The Financial Aid Office is required by federal statute to recalculate federal financial aid eligibility for students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60% of a payment period or term. The federal Title IV financial aid programs must be recalculated in these situations.
If a student leaves the school prior to completing 60% of a payment period or term, the financial aid office recalculates eligibility for Title IV funds. Recalculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula: Percentage of payment period or term completed = the number of days completed up to the withdrawal date divided by the total days in the payment period or term. (Any break of five days or more is not counted as part of the days in the term.) This percentage is also the percentage of earned aid.
All grants and loans are disbursed thirty (30) days from the beginning of the first semester and on the first day of the second semester. Loans are divided into disbursements according to the number of semesters you indicate you will enroll during the academic year. For example, by indicating that you will enroll for the fall and spring semesters, your loan money will be divided into two equal disbursements, one each semester. If you indicate that you will enroll for a single semester, your loan eligibility will be pro-rated and must be disbursed in two payments during the semester, each representing one-half of your loan amount. A pro-rated loan will equal one-half - or less- of the annual loan amount, and will be calculated based upon your eligibility.
Your financial aid is applied directly to institutional charges (tuition, fees, etc.). Any excess funds will be refunded to you within 21 days of the date the credit balance occurs. The Coordinator of Student Services will notify you as to when you may pick up your refund check. Should you decide to leave the credit balance on your student account for the next billing semester, you must notify the Financial Aid Office during your financial aid appointment.
While the process of determining your financial aid eligibility is basically the same for all applicants, there is some flexibility for specific circumstances. At Holy Name Medical Center School of Nursing the Financial Aid Officer determines whether your special circumstances merit changes in the data elements which determine your Expected Family Contribution or your Cost of Attendance. Situations which might merit special circumstances include:
If you feel you have any special circumstances that might affect the amount you and your family are expected to contribute, you must wait until you receive an award letter and then submit your request in writing to the Financial Aid Officer.
It is Holy Name Medical Center School of Nursing policy not to consider a reduction in income for the following:
All Federal Aid program details are available for reading, review, or explanation in the Financial Aid Office.
If a student withdraws from the program, no financial aid monies will be refunded to the student. These monies are to be used for educational expenses only, and will be returned to SFA programs. The Financial Aid Office will notify the guarantee agencies of the LDA of student borrowers who have stopped attending.
Outstanding tuition and fee balances owed to the School will be deducted first from any Financial Aid disbursements made on behalf of the student. If a student is owed a cash disbursement "refund" after applicable deductions, the cash disbursement "refund" payment will be made as follows:
For Federal PELL Grants and Federal Direct Subsidized and Unsubsidized Loans: If a student is due a refund against a federal Pell grant or federal Direct Loan disbursement, a check will be issued to the student for that amount. The student will be notified to pick up the check in the Registrar's Office. The student must sign for receipt of the check.
For Alternative or Private Loans: Alternative or Private Loan checks are made co-payable to both the student and the school. The student will be notified to come to the Registrar's Office to endorse the check and receive a receipt for that check from the Registrar. The check is then deposited to the School's account with the Hospital's Finance Officer.
Refunds issued from Title IV funding such as PELL Grant or Federal Student Loans cannot be dispersed prior to the end of the semester they were issued. A Holy Name Medical Center check will be drawn payable to the student for the "refund" amount and will be available in about 14 to 21 days. The student will be notified to pick up their check.
The Sister Claire Tynan School of Nursing is ACEN-accredited, signifying Holy Name's commitment to national standards and our focus on continuous improvement of our nursing programs.