Financial Aid

Why isn’t my financial aid on my bill?

Applications for financial aid should be completed and submitted by the priority deadline (approximately mid-February for the following academic year). If your application was submitted by that deadline, and no additional verification is required, your awarded aid should be reflected on your bill. All awarded financial aid and student loans will be reflected as “Authorized Aid” on your account and/or your bill prior to 10 days before the 1 ^st day of the term. After that time, it will show as an actual payment on your account. Please contact the Office of Financial Aid & Scholarships (330-941-3505) for additional information regarding your award status. Be reminded that it is your responsibility to resolve any financial aid problems and complete your tuition payment (or enroll in the payment plan) prior to the payment due date to avoid assessment of the late payment fee and/or denial of other University services.

Who should I contact if the financial aid amount shown on my bill is wrong?

All questions regarding financial aid awards, including amount awarded, should be directed to the Office of Financial Aid & Scholarships (330-941-3505).

What if I received financial aid and have decided not to attend this semester?

If you are not planning to attend this semester, and you received a tuition statement showing a financial aid award or payment, you MUST officially withdraw. You may do this by processing a complete withdrawal via the MyYSU Portal prior to the end of the 100% refund/reduction of charges period – which is the 14 ^th day of the term. Failure to do so may result in owing a financial aid repayment and/or may cause you to become ineligible for future financial aid. Students are strongly encouraged to meet with a Financial Aid Counselor before withdrawing from any, or all, classes.

Why haven’t my loans been applied?

Direct loans cannot be applied as payment to a student account until the loan funds are actually received by the University. By federal regulation, this cannot be any sooner than 10 days prior to the first day of the term. If your loan application was submitted and processed by the financial aid priority deadline (mid-February), and is in “disclosed” status (which means that all eligibility requirements have been met, including signing a Master Promissory Note, completion of entrance counseling, and meeting satisfactory standards of progress requirements) your estimated loan disbursement amount(s) should appear in the “Authorized Aid” section of your bill, and you may deduct this amount from your balance due to determine how much you must pay. However, the loan payment will not actually be applied to your account until after the 10 days prior to the beginning of classes deadline. Please review your account online at the MyYSU Portal frequently. If your loan funds have not been applied as payment by the 10 ^th day of classes, check with the Financial Aid Office to verify that all of your eligibility requirements have been satisfied.

**First-Time Freshman 30-Day Delay of Disbursements (Change Effective Spring Semester 2015):**

All first-time freshman student loan borrowers are subject to a mandatory 30-day delay in receiving their first student loan disbursement. First-time freshman borrowers will receive their first loan disbursement 30 days from the first day of the semester.

How can I cancel a Direct Loan that appears as “Authorized Aid” on my bill?

If you have decided that you do not need/want your disclosed Direct Loan, and you want to cancel all, or part, of the loan, you must send a written notice to the Office of University Bursar within 14 days of your tuition statement date. Upon receipt of this notification, loan proceeds will be returned to your lender. Keep in mind that cancelation of a loan disbursement will cancel all subsequent disbursements of the same loan.

Can I cancel a Direct Loan even after the funds have been received by the University and a refund check has been sent to me?

Yes, you can. However, you must notify the University in writing that you wish to cancel the loan. This notification must be received no more than 14 days after you’ve been notified that the loan funds have been received and applied to your account. Please be advised that cancelation amounts must be in whole dollars (no cents). In addition, you may be required to return the full amount of any refund check (up to the amount of the loan you wish to cancel) that you have received.

Why didn’t I get all my financial aid in my first refund ?

All Direct loan payments in excess of tuition and other charges are refunded no sooner than 10 days prior to the first day of classes or if you are a 1st time borrower 30 days after the start of the term, and for returning students no later than 14 days after the first day of classes (or after the payment is received, whichever is later). In addition, up to $300 in other financial aid is released no sooner than 10 days prior to the first day of classes. Any remaining excess financial aid payment will be released on or after the 14 ^th day of classes.

**First-Time Freshman 30-Day Delay of Disbursements (Change Effective Spring Semester 2015):**

What exactly are “excess funds” from financial aid and/or loan payments?

Excess funds from financial aid and/or student loan payments may exist after all institutional charges (tuition, fees and room and board) are paid in full. If new charges are assessed to an account before a financial aid award(s) and/or student loan payment is received, those new charges will be first paid in full before any refund is issued to the student.

Will I have to repay my financial aid if I withdraw?

Financial Aid is earned by attending classes. If you fail to attend any classes, then you are not entitled to any financial aid that you have been awarded. Furthermore, if you withdraw after the beginning of the term and you are a federal Title IV financial aid recipient (Pell, SEOG, Academic Competitive Grant, National Smart Grant, Perkins Loan, Direct and/or PLUS Loans), you may be required to repay a portion of the aid you received based upon federal formula. Contact a Financial Aid Counselor for a full explanation of the impact of a complete withdrawal. Students are strongly encouraged to meet with a Financial Aid Counselor prior to any withdrawal.

What charges are paid with my Student Loan?

Student loan (Direct and/or PLUS) money must first be used to pay for your tuition, fees and room and board. If any loan funds remain (excess loan money), you’ll receive that amount by check (or direct deposit if you’ve set up direct deposit account information). Refunds of loan money will be issued no sooner than 10 days prior to the beginning of the semester (for loans received by that time). All unpaid tuition, fees and room and board charges will be paid off before any refund is released.