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.

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 Student Self-Service, select financial aid, then selecting award offer.  Students can click on the fund offered to them to receive additional information on documents needed to qualify for a disbursement.

You may receive more than one Direct Loan under the MPN that you previously signed for up to 10 years if the school you attend is authorized to use the multi-year feature of the MPN and chooses to do so, which NEOMED does. If you do not want to receive more than one loan under the same MPN, you must sign a new MPN for each loan. If you do not want to receive more than one loan under the same MPN, you must notify NEOMED or your servicer in writing.

Scholarships are not guaranteed to be renewed from one year to the next. Scholarships awarded are eligible for the year in which they were awarded, unless otherwise indicated on the student’s scholarship award letter or promissory note.

Award Adjustments

The University reserves the right to revise any portion of a Financial Aid Offer. 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 Office of Financial Aid 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 Office of Financial Aid 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 Office of Financial Aid. Students are responsible for any balance established due to a recalculation of financial aid.  Please refer to the Financial Aid Return of Title IV and Institutional Aid Policy to understand how your financial aid offer may be impacted, and the Tuition, Fees and Insurance Refund Policy to understand how your billable charges may be impacted.

If you wish to adjust the amount of a loan, please schedule an appointment to meet with a Office of Financial Aid representative or send an email from your NEOMED issued account to finaid@neomed.edu indicating the adjustment.  Adjustments cannot be made through Student Self-Service.

Students experiencing extenuating circumstances should contact the Office of Financial Aid immediately to determine if their situation may constitute a review of overall eligibility.

Maintaining Eligibility for Financial Aid

Receipt of current and future offers is contingent on:

1. 1. 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.
   2. Students who are engaged in curricular activity at NEOMED and another University concurrently during the same academic year are required to notify NEOMED’s Office of Financial Aid 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.
   3. Meeting minimum enrollment requirements, as outlined within the Financial Aid Eligibility, Application and File Verification Policy.

 

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.

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See also

• Financial aid disbursement
• You have a right to know: Consumer information
• Financial aid home