period only.
  3. Student must meet SAP at end of that quarter or comply with requirements of Academic Plan designed to ensure student will meet SAP by a specified point in time with potential milestones.
  4. Student must meet SAP at end of the quarter or comply with requirements of Academic Plan designed to ensure student will meet SAP by a specified point in time with potential milestones.
  5. Student successfully appeals. Student is placed on Financial Aid Probation and Title IV funds are disbursed for next quarter only. If appeal denied student loses eligibility.

Appendix B-2
RFU Quarterly SAP Evaluation Process

EVALUATION OF SATISFACTORY ACADEMIC PROGRESS

Satisfactory Academic Progress is monitored at the end of each quarter for the following programs:

      • Doctor of Nurse Anesthesia Completion DNAP
      • Biomedical Sciences MS
      • Clinical Nutrition MS
      • Nutrition Education MS
      • Health Administration MS
      • Health Professions Education MS
      • Health Promotion and Wellness MS
      • Interprofessional Healthcare Studies DSc/PhD
      • Transition Doctor of Physical Therapy tDPT
      • All Certificate Programs

NOTIFICATION OF SAP STATUS

Active students with a FAFSA on file will be notified via their RFU email if they fail to meet SAP standards. If grades are not recorded when the SAP evaluation is run, SAP status may be delayed or changed.

Students who are not maintaining SAP will lose their eligibility to receive financial aid. As progress is measured annually, there is no warning quarter. If denied aid, students may appeal.

Outstanding grades may change or delay SAP status decisions.

If a SAP Appeal is submitted and approved, students will be placed on Financial Aid Probation for the payment period (quarter). If the satisfactory progress check after the end of the probationary period is failed, students may only continue to receive their aid if they are meeting the requirements of their Academic Plan. Students over the maximum time frame for program completion; can only use financial aid to pay for courses required for their degree or eligible program.

The Financial Aid Satisfactory Academic Progress Policy is separate from the program/school academic regulations.

SAP Appeal

When student lose their financial aid eligibility for failing to make satisfactory progress, they may appeal that result based on: injury or illness, the death of a relative, or other extenuating circumstances.

When to Appeal

Students may submit their SAP Appeal and Academic Plan at any time; however, aid cannot be reinstated retroactively for a prior term. Students must submit their plan by the posted dates. If an appeal is not complete within 30 days, it will be denied.

How to Appeal

The SAP Appeal and Academic Plan form, which includes detailed instructions, can be downloaded from the Office of Student Financial Services Insite page.

The SAP appeal must include an explanation statement describing why SAP standards have not been met and how the situation has changed or will change so that the students’ Satisfactory Academic Progress will be met. The SAP appeal must also include an Academic Plan to achieve SAP standards by a specified point in time.

IF this is not the first appeal:

    1. An explanation statement must include information about what has changed since the student’s last appeal.
    2. The student MUST also attach a Student Improvement Plan signed by their academic adviser.

Students should not assume that a SAP Appeal will be approved. Decisions of SAP Appeals review are final.

IMPORTANT NOTE ABOUT FINANCIAL AID ELIGIBILITY:

If the maximum program timeframe is exceeded, students must be meeting minimum CGPA or comparable norm (qualitative) and Pace requirements, and be enrolled only in courses required for their program and listed on their Academic Plan.

CAUTION:

A student who enrolls for classes before the SAP Appeal is approved remains responsible for paying all charges without financial aid.

If Student SAP Appeal is Approved

If the student SAP appeal is approved, the student will be placed on Financial Aid Probation for one quarter/term. If the satisfactory progress check after the end of the probationary period is failed, a student may only continue to receive aid if they are meeting the requirements of their Academic Plan.

If Student SAP Appeal is Denied

If the student SAP appeal is denied, the student will need to use alternate financial resources such as a payment plan to attend Rosalind Franklin University until the deficiency is resolved. If a student registers for classes, they are responsible for all charges.

Academic Probation Policy Differences

The Financial Aid Satisfactory Academic Progress Policy standards are separate and distinct from school and college academic policies. The Financial Aid SAP policy only applies to eligibility for financial aid. The SAP policy reviews both pace and maximum time frame, in addition to CGPA/comparable norm (qualitative measure), and all attempted credit hours are included in reviewing student eligibility. These policies also have separate appeal procedures.

