Financial Aid Policy
Financial aid such as federal, state, and institutional grants and scholarships are awarded based upon the total number of registered credits on the “Last day to add with faculty signature – Full Semester class” as noted on the Academic Calendar. Students must register for internships, Time 2 classes, and ACTC classes before the “Last day to add with faculty signature-Full Semester class”. Financial aid will not be adjusted for classes added after this date.
Maximum Augsburg aid: The combination of any Augsburg gift aid along with the federal Pell and SEOG grant and the Minnesota State grant cannot exceed the cost of Augsburg University tuition and direct fees.
Cost of Attendance: All aid for a student must fit within the student’s Cost of Attendance (COA).
Outside aid sources and loans: A student may receive student loans and outside aid in excess of the cost of tuition. All aid for a student must fit within the student’s Cost of Attendance. (COA).
Students must earn the financial aid they are awarded each semester by actively attending and participating in classes throughout the semester. Financial aid is recalculated when students do any of the following: drop classes without a “W” grade, fail to begin classes, cease to attend classes, fail all classes, or fully withdraw from all classes.
Financial Aid – Return of TITLE IV FUNDS Policy
Students must earn the financial aid they are awarded each semester. A student can earn their aid by attending classes. Augsburg must always return any unearned Title IV funds it is responsible for returning within 45 days of the date the school determined the student withdrew.
The withdrawal date used in the return to title IV calculation of a student’s federal financial aid is the actual date indicated on the official withdraw record. If a student stops attending classes without notifying the University, the withdrawal date will be the last date of academic activity determined by the University.
Federal/State Aid Adjustments
Augsburg is required to return unearned federal/state aid for students who fully withdraw from their courses. The Return to Title IV calculation is based on the total number of days in the semester compared to the total number of days that a student attended classes before the last date of attendance. If the student receives more aid than they ‘earned’, then the ‘unearned portion’ of the student’s aid must be returned to the U.S.Department of Education. After 60% of the term has passed, students are eligible to keep all of their federal/state aid. If you are planning to completely withdraw from your courses, please see a Student Financial Services counselor to determine what aid may need to be returned.
Financial aid will be returned to the aid program from which it came. If returned to a loan program, your outstanding balance will be reduced by the amount of the return. Aid will be returned in the following order:
- Unsubsidized Direct Loan
- Subsidized Direct Loan
- Federal Perkins Loan
- Direct PLUS Loans
- Federal Pell Grants
- Federal Supplemental Educational Opportunity Grant (SEOG)
- TEACH Grant
Institutional Aid Adjustments
Augsburg will return institutional aid for students who partially withdrawal, fully withdraw, or drop below full-time status. If students withdraw from all their courses they will receive a 50% tuition refund and 50% of their institutional aid will be removed. If a student withdraws after the last day to receive a tuition refund, there will be no adjustment to their institutional aid.
Financial Aid is based on your registered courses. If a student withdraws, drops or stops attending courses before they have completed 60% of their original enrollment their financial aid may be adjusted. While the policy is the same for summer aid, it can be more confusing as students tend to take less full-summer courses. Before you make changes to your class schedule you may want to contact Student Financial Services to learn how your aid may be adjusted.
If a student earned more aid than was disbursed to him/her, the student may be eligible for a post-withdrawal disbursement. Augsburg’s financial aid office will notify the student in writing if he/she is eligible for a post-withdrawal disbursement of Title IV loan funds.
A student or parent borrower must first confirm in writing whether he/she accepts/declines all or some of the loan funds offered as a post-withdrawal disbursement. A post-withdrawal disbursement of Federal grant funds does not require student acceptance or approval. The University will seek the student’s authorization to use a post-withdrawal disbursement for all other educationally related charges in addition to tuition and fees.
Veterans, ROTC, and other military benefits are excluded from consideration when determining eligibility for private students loans, including the Minnesota SELF loan.