 |
 |
|
|
Financial Aid FAQs Do I make too much money to get a student loan? No. Walden offers two federal loan programs:
The Federal Subsidized Stafford Loan is a need-based loan. To qualify for this loan you must demonstrate need as determined by federal methodology. The Federal Unsubsidized Stafford Loan is available for students who either do not qualify for the Subsidized Stafford Loan, in part or whole, or require additional funds to pay for their education. The Federal Unsubsidized Stafford Loan is available to students regardless of their income level or assets. Does Walden receive my entire student loan amount all at once? No. Federal law requires that student loans be disbursed in multiple payments of equal amounts. Walden receives your loan funds in three equal disbursements that coincide with the beginning of each quarter for which the funds will be used. For example, if a student borrows $12,000 for a nine-month loan period, the lender will send to Walden disbursements of $4,000, minus processing fees, at the beginning of each of three quarters. If my loan is for three quarters and I am required to enroll continuously for four quarters each year, how do I pay for the fourth quarter? Student loan recipients re-apply for assistance in 3-quarter intervals. If you begin the program in September, you will borrow from September through May (September, December, and March Quarters). You will then renew your application for a loan period of June through February (June, September, and December Quarters), and so on. At the end of three calendar years, you will actually have borrowed through four loan periods. How do I use my student loan(s) to pay for tuition and other expenses? If you authorize Walden to receive your student loan funds through Electronic Funds Transfer (EFT), your funds will be wired directly into your student account from your lender. If your lender does not participate in EFT, or you choose not to receive funds through EFT, your lender will send a co-payable check to Walden for your endorsement. You must endorse the check and return it to Walden to be credited into your student account. Anytime loans/grants proceeds credited to a student's account exceeds direct charges the Office of the Bursar will automatically forward the credit balance directly to the student no later than 14 days after funds are credited to the student's account. I received my tuition statement that says the deadline date for payment is the 15th of the month, but my financial aid is scheduled to arrive on the 26th. Will I be penalized? No, you will not be penalized if your financial aid application was completed by the tuition due date. The Financial Aid Office and the Bursar's Office are in constant communication about your student status during this time of the quarter, and Walden understands that federal loan funds will not be received prior to legislated time frames. Therefore, those students receiving loan funds whose applications are completed by the payment deadline will not be penalized. Can I get additional financial assistance, even though I am not due to renew my student loan for a few months? If you have identified additional expenses, such as summer session attendance or a desire to attend another residency, you may be eligible to borrow additional funds, if you have not already borrowed the maximum allowed for a given loan period. Can I receive financial aid from Walden if I am receiving financial aid from another school? No. Students enrolled concurrently at two or more institutions may only receive federal aid at one. |
|