Understanding your financial aid offer
Cost of Attendance
A student will be awarded a financial aid package up to, but not exceeding their established Cost of Attendance (COA). To prevent overborrowing, students should review the cost of attendance against their personal financial budget to determine the exact amount of financial aid that is needed. The cost of attendance can be found on the NEOMED financial aid website.
Eligibility for Financial Aid
Students should thoroughly review eligibility requirements during the application process to ensure they are submitting required documents for all types of aid.
The sum of your financial aid, including scholarships, loans and other estimated financial assistance (EFA), may not exceed the total student cost of attendance.
To qualify for need-based aid, a student must demonstrate a financial need. Financial Need equals Cost of Attendance minus Resources minus Expected Family Contribution (EFC from FAFSA). Resources include any non-need based institutional aid and outside aid that a student is expected to receive.
Financial aid offers are based on enrollment (registered credits). Students must be enrolled at least half-time status (defined as 4.5 credits) in order to qualify for federal and institutional student aid, in a degree granting program. Periods of remediation do not count towards credits enrolled.
Types of Aid
A student’s financial aid offer may consist of federal or private student loans, scholarships and grants, which may require additional documents to be submitted before funds are able to disburse to the student’s tuition account. Students should familiarize themselves with all types of financial aid available and terms and conditions of their offers. Students should thoroughly review their next steps by logging into Banner Self-Service, then selecting financial aid, then selecting award for aid year. The Financial Aid Office will also contact you regarding additional documents to qualify for a disbursement.
The University reserves the right to revise any portion of this Financial Aid Award. Conditions include, but are not limited to:
- If it is determined that the award is based on incorrect or misrepresented information.
- Funding from any awarded program changes.
- Enrollment status changes, such as not progressing as anticipated or not maintaining Satisfactory Academic Progress for Financial Aid Eligibility, or enrollment dropping below half-time status;
- Changes to need-based financial aid eligibility.
- Exceeding annual loan limits due to borrowing at another University during the student’s period of enrollment at NEOMED.
- The student is no longer participating in a particular program or meeting the terms and conditions of a service obligated fund.
- An error is made in the calculation of your eligibility or award, whether by the federal aid servicer, private loan servicer, or NEOMED.
- Changes to a student’s Cost of Attendance.
Students must inform the Financial Aid Office of any additional resources that are or become available, including grants, scholarships, or loans that are not listed on the initial award offer. If such resources are or become available, please inform the Financial Aid Office in writing regarding the award name, amount awarded, and the number of years the award is available. If necessary, need-based scholarships and student loans may be adjusted to prevent an overaward.
In the event a student declares a leave of absence, withdrawals, or is dismissed, all financial aid is subject to a recalculation and any unearned aid will be returned to the lender or the granting scholarship foundation. Students should report changes in their enrollment status to the Financial Aid Office as soon as possible. Students are responsible for any balance established due to a recalculation of financial aid. Please refer to the Tuition, Fees and Insurance Refund Policy to understand how your enrollment status change can affect your billable charges.
If you wish to adjust the amount of a loan, please schedule an appointment to meet with a Financial Aid Office representative or send an email from your NEOMED issued account to firstname.lastname@example.org indicating the adjustment. Adjustments cannot be made through Banner Self-Service.
Students experiencing extenuating circumstances should contact the Financial Aid Office immediately to determine if their situation may constitute a review of overall eligibility.
Disbursement of Aid
Federal regulations stipulate that financial aid cannot disburse more than 10 days prior to the start of a term or payment period. Students can identify the disbursement of their financial aid by logging into Banner Self-Service, select financial aid, select award and select Award Payment Schedule. The term disbursement schedule is also available in The Compass.
Disbursement dates are subject to change based on the completion of financial aid application materials as well as timing of the acceptance and completion of necessary student loan paperwork. If your aid is not disbursed on the first available payment period date, funds will be credited on a weekly basis thereafter upon confirmation of the completion of all required paperwork.
As a student you have the right to cancel an entire loan or any portion or specific disbursement of any Federal Direct Loan. You may submit a request to cancel a specific loan disbursement prior to the date of crediting to your student tuition account or within 14 days of notification. Please contact the Financial Aid Office at email@example.com to request cancellation of a loan disbursement.
If a refund has been granted, you may request that funds be returned to the lender providing the request is made within 120 days of the loan’s disbursement to your student tuition account. Returning credit balance refunds require the student to write a personal check made payable to NEOMED for the amount they wish to return and the completion of a Student Loan Request Form. Students may also return an uncashed credit balance refund check if they do not require the funds.
Federal regulations require the disbursement of financial aid to qualifying education expenses before a student is eligible for a credit balance refund. There are circumstances where a student may be billed for a non-qualifying education expense and will be required to pay such expense, unless the student grants authorization to use Tile IV funds to pay the expense. Students will complete the Title IV Authorization form during the financial aid application process. Students may change their elections to the Title IV Authorization Form at any time by contacting the Accounting Office at 330.325.6369.
When the disbursed financial aid made towards a student’s tuition account total more than the billed costs, the additional amount will be refunded to eligible students within 14 days of the establishment of a credit balance refund. The University will allow receipt of a credit balance refund by:
- A direct deposit to a checking or savings account with written authorization and supporting documentation.
- A paper check mailed to a valid local or permanent address on file with the University.
It is the student’s responsibility to maintain an accurate direct deposit and/or mailing address with the University. Direct Deposit returns due to a closed account or a returned paper check may be reissued to the student and are subject to a reprocess fee.
Students should review the Credit Balance Refund Policy, located in the policy portal.
Maintaining Eligibility for Financial Aid
Receipt of current and future offers is contingent on:
- The student’s maintaining satisfactory academic progress for financial aid eligibility. The Financial Aid Satisfactory Academic Progress Policy is in the policy portal. It is the student’s responsibility to be aware of and follow this policy.
- If a Title IV aid recipient is convicted of an offense involving the possession or sale of illegal drugs while enrolled, the student becomes ineligible to receive Title IV funds. The student maintains eligibility if the offense occurs outside of the period of enrollment. The University’s Drug Conviction Policy is available online in the NEOMED Compass.
- Students who are engaged in curricular activity at NEOMED and another University concurrently during the same academic year are required to notify NEOMED’s Financial Aid Office if they are receiving financial aid from both universities. There are annual Title IV federal student aid funding limits that cannot be exceeded. Students are financially liable for any funds received over their limits and will be ineligible for future funding until financial restitution is made.
Renewal of Eligibility
Financial Aid Awards are not automatically renewed. Students must reapply and qualify for financial assistance each year by the established University deadlines.