RFU Quarterly SAP Evaluation Process

  1. Not maintaining SAP
  2. RFU may disburse Title IV fund for next quarter only, with no required action by student
  3. Student failed SAP evaluation– student loses Title IV eligibility immediately and is placed on Financial Aid Suspension and has the option to appeal suspension
  4. Student successfully appeals. Placed on Financial Aid Probation and Title IV funds are disbursed for next quarter only
  5. Student placed on Financial Aid Warning
  6. Student must meet SAP at end of the payment period or comply with requirements of Academic Plan designed to ensure student will meet SAP by a specified point in time with potential milestones

POINTS OF CONTACT.

  • Rebecca Durkin – Vice President of Student Success and Inclusion
  • Maryann DeCaire – Student Financial Services
  • Jessica Barthule – Student Financial Aid
  • Timothy Carroll – Registrar

REFERENCES AND RELATED POLICIES. 

  • Course Add/Drop Policy
  • Grade Submission Policy
  • Incomplete Policy
  • Leave of Absence Policy
  • Transfer Policy
  • Withdrawal Policy

Refund Policy

Official withdrawal from a course or from the university entitles a student to a tuition refund according to the schedule below. No other fees are refundable. Official paperwork (withdrawal/leave of absence form) must be fully completed and submitted to Academic and Retention Services by Friday at 4:30 p.m. to be considered valid for that week's tuition refund.

Week 1 100%
Week 2 75%
Week 3 50%
Week 4 25%
Week 5 0%

The refund will be credited to the student's account (less any amount still owed for other charges), then direct deposited, or a check will be mailed once all holds are removed from their account. *

*Distance Education students who reside in states without refund policies, refunds will be calculated in accordance to the Institutional Refund Policy. Effective May 1, 2014 tuition refunds for students will be calculated in accordance with the refund policy in the state in which they reside.

Return of Federal Title IV Funds

A student may find it necessary to withdraw from school or enter a leave of absence during a quarter. When this occurs, the student may owe a refund of Federal Title IV funds. It is important that every student at RFU is familiar with the Federal Title IV refund policies.

In general, the law assumes that the student must “earn” federal financial aid awards directly in proportion to the number of days of the term attended. In other words, a student earns financial assistance as they attend class. If a student completely withdraws from all classes during a term, the University must calculate the portion of the total scheduled financial assistance earned. If the student received more assistance than earned, the unearned excess funds must be returned to the federal programs.

The portion of federal loans and grants the student was entitled to is calculated on a percentage basis by comparing the total number of calendar days in the quarter to the number of days completed before total withdrawal. If the percent is 60% or more, the student will not need to return any Federal Title IV funds.

The total withdrawal date for calculating the Return of Federal Title IV financial assistance will be determined by the University as the date the student officially withdraws per the institutional procedures.

Allocating Returned Title IV Federal Funds

Funds that are returned to the federal government are used to reduce the outstanding balances in individual federal programs. Financial aid returned must be allocated in the following order:

  1. Federal Unsubsidized Stafford Loan
  2. Federal Subsidized Stafford Loan
  3. Federal Perkins Loan
  4. Federal Graduate PLUS Loan
  5. Other Federal Loan or Grant Assistance

Students who circumstances require that they withdraw from classes are strongly encouraged to contact the Office of Student Financial Services and their academic department before doing so.

Leave of Absence

Students who wish to leave the University temporarily should contact the Registrar's Office for leave of absence information.

Academic Withdrawal

If you decide to withdraw from a class or from the University after the beginning of classes for an academic period, please contact Student Financial Services prior to your withdrawal. The financial aid awarded to you is based on the expectation that you will remain enrolled for the entire quarter. If you withdraw from classes, we must calculate how much of your Federal Student Aid you have actually earned and return any unearned funds to the Department of Education. In addition, if you received a refund of financial aid to assist with your education related and/or living expenses, you may need to repay those funds as well. If, upon withdrawal, you are entitled to a refund of charges (i.e., tuition, fees, room or board), a portion of that refund may have to be returned to the financial aid programs from which you received assistance, including loan programs. The amount to be returned will be calculated according to federal guidelines.

