Canceling Student Loans: Saint Leo University Acceptance

Saint Leo University offers a range of financial aid options for students, including federal loans, which must be repaid with interest. If a student decides to withdraw from the university, they may be eligible for a refund on their tuition fees and a return of their federal loan funds. The amount of refund and return of funds depends on the timing of the withdrawal and the type of enrollment (semester-based or term-based). It's important to note that there are specific procedures and deadlines for accepting and disbursing federal loans, and students should be aware of the financial obligations associated with attending the university.

Loan disbursement deadlines

To understand loan disbursement deadlines at Saint Leo University, it is important to first understand the types of loans available to students. The university offers federal loans, which are funded by the US government and must be repaid with interest, and private education loans. Only undergraduate students can qualify for subsidized federal loans, while both undergraduate and graduate students can qualify for unsubsidized federal loans.

For first-time borrowers of federal student loans, there are several requirements that must be met before the disbursement of a loan. Firstly, students must complete Entrance Loan Counseling and a Master Promissory Note (MPN). Additionally, federal loans must be originated to be eligible for disbursement, and this process may take up to 10 days after the loan has been accepted. The deadline to accept federal student loans to ensure they are eligible for disbursement is 10 days before the last day of a student's academic year or the last day of enrollment. Direct Loans are awarded in equal disbursements over the course of a student's academic year. Students with semester-based enrollment will receive 2 disbursements, while those with term-based enrollment will receive 4 disbursements.

Students who wish to receive private education loan funds must submit a self-certification form to the lender, not to Saint Leo University. They should also contact the lender to inquire about any additional requirements for loan disbursement.

It is important to note that Saint Leo University does not participate in any revenue-sharing arrangements with lenders. The university has adopted a code of conduct to rule out any perceived or actual conflict of interest between university officers, employees, or agents and education loan lenders.

In terms of refunds, Saint Leo University has a policy in place for students who withdraw from courses. The refund schedule varies depending on the location of the Continuing Education Center and the type of course. For example, for students enrolled in courses at the Continuing Education Center in South Carolina, the refund schedule is as follows:

• 75% tuition refund if course withdrawal occurs after add/drop and before 25% of the course is completed
• 60% tuition refund if course withdrawal occurs after 25% of the course is completed but before 38% of the course is completed
• 50% tuition refund if course withdrawal occurs after 38% of the course has been completed but before 50% of the course is completed
• 30% tuition refund if course withdrawal occurs after 50% of the course has been completed but before 60% of the course is completed
• No refund for any course withdrawal after 60% of the course has been completed

It is important to note that 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. Refunds due to students with credit balances in their tuition accounts will automatically be issued within 14 days. Appeals regarding refunds should be submitted in writing to the Business Office.

Loan cancellation process

To cancel a student loan after accepting Saint Leo University, you will need to go through the official withdrawal process. The withdrawal process will differ depending on whether you are enrolled in a semester-based or term-based program.

Withdrawal Process for Semester-Based Programs:

The first step is to complete the official withdrawal process for University Campus students or WorldWide students. You will need to submit a confirmation of future attendance within 7 days of withdrawing from all classes in the term and be enrolled in the next term. The calculation for semester-based enrollment is the number of calendar days completed in the semester divided by the total calendar days in the semester. After calculating the percentage of aid earned, the total aid disbursed and the aid that could have been disbursed for the semester is multiplied by the percentage earned and rounded to the hundredth decimal.

Withdrawal Process for Term-Based Programs:

For students enrolled in term-based programs, the calculation is different. The number of calendar days in the payment period completed is divided by the number of calendar days scheduled in the payment period. This is used to determine the student’s eligibility for Title IV funds for that payment period.

Refund Policy:

Saint Leo University has a refund policy that provides tuition refunds based on the percentage of the course completed. If you withdraw after the add/drop period but before 20% of the course is completed, you will receive an 80% tuition refund. If you withdraw after 20% but before 30% of the course is completed, you will receive a 60% refund. This pattern continues, with the refund percentage decreasing by 10% for each subsequent 10% of the course completed, until you reach 60% completion, after which no refund is provided.

Cancelling Federal Loans:

If you have accepted a federal loan and wish to cancel it, you must notify Saint Leo University's Student Financial Services. You will need to do this within 14 days of receiving notification that the loan amount has changed. If you have already received the loan funds, you will need to return the payment to Saint Leo University, and the loan will be returned to the source.

Loan disbursement eligibility

To be eligible for loan disbursement at Saint Leo University, there are several requirements that must be met. Firstly, the student must have a regular or conditional admission to an academic program that has been approved by the U.S. Department of Education for federal aid eligibility. All degree programs at Saint Leo University are eligible for federal aid, but non-degree programs are not.

For federal loans, the deadline to accept them is 10 days before the last day of a student's academic year or last day of enrollment. These loans must be originated to be eligible for disbursement, and this process can take up to 10 days after acceptance. First-time borrowers at Saint Leo University must complete Entrance Loan Counseling and a Master Promissory Note (MPN) before loan disbursement. Direct Loans are then awarded in equal disbursements over the course of the academic year. Students with semester-based enrollment will receive two disbursements, while those with term-based enrollment will receive four. The enrollment status of a student is reported to the National Student Loan Data System (NSLDS) throughout their attendance at the university.

Additionally, congressional legislation has imposed a limit on new borrowers' eligibility for subsidized loans to 150% of the length of their academic program. Direct Loan amounts can change upon review of eligibility, and students must accept any changes to the loan amount before it is credited to their account. After the loan has been credited, students must notify the university if they no longer wish to receive the loan.

Saint Leo University also offers private education loans, and to receive these funds, borrowers must submit a self-certification form to the lender. Students are encouraged to apply for federal and state financial aid by completing the FAFSA.

