Lana Oconnell
Saint Leo University offers a range of financial aid options for students, including federal, state, institutional, and external scholarships, grants, work-study, and loans. Students can apply for financial aid by submitting a Free Application for Federal Student Aid (FAFSA) and receiving an aid package based on their financial need. The university also provides a convenient payment plan option, allowing students to divide their payments into multiple installments. In the event of withdrawal or campus closure, students may be eligible for a refund or loan discharge. It is important to note that students are responsible for maintaining their financial aid eligibility and managing any past due balances to avoid late fees and holds on their accounts.
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What You'll Learn
Student loan repayment options
Saint Leo University offers a range of student loan repayment options to ensure that students can afford their education. Firstly, it is important to note that students should complete the Free Application for Federal Student Aid (FAFSA) to determine eligibility for student aid assistance from federal, state, and private sources. This is an important step as it can help students access funding in the form of scholarships, work-study jobs, grants, and loans.
Once a student has enrolled, Saint Leo University offers a range of repayment options for student loans. The University provides Direct Loans in equal disbursements over the course of a student's academic year. For semester-based enrollment, a student will receive 2 disbursements, while term-based enrollment will result in 4 disbursements. Additionally, the University offers standard repayment plans of up to 10 years, with the option to extend the term for larger loans. There are also graduated and income-based repayment options available.
Students can choose to pay the interest on their loans quarterly while in school or capitalize on it and add it to the principal amount borrowed at the beginning of the repayment period. It is important to note that Direct Subsidized and Direct Unsubsidized loans will incur a 1.057% origination fee for loans disbursed on or after October 1, 2020.
In the case of withdrawal, Saint Leo University offers a refund policy. The amount of the refund depends on when the withdrawal occurs and the type of course. For example, laboratory and special course fees are 100% refundable if the withdrawal occurs before the end of the drop/add period. After this period, these fees are non-refundable. For tuition, the refund percentage decreases as the course progresses.
To ensure a smooth financial experience, Saint Leo University's Student Financial Services team is available to answer any questions and provide assistance with loan repayment options.
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Cancelling before the deadline
Cancelling your student loan before the deadline at Saint Leo University involves understanding the university's refund and withdrawal policies, as well as the loan disbursement and cancellation processes. Here is some information to guide you through the process:
Withdrawal and Refund Policies:
Saint Leo University has specific policies regarding refunds and withdrawals, which vary depending on the location of the student and the type of course. It is important to refer to the applicable schedule to find the refund schedule for tuition and course fees. Generally, laboratory and special course fees are 100% refundable if the withdrawal occurs before the end of the drop/add period. After classes begin, these fees become non-refundable.
For students enrolled in courses at Saint Leo University Continuing Education Centers and/or specific online programs, the refund policy varies by state. For example, in South Carolina, a 75% tuition refund is provided if the withdrawal occurs after the add/drop period and before 25% of the course is completed. The refund percentage decreases as the course progresses, with no refund available once the course completion reaches 60%. Similar variations in refund percentages exist for other states, such as Maryland, Wisconsin, and Georgia.
Loan Disbursement and Cancellation:
The deadline to accept federal student loans at Saint Leo University is 10 days prior to the last day of a student's academic year or the last day of enrollment. Federal loans must be originated to be eligible for disbursement, and this process can take up to 10 days after loan acceptance. Direct Loans require an acceptance decision by the aid recipient before processing. First-time borrowers at Saint Leo University must complete Entrance Loan Counseling and a Master Promissory Note (MPN) prior to loan disbursement.
To cancel a loan before the deadline, students can decline their financial aid awards online through the Saint Leo University portal. Students can also change the amount of an accepted award or request the reinstatement of a declined award by completing the appropriate financial aid form. Additionally, students can contact the Student Financial Services office to discuss any concerns regarding payment or billing.
It is important to note that once financial aid has been disbursed, refunds are typically processed within 14 days. If a student withdraws or drops below half-time enrollment, Saint Leo University will notify them to complete Exit Loan Counseling. Repayment of loans typically begins six months after graduation or withdrawal, and there are various repayment plans available, including standard, graduated, and income-based options.
In the event of a campus closure, such as the San Diego campus closure in 2020, students have the right to request a refund, loan discharge, or reimbursement of tuition from the Student Tuition Recovery Fund. The Office of Student Assistance and Relief (OSAR) provides assistance to students affected by such closures.
