Important Information Regarding Your Financial Aid
- With the exception of the federal Pell Grant, third-party sources authorizing such, and certain university stipend programs, no combination of scholarships and grants may exceed 100 percent of tuition. University-funded financial aid is only applicable to tuition charges for courses taken at Regent University. University-funded financial aid is not applicable to study abroad programs.
- Tuition is due and payable in full by the published deadline regardless of any pending financial aid (loans or grants). A Tuition Installment Plan (TIP) is available for a nominal fee. Contact the Business Office for more information. Failure to make payment by the established deadline will result in a late fee.
- To receive school-based awards, students must meet the eligibility criteria set out in the awarding school's financial aid guide. If you need a copy of these guidelines, please contact your school(s) of enrollment.
- Many schools at Regent require annual resubmission of financial aid applications. Contact your individual school for more information.
- Any person who knowingly makes a false statement or a misrepresentation in his/her request for financial aid shall be subject to the provisions of Regent student discipline policies, the United States Code and/or the Code of the Commonwealth of Virginia, whichever is applicable.
- Federal student loans, Pell Grant, and Virginia Tuition Assistance Grant Funds (VTAG) are conditional upon regulations/legislation in effect at the time of disbursement.
- All financial aid is to be used solely for expenses related to attendance at Regent University. Institutional scholarships will not be applied to charges related to non-Regent study aborad programs.
- Financial aid recipients who withdraw during a term, or reduce their academic load below the required minimum hours for the aid received, are subject to the provisions of the university refund policy and "Return of Title IV Funds Aid Policy", available from the Business Office. You must notify Central Financial Aid if you are enrolled, were enrolled or will be enrolled at another institution during the same award year as you are in attendance at Regent and you receive, or will receive, the Federal Pell Grant or Federal Stafford Loan (or Federal Direct Stafford Loan).
- You must be enrolled at least half-time as a regularly enrolled student in a degree-seeking program to be eligible for loans, Federal Pell Grants and most other aid available. Based on the policy defined by the University Academic Council, five hours are considered half-time for the fall and spring semesters for graduate students, three hours for doctoral students and six for undergraduate students. For the summer, three credits is considered half-time for graduate students. There are few exceptions to this definition (i.e., Ph.D. dissertation, etc.). Undergraduate students must enroll for at least six credit hours each semester (including the summer) to be considered a half-time student. Contact Central Financial Aid for more information.
- If you receive additional aid (scholarships/grants) or other outside resources, your awards must be modified. Notify the Central Financial Aid Office of any additional resources not previously included that are available from other resources such as loans, scholarships, grants, Social Security benefits, veterans' benefits, employer tuition payment plans and other educational assistance. Failure to do so before the first financial aid disbursement will result in a potentially significant lower subsequent disbursement. In some cases it may result in having to repay a portion of the aid received.
- Any student who receives financial aid funds, but does not attend any of the classes (or complete any distance coursework) for which the disbursement was made, is required to have the entire amount returned to the funding entity immediately. This is done by returning the payment received to Regent. Regent will, in turn, refund it to the funding entity on the student's behalf. This may result in a balance due the university.
- SATISFACTORY ACADEMIC PROGRESS
To qualify for aid processed through the Central Financial Aid Office, a student must be making Satisfactory Academic Progress (SAP) toward the completion of a degree program. If a student fails to meet the standards summarized below, the student will be placed on financial aid warning for the next semester of enrollment. During the financial aid warning semester, the student will be eligible to receive federal aid but must meet the standards by the end of that semester to have continued eligibility. A student will remain ineligible until the standards are met. If a student is declared ineligible, he/she may appeal to the school of enrollment for reinstatement. To be considered making SAP, a student must:
- Complete at least 50 percent of all credits attempted
(67 percent for undergraduate)
- Cumulative GPA of at least 3.00
(2.00 for law and undergraduate students; 2.50 for MDiv students)
- You must complete your degree within the following timeframe:
- Graduate: five years
- Undergraduate: six years
- Doctoral (non-JD): seven years
Time is measured as of your first term of enrollment at that level, inclusive of periods of non-attendance.
More detailed information on SAP and the full policy is available on the Central Financial Aid website: www.regent.edu/admin/finaid/sap.cfm
- Complete at least 50 percent of all credits attempted
- FEDERAL PELL GRANT
The Federal Pell Grant is available only for those students in the undergraduate program. You must be admitted and enrolled as a regular degree-seeking student to be considered for eligibility. The grant is normally awarded for fall and spring semesters. If a student is not able to utilize the maximum annual Pell Grant amount in fall and spring, then a subsequent award may be made for the summer, if otherwise eligible. The grant is paid typically once per semester, after your attendance is confirmed in the second course (six credit hours) of the term. Your participation/attendance must be confirmed in all courses for which Pell Grant payment is based. If you add or drop courses during the term, your Pell Grant is subject to adjustment. You may not receive the Federal Pell Grant at more than one institution in a term.
