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Student Financial Aid Policies

MUSC Student Financial Aid Policies

All financial aid awards are contingent upon the availability and receipt of funds from all applicable funding sources. The University, through the Office of Student Financial Aid, reserves the right to review, adjust, or cancel an award at any time due to changes in a student’s financial or academic status, failure to meet reasonable standards of citizenship, or noncompliance with federal or state regulations. Students receiving financial assistance are required to notify the Office of Student Financial Aid of any scholarships, grants, or loans awarded from sources both within and outside the University prior to accepting such aid; failure to do so may result in an over award and could limit eligibility for additional assistance.

The Office of Student Financial Aid also provides guidance on key policies and procedures that may affect eligibility for and use of financial aid, and students are encouraged to review this information to remain informed and compliant throughout their academic journey.

Guidelines

MUSC utilizes "active confirmation" on all student direct loans prior to crediting the loan to the student's account. Active confirmation is the process requiring the student to request/accept the loan amount(s) he/she wants to borrow for the specified aid year (either maximum Cost of Attendance or a lesser amount) through the Loan Request Form.

After the loan is credited to the student's account, MUSC utilizes "passive confirmation" on all student direct loans. Passive confirmation is the process where students must notify the student financial services department in writing or by the Return of Funds form if they no longer want to receive the loan after receiving notification that the loan amount has changed. The school is required to return within 14 days but will honor requests to return Direct Loans funds within the 120 day limit. MUSC sends students an updated award letter as notification of changes to financial aid.

Direct loan amounts can change upon further review of eligibility, generally resulting in funds being reallocated between subsidized and unsubsidized loans. If the student no longer wants to receive the loan, he or she must return payment to the school and the loan will be returned.

Inadvertent Overborrowing & Reaffirmation

Students inadvertently overborrow Federal Student Loans will not be eligible for Financial Aid until they resolve the overpayment with their Federal Loan Servicer. To resolve the overpayment, students will need to repay the excess loan amount in full, or agree in writing to repay the excess amount according to the terms and conditions of the promissory note that supported the loan. This process is called Reaffirmation.

Agreement to Pay Excess Loans

If you received a request for Reaffirmation form MUSC Financial Aid Office, please complete the Reaffirmation form and submit it to our office. Once our office receives and processes your completed form, we will initiate the reaffirmation process on your behalf with your loan servicer.

If you pay your excess loan amount

If you choose to repay the excess loan amount in full directly to your lender, they will send you a confirmation of this payment. Once you receive this confirmation, please submit a copy to the MUSC Financial Aid Office for review and processing.

Contact the Office of Student Financial Aid

MSC 203
Harper Student Center
45 Courtenay Dr, Fl 3
Charleston, SC 29425-8917

Hours of Operation: Monday-Friday, 8:00 am-4:30 pm

Phone: 843-792-2536

Email: finaid@musc.edu

Visit the Student Portal to find your Financial Aid Advisor under Advisors.

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