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on or after the first day of the term , withdraw, take a leave of absence, suspended or dismissed are considered withdrawn and subject to the Return of Title IV Funds (Return Aid) policy.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 from 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 awards are subject to the following conditions:

• All awards are contingent upon receipt of funds from all funding sources.
• The Office of Student Financial Aid reserves the right on behalf of the University to review and cancel an award at any time because of a change in financial or academic status or because of the recipient’s failure to observe a reasonable standard of citizenship and/or to be in compliance with federal and state regulations.
• Recipients of financial assistance from the University are to notify the Office of Student Financial Aid of any other scholarships, grants, or loans extended to them from sources inside/outside the University prior to acceptance of the outside aid. FAILURE TO COMPLY MAY CAUSE YOU TO BE OVERAWARDED AND PREVENT YOU FROM RECEIVING ADDITIONAL ASSISTANCE.
• If your award includes employment under the provisions of the Federal Work Study Program (FWS), it must be understood that the amount shown for this category is the amount of money you may expect to earn during the academic year as a result of work performed and the hours necessary to perform such work. Prior to the beginning of your award period you will receive a student employee packet describing the FWS Program and the hiring procedures.
• Financial aid awards are packaged based on full-time enrollment. If you are enroll less than full-time, you will be responsible for informing the Office of Student Financial Aid of your decreased hours.
• The official office to notify in the event of your withdrawal from classes is the Registrar’s Office; however, students who withdraw, take a leave of absence during the year, or drop to less than full-time enrollment must also notify the Financial Aid Office immediately. Depending on when you adjust your schedule or withdraw, your adjusted hours may affect your financial aid. An exit interview must be completed before leaving the University for any reason, including a leave of absence.
• Maymester expenses, e.g., tuition and books, are accounted for in your overall budget. There is not a separate disbursement for Maymester expenses. It is your responsibility to budget your funds and allow adequate resources to meet these expenses.
• The deadline to request additional loan funds for 2023-2024 is February 15, 2024. No applications will be processed if received after this date.
• Car payments, consumer debt payments, vacation, tithing expenses, and home repairs are not considered by the federal government as eligible items to be included in a student’s budget. Therefore, these expenses are not included in your cost of education.
• Checks are issued according to the information disbursed with the University’s Tuition/Fees billing each semester.
• Additional consideration will be given for child care (i.e. daycare) costs if appropriate. If you have questions, call the Office of Student Financial Aid.
• If your 2023-2024 Award Letter includes funds from a Federal Stafford Loan, a Federal Parent PLUS Loan (for undergraduate students), Federal Graduate PLUS loan or other alternate loan(s), you will need to complete a Master Promissory Note for the appropriate loan if you have not already done so.
• Private loans and the Federal Graduate PLUS loan are educational loans that are dependent on a satisfactory credit history rating. An unsatisfactory credit rating may lessen the chance that these loan funds will be available or may require a credit worthy co-signer prior to loan approval.
• All students receiving a Federal Stafford Loan or Federal Graduate PLUS Loan for the first time are required by federal regulations to complete an online counseling session prior to loan disbursement. The counseling is intended to acquaint students with their rights and responsibilities concerning their present and future borrowing. You may complete this requirement at: https://studentaid.gov
• The total awards represent the student’s eligibility for assistance for the academic year or semester as indicated thereon. This level of assistance has been determined to adequately meet the support of your education while enrolled at MUSC.
• Financial need will be re-evaluated each year and appropriate increases or decreases in the amount of assistance offered will be made. For this evaluation, a Free Application for Federal Student Aid (FAFSA) will be required annually. It is the student’s responsibility to complete this form.
• South Carolina Life Scholarship and Life Scholarship Enhancement recipients must be enrolled full-time student, complete a minimum of 30 credit hours by the end of each academic year and earn a 3.0 cumulative grade point average. You must also maintain a minimum cumulative 3.0 grade point average based on grades earned at all eligible public or independent institutions attended to continue eligibility. You must also meet all other terms and conditions of the Life Scholarship and the Life Enhancement guidelines.
• If you are a recipient of a South Carolina State Need Based Grant, you must be a S.C. resident, maintain a 2.0 GPA, be enrolled in at least 6 credit hours and meet all other terms and conditions of the grant to be eligible to receive this award.
• Palmetto Fellows Scholarship and Palmetto Fellows Enhancement recipients must be enrolled full-time, complete a minimum of 30 credit hours by the end of each academic year and earn a 3.0 cumulative grade point average. Students must also meet all other terms and conditions of the Palmetto Fellows Scholarship and the Palmetto Enhancement guidelines.
• Information on MUSC policies for students with disabilities may be found in the MUSC Bulletin.
• Information regarding Crime Statistics can be obtained from the Office of Enrollment Management or at: https://web.musc.edu/about/safety/public-safety/reporting
• Individuals wishing to review the accreditation, approval or licensing of the institution may make an appointment with the university Registrar’s Office or the Dean’s Office of the appropriate College.
• Review your offer letter! If you feel that unusual family circumstances have not been considered which may impact the funds you were awarded, you may submit supporting documentation to the Office of Student Financial Aid for consideration.
• Students may appeal a decision due to extenuating circumstances. The student must submit a written letter of appeal. The appeal will be reviewed by the University Student Financial Aid Committee, and a decision rendered regarding aid eligibility.
• The student may appear before the Committee to appeal if so desired. The student will be notified in writing of the judgment rendered by the Chairman of the Committee within 30 days of the hearing.

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