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Student Financial Aid Resources

Tools for Smart Financial Decisions

Below, you will find essential tools and information to support responsible financial decision-making throughout their academic journey. Resources include guidance on avoiding financial aid scams, understanding loan repayment and tuition assistance options, returning unneeded loan funds, and navigating tax-related obligations. Financial literacy materials are also available to help students strengthen their money management skills during and after their time at MUSC.

Returning Unneeded Loan Funds

Managing student loans responsibly includes returning any unneeded funds to minimize debt. The following are guidelines for students on returning surplus federal and private loan funds.

If you anticipate having unneeded funds for a future disbursement (not applied to your tuition bill yet), complete the Loan Adjustment Request Form in the student portal to cancel or reduce the upcoming disbursement at least fifteen days before your semester begins.

Within the first 120 days of when the loan was disbursed to your tuition account, a school may return unneeded Federal Direct Loans back to the government on a student's behalf. Funds returned within this timeframe will have interest accrual and loan fees eliminated. However, it may take up to two weeks for a return request to be fully processed and returned, so MUSC's practice is to ask students who wish for MUSC to return excess loans on their behalf to submit the form linked below within 106 days of disbursement.

Students may, of course, return funds on their own at any time but loans returned directly by students to their loan servicer are not reflected in a student's updated award letter, and any loans returned after 120 days will still incur interest and fees.

  1. Complete the Loan Adjustment Request Form in the student portal.
  2. Your loans will be returned to the lender.
  3. Plan ahead. Please do not wait until the last minute to submit your Loan Adjustment Request Form. Allow up to two weeks for processing the returned loan funds through the school.

Borrowers of private loans should contact their Lender directly on their specific procedure of returning unneeded loan funds to them.

Tax Resources

The following tax resources may be helpful for students seeking general guidance on how their educational expenses and financial aid may affect their tax filings. While not comprehensive, these tools offer a starting point for understanding available tax resources related to higher education.

Federal Tax Credits

South Carolina Tax Credits
SC Tuition Tax Credit

Tax Deductions

Schools send the 1098-T form to any student who paid “qualified educational expenses” in the preceding tax year. Students may download the information from Heartland ECSI annually or contact the Bursar’s office for assistance in obtaining the form.

IRS Tax Benefits for Education: Information Center

The federal government offers tax incentives when you or your parents pay for college through tax credits (direct reduction of tax liability) and tax deductions (reduction of the amount of income on which you pay taxes), if you meet certain conditions. While MUSC cannot provide you with tax advice, we urge you to contact the IRS or your personal tax adviser to determine if you are qualified to claim these tax credits and deduction.

Empower Your Financial Future

Take control of your financial journey with MUSC's Office of Student Financial Literacy. Our resources and personalized mentoring are designed to help you manage debt, build credit, and plan for a secure future. Start making informed financial decisions today.

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45 Courtenay Drive
Floor: 3rd
MSC Code: 203
Charleston, SC 29425

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