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Rights and Responsibilities Financial aid awards are based on both the direct and indirect costs of attending Methodist. Statements of Account (monthly billings) are based on direct costs (tuition, room, board, and approved charges to a student’s account), minus financial aid and payments made on a student’s account. Any scholarships, grants, and/or loans (applied for and approved), can be deducted from the direct cost. Scholarships/grants are gift aid and do not have to be repaid. Any loans borrowed must be repaid to the lender not to Methodist University, with the exception of the Federal Perkins Loan. To be considered for all types of financial aid at Methodist University, the Free Application for Federal Student Aid (FAFSA) must be completed. All institutional financial aid and most state and federal aid at is awarded to full-time day degree-seeking students (12 semester hours or more) only as opposed to part-time day or evening (full or part-time). Your financial aid will be revised, if you drop below full- time or if you change from the day program to the evening program. Generally, students living on campus as opposed to living off campus are awarded more financial aid to help with the cost of room and board. Therefore, if you (the student) move from on campus to off campus your financial aid must be reevaluated and scholarship money may be reduced. Please refer to your Award Letter. The top right hand corner lists your status for the fall and spring semesters as Dorm, Commuter, or Evening. It is your responsibility to notify the Office of Financial Aid immediately if this information is incorrect or changes throughout the semester or academic year. Your award may be revised or canceled because of a limitation of federal, state, and/or University funds, which may occur after your award was made. It may also be revised or canceled because of incorrect information provided by you and/or your family. This includes, but is not limited to, inaccurate information listed on the FAFSA, dropping below full-time day/evening status (less than 12 semester hours), moving from on campus to off campus or changing from the day program to the evening program. If you withdraw from school during the “refund period” as stated in the Catalogue, federal and institutional guidelines require that refunds be made to the federal, state, and/or institutional programs from which your award was derived. You may be responsible for repaying the Federal Government and/or the University on funds returned. Federal and institutional student employment is awarded annually
on the basis of financial need. If you have been awarded student
employment, the amount listed on your Award Letter is the maximum
amount you can earn. You will be paid bimonthly. The money earned
can be credited to the student’s account upon request from
the student to the Business Office. If you are a dependent student, the Federal PLUS Loan may also be listed on your Award Letter. This is a credit-based loan that your parent can apply for. The PLUS Loan amount that is on your award letter is the recommended amount NOT the maximum amount, which covers the direct cost and estimated book expense of Methodist University NOT additional fees or other personal expenses. The recommended amount already subtracts the scholarships and/or grants you are to receive. If your parent wishes to borrow more, he/she can contact the Office of Financial Aid for their maximum eligibility. The Lender must approve the PLUS Loan before the Business Office can consider the funds. If you are enrolled in the graduate program, you can apply for a GradPLUS up to the COA. The Lender must approve theGradPLUS Loan before the Business Office can consider the funds The borrower of the Stafford and/or PLUS Loan can elect to apply for a lesser amount or to not borrow at all. Once the loan(s) has been processed, the Office of Financial Aid revises the award letter with the final loan amount(s). Proceeds from the various loan programs will not be reflected on your Statement of Account from the Methodist University Business Office until the following has been completed. The loan application(s) is completed, processed, approved by the lender (in the case of a Parent PLUS Loan), and the Business Office has received the signed loan check or electronic funds transfer. You will usually receive your loan proceeds in two to four installments called “disbursements”. The Methodist University Office of Financial Aid will determine the number of disbursements you will receive, in accordance with Federal Regulations. Return all financial aid correspondence in a timely manner. Student accounts cannot be credited until the awards are accepted and signed by the student and returned to the Office of Financial Aid by the date listed on the student’s Award Letter. If the Award Letter is not signed, any unpaid balance, which could be covered by your financial aid, will accrue interest charges until the Office of Financial Aid makes those awards official. For information on particular Methodist University institutional scholarship guidelines, please contact the Office of Financial Aid. Please Note: |
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The Office of Financial Aid
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