Entrance and exit counseling
Every student who takes out student loans is required to have entrance and exit counseling. An online entrance interview is part of the financial aid packet. When completed, a confirmation document is sent electronically to the financial aid office. Until the certification is received no loans will be processed. Online exit counseling is also required when you leave DMU and is available on Pulse.
Good credit will play an important role in financing your education if you plan on using an Grad PLUS loan prior to completing your education. A credit check is done each time you apply for a Grad PLUS loan. Poor credit could diminish your ability to secure a Grad PLUS loan. The financial aid office encourages all prospective Grad PLUS loan applicants to order a credit report. You can request a free credit report from three main bureaus at Annualcreditreport.com.
If something is incorrect now is the time to start the dispute process.
Three main credit bureaus:
The Department of Education randomly selects students to verify financial information. You will be notified of this on your student aid report (SAR) and the financial aid office will send you email notification of what needs to be done. Verification requires a student to provide a verification worksheet and any other requested information to the financial aid office to verify that the information on the FAFSA is the same as the other forms. If something needs to be corrected the financial aid office will notify you by email of the discrepancy. If corrections need to be made to the FAFSA, the financial aid office must have the corrected one before any funds can be released. If a student cannot complete the verification process within 45 days federal regulations require the loan proceeds be returned to the lender. They can be re-issued upon satisfactory completion of verification.
Cost of attendance budgets
Based on federal regulations, student cost of attendance budgets are designed for the student only and are not intended to cover family living expenses. If you are married, the Department of Education along with the University expects your spouse to be a contributor to family expenses. Regulations allow budget increases to help with daycare expenses. If you have children for whom your spouse chooses to be a caregiver and will not be working, you must arrange for outside support in addition to financial aid through the University.
The University works conscientiously to provide a reasonable expense budget and to monitor long-term debt and maintain low default rates. Financial aid counseling is available on campus to help answer questions pertaining to your financial aid concerns. See cost of attendance budgets for each program.
In certain documented circumstances a student’s budget may be increased to receive additional funds. These may include but are not limited to: child daycare costs, excessive un-reimbursed medical bills (student only) costs associated with a disability or certain other unusual or unforeseen circumstances (not associated with living expenses, car payments, credit card payments, etc.). Please contact the financial aid office for information.
Federal regulations require that all loans be disbursed in two equal payments: one the week of registration and one halfway through the loan period. Disbursement and tuition due dates are available on the accounting website. The lender will also send a notice of guarantee with disbursement dates as well as approved loan amounts and interest rates. You can also contact the financial aid office or the accounting office for more information. All funds are delivered directly to the business office. If there is a balance on your tuition account that amount is deducted from the loan proceeds and a refund is issued within three working days. Please note disbursement dates may vary each year of your program.
Federal regulations require the University to calculate a possible return to the lender of Title IV federal financial aid you obtained for tuition and fees if you withdraw, are suspended, are dismissed or take a leave of absence of more than 180 days, before completion of the term for which you are registered. Return of funds calculations are based on the effective date of your withdrawal or leave of absence or the effective date of an administrative action. That is, any time your status changes from full-time student, there could be a return of financial aid.
Financial aid included in these regulations is grouped under what is termed Title IV. (Federal Subsidized Stafford Loans, Federal Unsubsidized Stafford Loans and Federal Perkins Loans) Only Title IV financial aid funds are used to calculate a return of funds.
Each University program collects tuition and fees by payment period. A return-of-funds calculation is based on how many days you actually spent in your current payment period. In specific terms, a return-of-funds calculation will be made if you change your status before you complete 60 percent of the payment period for which you have been charged tuition and fees. A change in your status after completion of 60 percent payment period results in no refund. This method will apply regardless of whether you received financial aid or not.
Master of Public Health, Master of Health Care Administration and Post-Professional Doctor of Physical Therapy programs have separate policies that cover dropping classes and refunds (see handbook for details). As with all programs a student must be at least half-time to qualify for financial aid. If a student drops a class and becomes less than half-time they lose financial aid eligibility. This includes borrowing and deferment.
Satisfactory academic progress
In order to maintain financial aid eligibility you must maintain satisfactory academic progress. Each program has its own satisfactory academic progress policies. View more information about Satisfactory academic progress for financial aid eligibility (pdf).
Full-time students may register to take a course in one of the master of public health, master of health care administration, master of science in anatomy or master of science in biomedical sciences programs. If a student meets the eligibility requirements they can apply for admission into their selected program as a degree-seeking student. A student must be unconditionally accepted into the program to be eligible for financial aid. Student must have permission from the program and the dean of primary program. See handbook for details on dual enrollment for the degree program. If a student meets the criteria to be eligible for financial aid, loans are available to cover the cost of additional tuition and books, there are no additional funds available for living expenses. Once accepted into the program, contact the financial aid office to verify financial aid eligibility.
Less-than-half time (LHT)
Less-than-half-time status students do not qualify for most forms of financial aid (including Stafford Loans). There may be an alternative loan available.
Leave of absence
A student on an approved leave of absence (check student handbook for details) may be eligible for a tuition refund based on the date of the leave. When a student returns from a leave, a credit is placed on the tuition account for the amount of tuition the school retained. A student is eligible for financial aid, but many factors dictate the amount and types of aid available. Contact the financial aid office for specific information prior to returning from leave.
You are required to begin repayment of Stafford Loans 6 months after you cease enrollment, regardless of the reason you left school. If you are required to do a residency or unable to make payments after your 6-month grace period, check with you lender about other options, including:
- Deferment – Payments are suspended. Check Promissory note or with lender for details.
- Forbearance – A period of time the lender may temporarily reduce or suspend payments. Contact lender for details.
The following repayment options may be available to you:
- Standard Repayment
- Extended Repayment
- Graduated Repayment
- Income Sensitive Repayment
- Income Based Repayment
- Public Service Loan Forgiveness
- Pay As You Earn
You should contact your servicer for details to determine what may be best for your situation. Visit www.nslds.ed.gov to find out the holder/servicer of all your federal student loans.
Alternative loan programs may or may not have these options available. It is important to keep in touch with your lenders/holders to find the repayment option that best fits your needs.
There are many repayment calculators available on the web to help you determine what your estimated monthly payments will be. There are also charts available in the financial aid office.
For more information go to Department of Education Repayment Information.
If you have any questions or concerns about financial aid please contact the financial aid office.
Visit this website to view the holder/servicer of all your federal loans.