Section VI: Consumer Information

Under the 2008 Higher Education Opportunity Act (HEOA), Rosalind Franklin University of Medicine and Science is required to make available certain information to current and prospective students, employees, and the general public. For your convenience, this information can be found at: https://www.rosalindfranklin.edu/about/consumer-information/. The webpage contains links that will direct you to the appropriate websites or information required. You may also visit the U.S. Department of Education: Higher Education Opportunity Act of 2008 for additional information.

Section VII: Repayment

Exit Counseling

Student loan exit counseling is required before you withdraw, graduate, or drop below half-time attendance (even if you plan to transfer to another school). All students taking out Direct Unsubsidized Loans or Direct Grad PLUS Loans are required to complete exit counseling. It is intended to help you understand your rights and responsibilities as a student loan borrower and provide useful tips and information to help you manage your loans. In addition to a required online session at www.studentloans.gov, mandatory Student Financial Services exit counseling workshops are scheduled to review repayment options and assist in critical decision making.

Federal Student Loan Repayment Plans

Generally, you'll have from 10 to 25 years to repay your federal education loans, depending on which repayment plan you choose. There are a number of repayment plans available. Select the plan that's right for your financial situation and remember that the longer your loans are in repayment, the more interest you will pay:

There are many repayment plans available to students.  Each plan varies and is designed to have features that will assist students in being successful during repayment.  Students are encouraged to research each plan when determining the best fit for their personal situation.  Each plans details can be obtained at: https://studentaid.ed.gov/sa/repay-loans/understand/plans.  Students are also encouraged to reach out to the Student Financial Services Staff if they are not sure as to which plan will meet their unique needs. 

No Prepayment Penalty

All federal education loans allow prepayment without penalty. Any excess payment is applied first to interest and then to principal. However, if the additional payment is greater than one monthly installment, you must include a note with the payment telling the processor whether you want your prepayment to be treated as a reduction in the principal. Otherwise, the government will treat it as though you paid your next payment(s) early, and will delay your next payment due date as appropriate. It is best to tell them to treat it as a reduction to principal, since this will reduce the amount of interest you will pay over the lifetime of the loan.

Making Payments Towards Your Federal Direct Loans

After the first disbursement of your Direct Stafford or Direct Graduate PLUS loan is made, the loan is then transferred to another agency that services your loans. The agencies contracted by the Department of Education are: FedLoan Servicing/PHEAA; Sallie Mae; Nelnet; Great Lakes; Aspire, Cornerstone/UHEAA; EdFinancial Services; Direct Loans (ACS); Granite State Management & Resources and; the Missouri Higher Education Loan Authority. If you wish to make a payment(s) towards your Direct Loans, you will first have to determine which agency is your servicer, so that you can obtain the correct mailing address for the payment. You can look up this information at https://nsldsfap.ed.gov. This is the web site of the National Student Loan Data System. It contains your borrowing history, as well as the address and telephone number of your Direct Loan servicer. You can also call the Federal Student Aid Information Center at 1-800-433-3243 to speak with a representative in regard to securing the name(s) and contact information of your lenders and/or servicers.

How Are Loan Payments Applied To My Loan Balance

  • The servicer first applies your payment to late charges or collection costs on your account (if any).
  • Next, to the interest that has accumulated (accrued interest).
  • The remainder of the payment is then applied to the principal balance.
  • Just as the accrued interest varies monthly (depending on how many days elapse between the receipts of payments), the amount of a payment applied to accrued interest and the amount applied to principal also will vary monthly. A breakdown of how your payments are applied should be on your billing statement. If not, ask your servicer for that information.

Federal Tax Benefits for Tuition & Fees

Currently there are several “Educational Incentives” for individuals who file a Federal Income Tax Return with the Internal Revenue Service. The types of tax benefits and filing requirements may be found at the IRS website: http://www.irs.gov. The tax benefits that may be available are explained in detail in the IRS Publication 970: Tax Benefits for Education. Some topics covered in this publication include: Hope Credit, Lifetime Learning Credit, Student Loan Interest Deduction and Tuition and Fees Deduction. RFU students can access their 1098-T at: www.1098t.com

Interest and Capitalization

Interest is a percentage of the original loan amount (the loan principal) that's added to what you have to pay. It's a charge for using borrowed money.