- Private loans are not guaranteed; rather, they are based on your credit history. By accepting the loan you are giving permission to the lender to pull your credit history. If the lender determines you are not creditworthy, you will be denied or required to obtain a co-signer. Final notification of approval or denial for private loans is made by your lender.
- Grad PLUS Loans are not guaranteed; rather, they are based on your credit. By accepting the loan you are giving permission for the lender to pull your credit history. If the lender determines you are not creditworthy, you will be denied. Final notification of approval or denial for the Grad PLUS Loan is made by your lender.
- If your parent is applying for a Parent PLUS Loan, the Parent PLUS Paper Form must be completed. Parent Plus Loans are not guaranteed; rather, they are based on your parent's credit. By accepting the loan and submitting the Parent PLUS Form you are giving permission for the lender to pull your parent's credit history. If the lender determines your parent is not creditworthy, your parent will be denied. Final notification of approval or denial for the Parent PLUS Loan is made by your lender.
- Loan recipients must notify CFAO in writing of any change in enrollment status, address or family financial circumstance.
- Student Loan Disbursements: student loans are disbursed in at least two equal amounts. Single term loans may be disbursed in one disbursement. Example: a loan for fall/spring will come one half in fall and the other half in spring. A fall only loan will have the entire amount arrive at once.
- Students will not receive any excess loan funds above university charges no sooner than the last business day before the start of the term if all requirements are met and loan funds have arrived. Please come prepared to cover initial expenses, including book costs. Education loans are not intended to cover moving expenses or initial utility deposits.
- Student Loans Disbursed by Paper Check: If your loans are disbursed by paper check, rather than EFT, the check will require your endorsement, as it will be made co-payable to Regent University and the student. The loan check will be available for your endorsement in the Business Office. You will not be eligible for any funds in excess of your tuition charges until you endorse the check and the Business Office produces a refund check for the correct amount.
- Federal and Private Loans: Lenders will send you a NOTICE OF LOAN GUARANTEE AND DISCLOSURE STATEMENT that indicates the amount of the loan that has been guaranteed on your behalf. This notice contains an anticipated disbursement date. This is NOT a definite date of when funds will be available to you. It is the date the lender anticipates wiring funds to Regent (if an EFT lender) or cutting the checks to mail to Regent (if you are using a lender that processes paper checks). Refunds will not be disbursed until after the 100% Add/Drop period. Typically, this means that all credit balances will be refunded to you by the end of the second week of classes.
- ALL FIRST-TIME FEDERAL STAFFORD LOAN BORROWERS at Regent are required to complete student loan entrance counseling before any funds may be credited to the student's account. Entrance counseling may be completed online. You will be guided through a series of pages containing important information regarding student loans. You are encouraged to complete the entrance counseling requirement at least one week prior to the first day of class to help expedite the refund process. Please allow three to five business days from the time the entrance counseling is completed until the time you may pick up a refund.
- ALL student loan borrowers at Regent are required by federal law and/or Regent University or private lender policy to attend an EXIT INTERVIEW prior to ceasing to be enrolled on at least a half-time basis. Generally, these sessions are held during your last semester of attendance before you graduate. However, if you drop to a less than half-time status before that time, you should contact the Central Financial Aid Office to arrange for an exit interview. Exit interview schedules are listed on the Financial Aid Calendar each term.
- Most commonly, loans will be calculated for only the fall and spring semesters (there are a few exceptions to this depending on your program of enrollment). If you are going to be taking classes during the summer term, please inform the Central Financial Aid Office by filling out the Summer Aid Request Form available after final registration for the spring semester. Forms will be available online after the spring registration period is completed. If you have been awarded the maximum amount of $18,500 in Federal Stafford Loans for the fall and spring terms, and you choose to accept the full amount, you will not have any Stafford Loan eligibility remaining for the summer term. If you choose to attend the summer term, your loan eligibility will be available only through private loans, which are based solely on your credit history.
- Your loan data will be submitted to the National Student Loan Data System (NSLDS) and will be accessible by guaranty agencies, lenders and institutions determined to be authorized users of the data system.
- Exhaust all other resources before you apply for a loan. Funds to help finance your education may be hidden in people or organizations you would not expect. Contact your employer, your church, family members or do an internet scholarship search to see what types of aid might be available.
- Remember: Borrow only as much money as you really need.
- Maintain a loan file to keep all information pertaining to your student loans. You are responsible for knowing the name of your lender, their address and how much you borrowed. Law students will be asked this information on bar exam applications.