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Withdrawal and refund policy
Saint Leo University has a refund policy in place for students who withdraw from courses. The policy varies depending on whether the student is enrolled in a campus programme or an online programme.
For students enrolled at a university campus, there is no refund for any course withdrawal after the end of week two. For students enrolled in courses at Saint Leo University Continuing Education Centers and/or online programmes, refunds of tuition for course withdrawals are given on a percentage basis, depending on the amount of the course completed. For example, for students enrolled in online programmes in South Carolina, a 75% tuition refund will be issued if the course withdrawal occurs after the add/drop period and before 25% of the course is completed. This refund percentage decreases incrementally as the course progresses, with no refund given for any course withdrawal after 60% of the course has been completed.
Laboratory and special course fees are 100% refundable if withdrawal occurs before the end of the drop/add period. After classes begin, these fees are non-refundable.
Students who wish to withdraw from Saint Leo University must complete a form in its entirety. If a student receives financial aid, dropping or withdrawing from a course may affect their financial aid. Students are advised to contact Student Financial Services with any questions or concerns before completing the withdrawal form.
When a student withdraws, Saint Leo University will notify them to complete Exit Loan Counseling. The U.S. Department of Education's loan servicer will contact the borrower during the grace period to make arrangements for loan repayment. Repayment begins six months after withdrawal from the school, but may be deferred for continued education or other approved reasons.
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Student financial services
The Student Financial Services team at Saint Leo University is committed to providing excellent customer service and support to students and staff. The team assists with various financial services, including navigating the financial aid application process and answering questions about student accounts.
Students with queries about their eligibility for financial aid are encouraged to contact Student Financial Services. The office helps students explore all their financial aid options, including scholarships, state grants, work-study jobs, and loans. Saint Leo University encourages students to electronically file a Free Application for Federal Student Aid (FAFSA) to determine eligibility for student aid assistance from federal, state, and private sources.
The Student Financial Services Office guides students through the financial aid process, making it less confusing and overwhelming. They can assist with FAFSA, financial aid eligibility, student account payments, and more. Students can contact the office via phone at 800-240-7658 or email at [email protected]. The office has also transitioned to appointment-only visits, with an online booking page for convenience.
In addition to providing support for financial aid applications, Student Financial Services assists with student refunds. When students receive more financial aid than their university charges, the extra funds are refunded to the student. Refunds due to students with credit balances in their tuition accounts are issued within 14 days. Students can direct any questions about refunds to Student Financial Services using the contact information provided above.
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Loan counselling
At Saint Leo University, first-time borrowers must complete Entrance Loan Counselling and a Master Promissory Note (MPN) before loan disbursement. This ensures borrowers are informed about their loans and repayment responsibilities.
When a student graduates, withdraws, or drops below half-time enrolment, Saint Leo University will notify them to complete Exit Loan Counselling. The U.S. Department of Education's loan servicer will contact the borrower to make arrangements for loan repayment, which typically begins six months after graduation or withdrawal.
If you are struggling with student loan debt, non-profit organizations like Money Management Institute (MMI) offer free student loan debt management counselling. Their services can help you understand your options, create a budget, and find the best repayment strategy for your situation.
To get started with student loan counselling, you can create a free online account and provide information such as your income, tax filing status, family size, and goals for your student loan payments. This information will be used to analyse your loans and develop a personalized plan.
Additionally, optional for-fee services are available for more personalized support, such as one-on-one counselling with a live student loan expert. These services can provide in-depth assistance in understanding your student loans and taking control of your financial situation.
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Frequently asked questions
Cancelling a student loan after accepting Saint Leo University can be done by contacting the Student Financial Services office. You can reach them by email at [email protected] or by phone at 800-240-7658.
If you cancel your student loan, you will need to find another way to finance your education. Saint Leo University offers other financial aid options such as scholarships, grants, work-study programs, and other loan funding. You may also be able to set up a payment plan with the university.
The deadline to cancel your student loan and receive a refund for tuition depends on the refund schedule. Refunds are typically issued within 14 days of withdrawal from a course. The percentage of the refund depends on how much of the course has been completed, with a 100% refund if the withdrawal occurs before the end of the drop/add period.
