Office of Financial Aid
Student Responsibilities and Repayment
Repayment of Loans (Default and Debt Management)
What you need to know…and were afraid to ask…
Student Responsibilities:
* Complete the FAFSA on time.
* Submit the appropriate documents necessary
to complete the Financial Aid process.
* Use all refunds of financial aid funds
for expenses related to your education.
* Follow the requirements and repayment
schedules of educational loan programs.
* Inform the Office of Financial Aid
of all grants, scholarships, or other funds received for
any educational costs.
* Meet Policy
on Satisfactory Academic Progress for Financial Aid - see Student
Handbook
* Notify the appropriate office when
leaving/withdrawing from the University. (See the following
for more details.) Mandatory Exit Counseling is required
for all recipients receiving Federal Stafford/Perkins
Loan. Please go to the following website: www.aessuccess.org to complete exit counseling.
Withdrawal
from Lincoln University
Students who withdraw from Lincoln University prior to the
end of the fifth week of the semester may be due a refund
of money paid to the university. This refund policy has been
established in accordance with regulations governing the State
System of Higher Education.
If a student receives federal student aid and the student
withdraws from Lincoln University, a portion of these funds
may need to be returned to the federal governments as follows:
- If a student withdraws before completing 60% of the semester,
the student is only entitled to federal student aid amount
based on the percentage of time that was completed.
- A student who withdraws from the university after 60% of
the semester has been completed is entitled to 100% of the
federal financial aid that was awarded to the student.
- The student should note that PHEAA might still require
a reduction of the Pennsylvania Grant if a student's charges
are reduced as a result of a withdrawal from one or more classes
or a complete withdrawal from Lincoln University.
- If a student who has borrowed from the Federal Stafford
or Federal Perkins Loan programs withdraws from Lincoln University,
the student must repay these loans according to the terms
of the promissory note.
- Financial aid funds that must be returned as a result of
a withdrawal must be done in the following order:
1. Federal Unsubsidized Stafford Loans
2. Federal Subsidized Stafford Loans
3. Perkins Loans
4. Federal PLUS Loans
5. Federal Pell Grant
6. Federal SEOG
- Federal Work-Study funds are not subject to these refund
provisions.
- If federal financial aid funds have already been credited
to the student's account and the student withdraws from Lincoln
University before completing the time needed to "earn the
financial aid", these funds may be withdrawn from the student's
account, thus leaving an outstanding balance to the university.
- If financial aid funds are given to a student to be used
for non-institutional charges such as off-campus housing,
food, books, etc., a portion, of these funds, may also need
to be returned to satisfy the overpayment.
- Any student who is receiving Federal financial aid and
is contemplating withdrawal from the university should contact
the Office of Financial Aid or the Bursar's
Office to determine how they may be affected by the Federal
Return to Title IV Policy.
Lincoln
University of the Commonwealth of Pennsylvania
1570 Baltimore Pike, P.O. Box 179, Lincoln University, PA 19352 \
484-365-8000