Unsubsidized: If you borrowed an unsubsidized loan (Unsubsidized Stafford, Grad PLUS), interest starts accruing (accumulating) from the time the funds are disbursed to you, and you're responsible for paying that interest. You can chose to either pay it while you are in school or let it accrue and be added to the principal balance of your loan. This is called "capitalization." Capitalization increases your loan principal The total amount you repay over the life of your loan will be greater than if you paid interest while you were in school.

Subsidized: The federal government pays interest on subsidized loans (Subsidized Stafford, Perkins) during school enrollment and certain other periods.

How is interest calculated?

        Interest on all loans borrowed under the U.S. Department of Education's programs is calculated on a simple daily basis.

The following formula demonstrates how the simple interest is calculated between payments

        Average daily balance
        x Interest rate

x Number of days between payments/365.25

        Monthly interest

How interest accrues between payments made on April 15 and May 15, for example:

          Average daily balance: $10,000
          x Interest rate: .08

x Days between payments(30/365.25): .082

          Monthly interest: $65.50
          For more help on calculating interest on your own, visit:

https://studentaid.ed.gov/sa/types/loans/interest-rates#how-calculated

Federal Student Aid Loan Servicers

A loan servicer is a company that handles the billing and other services on your federal student loan. The loan servicer will work with you on repayment plans and loan consolidation and will assist you with other tasks related to your federal student loan. It is important to maintain contact with your loan servicer. If your circumstances change at any time during your repayment period, your loan servicer will be able to help. Do I select my loan servicer? No. Your loan is assigned to a loan servicer by the U.S. Department of Education after your entire loan amount is disbursed (paid out). The loan has been disbursed when your school transfers your loan money to your school account, gives money to you directly, or a combination of both. Your loan is usually disbursed in at least two payments. Whom do I contact to get information about my loan? If your loan is for the current or upcoming school year, contact your school’s financial aid office directly for information about:

  • Loan status,
  • Loan refunds within 120 days of disbursement, and
  • Loan disbursement amounts and timing.

Only your school's financial aid office can provide this information.

If your loan was disbursed in a past school year, contact your loan servicer when you:

  • Need help making your loan payment;
  • Change your name, address, or phone number;
  • Have a question about your bill;
  • Have a question about other features of your student loan, such as forgiveness;
  • Graduate;
  • Drop below half-time enrollment;
  • Stop going to school; or
  • Transfer to another school.

Who is my loan servicer?
Visit the National Student Loan Data System (NSLDS®) to view information about all of the federal student loans you have received and to find contact information for the loan servicer or lender for your loans. You will need your Federal Student Aid PIN to access your information. The following are loan servicers for federally held loans made through the William D. Ford Federal Direct Loan (Direct Loan) Program and the Federal Family Education Loan (FFEL) Program

Loan Servicer Contact
Cornerstone Education Loan Services 1-800-663-1662
FedLoan Servicing (PHEAA) 1-800-699-2908
Granite State Management and Resources 1-888-556-0022
Great Lakes Educational Loan Services 1-800-236-4300
HESC/Edfinanical 1-855-337-6884
Mohela 1-888-866-4352
Navient 1-800-722-1300
Nelnet 1-888-486-4722
OSLA Servicing 1-866-264-9762

If you have other types of federal student loans, here’s whom to contact for repayment information.

  • Federal Perkins Loans — Contact the school where you received your Federal Perkins Loan for details about repaying your loan. Your school may be the servicer for your loan.
  • Privately owned FFEL Program loans — Contact your lender for details about repayment options and tools for your FFEL Program loans that are not owned by the U.S. Department of Education.

For additional information on the servicers visit: https://studentaid.ed.gov/sa/repay-loans/understand/servicers

Student Financial Services provides this information as a tool for students as they navigate the process of Financial aid.  It is up to date as of 9/10/16 and is subject to periodical updates and changes.  Please contact our office with any questions or concerns.

Address: 3333 Green Bay Road, North Chicago, IL 60064
Office Location: Health Science Building, Rm L.724
Phone: 847-578-3217
E-mail: financial.services@rosalindfranklin.edu
Office Hours: 8:30 a.m. - 4:30 p.m. Monday - Friday