Various Financial Aid Policies

Policy Name:  Various Financial Aid Policies

Policy Number: STU-7031

Effective:  Legacy

Revised:

Policy Statement

  • Renewal of aid administered by Holy Family University is dependent upon the availability of funds and a reassessment of the aid recipient’s eligibility.

2.  Commitment of funds assigned by the federal and state government is made subject to legislative appropriation.

3.  If a student receives a Pennsylvania State Grant, another state grant or an Athletic Grant after receiving a Holy Family Grant and/or a Federal SEOG Grant, the Holy Family Grant or Federal SEOG Grant may be reduced by the amount of the additional state grant or Athletic Grant. The Holy Family Grant or Federal SEOG Grant will not be increased if a student’s state grant is lost due to late filing of their applications and/or the student’s lack of response to the state’s request for additional information.

4.  A first-time Direct Federal Loan borrower must complete a Direct Federal Loan Master Promissory Note (MPN) and also loan entrance counseling before loan funds can be disbursed. This is normally done at studentaid.gov, select “Complete Aid Process”.  Recipients of the Federal Nursing Loan must complete a Federal Nursing Loan Promissory note and other agreements online through our servicer, prior to the disbursement of those funds. The Office of Student Accounts will notify students how and when to do this.

5.  Before leaving the University, all student loan borrowers must complete a loan exit interview. The purpose of the exit interview is to make the student familiar with the rights and obligations for repayment of their student loan.

6.  Each applicant for need-based financial aid must agree to submit his/her own and/or parents’ IRS Tax Return transcript and any other requested forms to the Financial Aid Office upon request. Omission or falsification of pertinent information does not relieve the student of financial obligations to the University and may result in refusal or withdrawal of financial aid, refusal of admission, dismissal from the University or any other penalty deemed appropriate by the University.

7.  Federal regulations do not allow repeated courses when evaluating eligibility for federal aid, except for failed courses and one repeat of a passed course. Students repeating a course that will not be counted for aid eligibility must make sure that they are registered for enough additional credits (without counting the repeated course) to be enrolled at least full-time (twelve credits) if they are normally full-time, or half-time (at least six credits) if they are normally half-time.

8.  Federal regulations require students to report to the Financial Aid Office any changes of enrollment or housing status or any changes in their financial situation (including receipt of gifts or outside scholarships and/or tuition reimbursement for expenses related to attending Holy Family).

9.  When a student’s financial assistance from outside sources in combination with federal, state and Holy Family funded grants and scholarships exceeds the general tuition and general fee cost, their Holy Family funded grant and/or scholarship will be reduced by the amount in excess of the general tuition and general fee cost.

10.  Except for some Holy Family Scholarships, students must reapply for all types of financial assistance each academic year by the required filing deadline (see Annual Application Procedures for filing deadlines).

11.  Holy Family University awards university-based grants and scholarships to first through fourth year full-time (at least twelve credits) students. Fifth year full-time students may be eligible for Federal Pell Grants, Direct Federal Loans, and Private Education Loans but are not eligible for university-based funds. University-based grants and scholarships also do not cover overload courses or double majors.

12.  Students pursuing a second bachelor’s degree are only eligible to receive Direct Federal Loans.

13.  Financial Aid is disbursed in two equal installments (fall/spring) and is not disbursed to accounts until after the add/drop period of each semester.  Students enrolled in modular sessions (sessions shorter than 15 weeks, i.e.  6 week and/or 8-week sessions), will not have their aid disbursed to accounts until after the add/drop period of the last session of each semester.