Financial Aid Handbook
Students’ Rights
- To know the cost of attending the University
- To know how and when Financial Aid is awarded
- To know the University’s refund policy
- To know how aid is distributed
- To know what the satisfactory academic progress standards are
- To know the interest rate, repayment schedule, total amount borrowed, and deferment and cancellation policy on any student loan
- To know what institutional, federal, and state Financial Aid is available
- To know how to apply for financial aid
Students’ Responsibilities
- To comply with all financial aid procedures
- To complete all required applications by the published deadlines
- To complete all financial aid applications accurately
- To complete entrance and exit counseling, if borrowing a loan
- To notify the Financial Aid Office of any changes in the information originally reported
- To read, understand, and keep copies of all forms sent to you
- To understand and comply with all loan repayment obligations
- To provide all required documentation when requested
- To understand and meet academic progress requirements necessary to retain aid
Tuition Payment Plans
Students can choose to enroll in payment plans by selecting that option under payment in self-service/finances. Enrollment questions can be made with the bursar's office or Transact's customer service at 877-821-0625 8AM-8PM EST.
Tuition Reimbursement Programs
Many local companies and health facilities offer tuition reimbursement for their full-time employees enrolled in the university. To find out if your company participates, contact your Human Resources Office.
Outside Sources of Financial Aid
We encourage all of our students to actively pursue outside sources of aid. To assist our students we have created an Outside Scholarship page on our website, which includes current scholarship opportunities. Additionally, two major scholarship searches are www.finaid.org and www.fastweb.com.
American Opportunity Credit and Lifetime Learning Credit
Certain tax credits are available to people who are paying for higher education. Students in the first two years of post-secondary education who are taking at least one-half of the normal full-time workload for at least one academic period may be able to claim a American Opportunity Credit of up to $2,500. The Lifetime Learning Credit of up to $2,000 is not based on the course workload, is allowed for one or more courses and is not limited to the first two years of postsecondary education. More detailed information and instructions are available on IRS Notices 97-60 and 97-73, IRS Form 8863 (Education Credits) and Publication 970 (Tax Benefits for Higher Education). Additional information is available on the internet at www.irs.gov and other sites.
Withdrawal from the University
The Federal Government requires that all institutions of higher education determine a student’s earned and unearned Federal Aid (Title IV) based on the date that the student withdrew or ceased to attend. This must be based on the number of days that the student spent attending class. A pro-rata schedule is used to determine the amount Title IV funds earned at the time of withdrawal.
Saint Elizabeth University refunds the actual percentage of unearned aid to the federal government which could result in a student’s account having an outstanding balance. If this occurs, no official transcripts will be issued by the university. After completing the 60% point in the period of enrollment, a student has earned 100% of the Title IV funds awarded for that period and all funds will remain on the student’s account.
Withdrawal from Courses
When a student drops a course or withdraws from the college, a tuition adjustment is made based on the policies described in the current Undergraduate and Graduate Catalogs available online at www.steu.edu.
If a student is receiving financial aid under the college, federal, state, and/or other programs, including private student loans, the amount of the aid may be reduced in accordance with applicable university and state guidelines. Please contact the Financial Aid Office to receive information on any possible reduction of aid in the event of a change in the number of courses taken or a withdrawal.
Refunds are distributed in the following order:
- Federal Unsubsidized Loan
- Federal Subsidized Loan
- Federal PLUS Loan
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grant (FSEOG)
- Other Title IV Programs
- Awards Granted by State Agencies
- Student is Last to Receive Distributions
To determine the amount of aid the student has earned up to the time of withdrawal, the university will divide the portion of the semester completed by the total number of days in the semester. The portion of the semester completed is determined by the number of calendar days from the first day of the semester through the date of official withdrawal, usually the last day of attendance. The total number of days in the semester is determined by the number of calendar days from the first day of the semester through the last scheduled day of finals, including weekends and breaks of less than five days.