Loan disbursement calculation

Saint Leo University (SLU) offers semester-based and term-based enrollment. The disbursement calculation depends on the type of enrollment.

Semester-based enrollment

Students with semester-based enrollment will receive two disbursements per academic year. The calculation for a student in semester classes is the number of calendar days completed in the semester divided by the total calendar days in the semester. After calculating the percentage of aid earned, the total aid disbursed and the aid that could have been disbursed for the semester is multiplied by the percentage earned and rounded to the one-hundredth decimal.

Term-based enrollment

Students with term-based enrollment will receive four disbursements per academic year. The calculation for a student in term-based classes is the number of calendar days in the payment period the student completed divided by the number of calendar days scheduled in the payment period that was used to determine the student’s eligibility for TIV funds for that payment period (two 8-week terms equal a semester).

Direct Loans

Direct Loans are awarded in equal disbursements over the course of a student's academic year. The deadline to accept federal student loans to ensure they are eligible to disburse is 10 days prior to the last day of a student's academic year or last day of enrollment. It should be noted that federal loans must be originated to be eligible to disburse and this process may take up to 10 days after the loan has been accepted. A first-time Saint Leo University borrower must complete Entrance Loan Counseling and a Master Promissory Note (MPN) prior to the disbursement of a loan.

Withdrawal and Return of Title IV Funds

If a student withdraws from the university, a post-withdrawal disbursement of grant and/or loan funds may be paid if the student is eligible to receive the funds. The student will be notified within 30 days of the date of withdrawal of the opportunity to accept, reduce, or decline the post-withdrawal loan disbursement. Upon receipt of a timely response (within 14 days) from the student, the university will disburse the loan funds as soon as possible and within 180 days of the withdrawal date.

## Withdrawal and Tuition Refund

If a student withdraws from a course, they may be eligible for a partial tuition refund. The amount of the refund depends on the percentage of the course completed and the type of course. For example, for students enrolled in courses at the Saint Leo University Continuing Education Centers and/or online programs, the refunds are given on a sliding scale based on the percentage of the course completed. Laboratory and special course fees are 100% refundable if withdrawal occurs before the end of the drop/add period. After classes begin, laboratory and special course fees are non-refundable. Refunds due to students with credit balances in their tuition account will automatically be issued within 14 days.

Student refund policy

Saint Leo University's refund policies vary depending on the student's location and mode of study. The policies also differ for federal loans, financial aid, and tuition.

Federal Loans

Saint Leo University (SLU) has a code of conduct in place to rule out any perceived or actual conflict of interest between the university and education loan lenders. SLU does not participate in revenue-sharing arrangements with lenders and does not allow its employees to accept gifts of greater than nominal value from lenders or guarantors.

Financial Aid

Students must complete the Free Application for Federal Student Aid (FAFSA®) and submit it to the US Department of Education's federal processor. The processor computes the Expected Family Contribution (EFC) using a federally mandated formula, taking into account income, assets, and household information. SLU's Student Financial Services then uses this data to determine the student's dependency status, contribution from earnings and assets, and other resources.

If a student receives more financial aid than their university charges, the extra funds are paid to the student as a refund. Financial aid, including loans, will be used first to pay student account charges.

Tuition

Students with a balance of more than $3.00 will receive a monthly eBill, and payments are due prior to the start of a semester/term unless specifically deferred. Students should be financially prepared to meet any non-university expenses at the start of the term. Late fees are assessed at 1% monthly (12% annually) beginning 60 days after the start of the semester/term. Unpaid balances at the end of the semester/term may be subject to third-party collections.

For students enrolled at the Saint Leo University Continuing Education Center and/or online programs in Georgia, South Carolina, Maryland, or Wisconsin, different refund schedules for tuition and course fees apply. 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.

For students enrolled in courses at Saint Leo University Continuing Education Centers and/or online programs in South Carolina, the following refund schedule applies:

• 75% tuition refund if course withdrawal occurs after add/drop and before 25% of the course is completed
• 60% tuition refund if course withdrawal occurs after 25% of the course is completed but before 38% of the course is completed
• 50% tuition refund if course withdrawal occurs after 38% of the course is completed but before 50% of the course is completed
• 30% tuition refund if course withdrawal occurs after 50% of the course is completed but before 60% of the course is completed
• No refund for any course withdrawal after 60% of the course is completed

For students enrolled in courses at Saint Leo University Continuing Education Centers and/or online programs in Wisconsin, the following refund schedule applies:

• 80% tuition refund if course withdrawal occurs after add/drop and before 20% of the course is completed
• 70% tuition refund if course withdrawal occurs after 20% of the course is completed but before 30% of the course is completed
• 60% tuition refund if course withdrawal occurs after 30% of the course is completed but before 40% of the course is completed

For students enrolled in courses at Saint Leo University Continuing Education Centers and/or online programs in Maryland, the following refund schedule applies:

• 80% tuition refund if course withdrawal occurs after add/drop and before 20% of the course is completed
• 60% tuition refund if course withdrawal occurs after 20% of the course is completed but before 30% of the course is completed
• 40% tuition refund if course withdrawal occurs after 30% of the course is completed but before 40% of the course is completed

For students enrolled in courses at Saint Leo University Continuing Education Centers and/or online programs in Georgia, the following refund schedule applies:

• 80% tuition refund if course withdrawal occurs after add/drop and before 20% of the course is completed
• 70% tuition refund if course withdrawal occurs after 20% of the course is completed but before 30% of the course is completed
• 60% tuition refund if course withdrawal occurs after 30% of the course is completed but before 40% of the course is completed

Frequently asked questions