Changes in eligibility and enrollment may require adjustments in your financial aid.
Overlapping Financial Aid
Federal aid received at another institution can impact the amount of federal aid that you may receive at Walden. According to federal regulations, Walden participates in the federal transfer monitoring process whereby the U.S. Department of Education may take up to 90 days into the start of your first term to notify Walden that you have federal aid awarded at another institution that overlaps into your enrollment dates at Walden.
The Office of Financial Aid may not be able to make an initial award offer to you or may have to cancel aid that has already been awarded if we receive information that you have applied for and/or received federal aid at another institution for an overlapping period. For example, if the loan period at your prior institution ends even one day after your start quarter/semester at Walden, you have an overlapping period, and we must deduct aid received at the other institution from your annual eligibility at Walden. You may be asked by this office to have your prior institution complete an Overlapping Financial Aid form to confirm your last date of attendance and disbursed loan amounts at the prior institution.
When processing an overlapping loan period, Walden will cap the total loan at one-third of a student’s annual loan limit, maximizing any remaining subsidized loan eligibility. During periods of overlap, to prevent duplication of living allowance between schools, Walden must remove the living allowance from your cost of attendance. You must make alternative arrangements for payment if you become ineligible for federal aid based on aid received at another institution.
Overaward of Federal Aid
The receipt of additional estimated financial assistance and/or a reduction in the cost of attendance that was not accounted for at the time of initial awarding may cause an overaward of federal funds (the term overaward refers to any estimated aid that exceeds a student's financial need and/or cost of attendance). Estimated financial assistance includes but is not limited to the following: scholarships, third-party payments, and other resources. In such instances, the Office of Financial Aid will correct the overaward by adjusting the federal financial aid. Federal aid may be adjusted by reducing or reallocating funds prior to disbursement or returning funds to federal programs if disbursement has already occurred. Loans will be reduced before any reduction is made to scholarship or grant awards.
Leave of Absence
A student who takes an approved leave of absence is considered, for financial aid purposes, to have withdrawn from the school. A leave of absence is approved if the following criteria are met:
- The student has made a written request for the leave of absence.
- The leave of absence does not exceed 180 calendar days.
- The student has had only one leave of absence in a 12-month period.
The Federal Return of Title IV calculation applies to leaves of absence and withdrawals for recipients of Title IV aid. These leave of absence requirements also affect students’ in-school status for the purposes of deferring payment of Federal Direct Loans. Students on an approved leave of absence are considered to be enrolled less than half time and are not eligible for an in-school deferment for their Federal Direct Loans. Students who take an unapproved leave of absence or fail to return to the school at the end of an approved leave of absence are no longer enrolled at the school and are not eligible for an in-school deferment of their loans.
Withdrawal From a Term
Students withdrawing from any courses in the term prior to the completion of 60% of the quarter/semester may find that funds are owed to the university as a result of the Return of Title IV calculation. Students who stop engaging in academically related activities during the term without officially withdrawing from the courses are subject to the Return of Title IV Aid calculation. In such cases, the last date of academically related activity, as determined by the university, is used as the withdrawal date for the term.
Prior to withdrawing from all courses in the term, it is suggested that students contact the Office of Financial Aid to determine the amount of federal aid that must be returned. Federal student aid may not cover all unpaid charges due to the university upon the student’s withdrawal.
Confirmation of Return Enrollment After Withdrawal
Students who withdraw from a course in the first part of a term and remain registered for a course in the second part of a term will be asked to confirm that they plan to return. Federal rules do not allow Walden to rely on your previous registration if you withdraw from the first course. If you indicate that you will return, and you do not return, a Return of Title IV calculation will be processed using the earlier withdrawal date.
Do you have questions about financial aid? If you haven’t yet applied to Walden, please contact an enrollment advisor at 1-866-492-5336 in the United States. If you are a current student, please contact a financial aid advisor at finaid@waldenu.edu or call 1-800-WALDENU (1-800-925-3368).