Do I make too much money to get a student loan?
No. Walden offers two federal loan programs: Federal Direct Subsidized and Unsubsidized Loans. The Federal Direct Subsidized Loan is a need-based loan for undergraduate students. To qualify for this loan, you must demonstrate need as determined by federal methodology. The Federal Direct Unsubsidized Loan is available to students who either do not qualify for the Direct Subsidized Loan, in part or whole, or require additional funds to pay for their education. The Federal Direct Unsubsidized Loan is available to students regardless of their income level or assets.
I’m transferring from another school where I received federal aid. How does this impact my federal aid at Walden?
Federal aid received at another institution can impact the amount of federal aid that you may receive at Walden. Walden participates in the transfer monitoring process from the U.S. Department of Education, which 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 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 Walden programs that allow mid-term starts, the start date of the full term is used to determine if there is an overlap with the prior institution. You may be asked 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.
Does Walden receive my entire student loan amount all at once?
No. Federal law requires that student loans be disbursed in multiple payments of equal amounts. Walden receives your loan funds in three equal disbursements that coincide with the beginning of each term for which the funds will be used. For example, if a student borrows $12,000 for a nine-month loan period, Walden receives disbursements of $4,000, minus processing fees, at the beginning of each of three terms.
How do I use my student loan(s) to pay for tuition and other expenses?
Walden receives your student loan funds from the federal government and disburses the funds directly into your student account. Anytime proceeds from loans/grants credited to a student’s account exceed direct charges, the Office of the Bursar will automatically forward the balance directly to the student, no later than 14 days after funds are credited to the student’s account.
Are there any tax benefits if I receive financial aid?
Yes, there may be some tax benefits if you receive financial aid. Learn more by reading “Federal Tax Benefits at a Glance” from Educational Credit Management Corporation.
If my loan is for three quarters and I am required to enroll continuously for four quarters each year, how do I pay for the fourth quarter?
Student loan recipients reapply for assistance in three-term intervals. If you begin the program in September, you will borrow from September through May (September, December, and March terms). You will then renew your application for a loan period of June through February (June, September, and December terms), and so on.
I received my tuition statement that says the deadline date for payment is the 15th of the month, but my financial aid is scheduled to arrive on the 26th. Will I be penalized?
No, you will not be penalized if your financial aid application was completed by the tuition due date. The financial aid office and the bursar’s office are in constant communication about your status during this time of the term, and Walden understands that federal loan funds will not be received prior to legislated time frames. Therefore, those students receiving loan funds whose applications are completed by the payment deadline will not be penalized.
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