Student Financial Aid Policies

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.

Federal Title IV Financial Aid funds are awarded to students under the assumption that they will attend school for the entire semester. If the student "withdraws" for any reason before completing 60% of the semester, the student may no longer be eligible for the full amount of financial aid funding they were originally scheduled to receive. The Return of Title IV Funds (R2T4) Calculation will determine the aid eligibility and if any funds need to be returned at the time of withdrawal.

Title IV Aid

Title IV Aid includes Pell Grant, Federal Supplemental Educational Opportunity (FSEOG) Grants, Direct Loans ( Subsidized and Unsubsidized), Direct PLUS Loans ( Parent and Grad Plus).

Withdrawal

"Withdraw" is a federally recognized term with a specific federal definition and governing regulations. Students receiving Title IV funds that discontinue enrollment in all classes on or after the first day of the term , withdraw, take a leave of absence, suspended or dismissed are considered withdrawn and subject to the Return of Title IV Funds (Return Aid) policy.

Students are encouraged to talk to their academic advisors, the Bursar, Financial Aid and University Registrar/Records offices to discuss withdrawal to make an informed decision before withdrawing.

The official process to withdraw and appropriate forms are available on the University Registrar and Records website.

Refund Schedule of Fees

Based on the official date of withdrawal, you may receive a full or partial refund of your fees. This refund will not impact the R2T4 calculation but does affect the amount of money you may owe back to the University for withdrawing. Please visit the University Registrar and Student Records for the Official Student Refunds and Return to Title IV Funds process.

Refund Rate

• Withdrawal dated within 7 calendar days of the term start date - 100%
• Withdrawal dated within 8-28 calendar days of the term start date - 50%
• Withdrawal dated after 28 calendar days of the term start date - 0%

How much of the Title IV FSA Funds will need to be returned?

The R2T4 calculation determines the amount of aid earned based on the percentage of term completion. The percentage is determined by the number of days attended for the semester, divided by the total number of days in the semester. Students who complete 60% or more of the term, will earn 100% of their aid and no adjustment will be made.

In what order will my financial aid be returned?

Funds are returned to the Title IV programs in the following order: Direct Unsubsidized Loans, Direct Subsidized Loans, PLUS Loans, then federal grants (Pell and FSEOG) within 45 days of the student’s withdrawal date.

How will I know what I need to do if I withdrawal (in respect to R2T4)?

The Office of Student Financial Aid prepares the Return of Title IV aid calculation based on the date of withdrawal reported to the University Registrar and Records. If you were enrolled less than 60% of the award term, an adjustment to your financial aid award will be made. The Office of Financial Aid will notify you of the calculation results via email.

After the Return to Title IV financial aid is adjusted per the calculation, a balance may be owed on institutional charges. It is the student’s responsibility to make arrangements with the Bursar’s Office for any balance owed to the University.

Post-withdrawal Disbursement

Students may be eligible for a late or post-withdrawal disbursement if they have accepted aid that did not disburse at the time of withdrawal from UC Davis. If eligible, MUSC Student Financial Aid will send notification of the action required to either accept or decline a portion, or all, of the late disbursement. If no response is received within approximately two weeks of notification, the award will be canceled. If a response is received, then the aid will be applied to the student’s account before any resulting credit may be disbursed to the student.

Future Aid Eligibility

Leave of Absence (also considered withdrawals for aid purposes) may impact your Satisfactory Academic Progress standing and eligibility to receive aid in subsequent terms. Contact the Student Financial Aid office for more information.

What happens if I stop attending, or never started attending classes but did not cancel my enrollment?

Failure to show up for classes or completing the appropriate drop/withdrawal/leave of absence forms is not considered an official cancellation. You may be billed for all or a portion of your financial aid. Please visit the University Registrar and Student Records for the Official Leaving the University process.

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.

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 financial assistance.

Office of Student Financial Aid
Federal Stafford, Grad PLUS, Parents Loans for Undergraduate Students (PLUS) and Private Loans Certification Policy and Procedures

Purpose

To set forth a policy and procedures guideline governing loans and the conditions whereby the institution will comply.

Policy

It is the policy of The Medical University of South Carolina, through the Office of Student Financial Aid to certify a loan application in accordance with the Department of Education standards. It is the goal of the institution to ensure that students take advantage of all available federal loan benefits prior to obtaining an alternative loan. The Medical University does not receive inducements, financial or otherwise from any lender.

Definition

Federal Direct subsidized, unsubsidized and/or Parents Loans for Undergraduate Students (PLUS), Graduate PLUS and Private Loans not covered by the federal government.

Requirements

Students desiring certification of a loan must (if applicable to loan):

1. Complete a Free Application for Federal Student Aid (FAFSA), listing MUSC as one of the schools to receive information (school code #003438), for the current aid year
2. Provide all the necessary documents as required by the Office of Student Financial Aid (i.e., loan request application)
3. Complete a loan application on line or provide a paper application per student's choice

Conditions for Certification

A Counselor in the Office of Student Financial Aid will certify the loan application in accordance with federal regulations and/or the guidelines governing the alternative loan program.

Loan Limits

A Counselor in the Office of Student Financial Aid will certify a loan application taking into consideration, cost of attendance minus any other financial aid received. A student will be considered for federal student loans only if the student completes a loan request application. A student may not request an alternative loan to replace a federal student loan for which the student is eligible.

Revised 6/11