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Your 2009-2010 Estimated Financial Aid Award Letter will be mailed once your financial aid file is complete. It is important to read the award letter and the information on this newsletter which could impact your financial aid eligibility. Please keep this newsletter for future references.
State and Federal Grants: All state and federal grant award amounts are based on the assumption of full-time enrollment for the semesters listed on the award letter. All award amounts are estimated until enrollment is verified. Two weeks after classes begin we will review your actual enrollment. If you enroll less than full-time, we will recalculate and decrease any federal or state grant proportionately based on your enrollment. For example, if you have been awarded a state grant or scholarship and you enroll half-time, your grant for that semester will be reduced to half.
Estimated Direct Costs: The enrollment status and estimated cost of tuition, fees, and books per semester are:
| Undergraduate Full-Time |
12 hours |
$4,418/semester |
| Undergraduate Three-Quarter Time |
9 hours |
$3,353/semester |
| Undergraduate Half-Time |
6 hours |
$2,288/semester |
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| Graduate Full-Time |
9 hours |
$5,407/semester |
| Graduate Three-Quarter Time |
6 hours |
$3,661/semester |
| Graduate Half-Time |
3 hours |
$1,915/semester |
Estimated Indirect Costs: In determining financial aid eligibility, Walsh College includes an allowance for living expenses, transportation, and personal expenses in addition to tuition, fees, and book costs. The estimated monthly indirect costs used to determine financial aid eligibility are:
| Students Living at Home |
$ 725 per month |
| Students Living on Their Own |
$ 1,956 per month |
| Child Care Allowance |
$ 229 per month |
Students may borrow Federal Stafford Loans to help cover living expenses. Any credit balance on a student's account after financial aid has been credited will be sent to the student in the form of a check approximately one week after the account is credited.
The total financial aid on a student's award letter will be limited to direct costs for a full-time student. A student who wishes to borrow to cover indirect costs should request more than their changes for tuition, fees, and books when completing the loan request form.
Recommended Loan Amounts: If your award letter lists an estimated Stafford Loan, the recommended amount on the award letter is based on the assumption of full-time enrollment. If you enroll as a part-time student, the reduced tuition charges may reduce eligibility for a subsidized loan. If you received a loan at another college during this academic year, your eligibility could be reduced.
We recommend that you limit your borrowing to the cost of tuition, fees, and books less other financial aid. To calculate how much to borrow, use the estimated costs listed above for each semester less any grant or scholarship assistance you will receive. You are not required to take out a loan.
If you wish to apply for a loan, you MUST complete the enclosed Stafford Loan Request Form and submit it to the Financial Aid Office. We will electronically transmit your loan data to your lender after you have registered for class. If you have not previously signed a Master Promissory Note (MPN) with the lender you have chosen, or if your lender changes their loan servicing agency, your loan servicer will direct you to their website to complete and electronically sign your MPN. If you prefer to sign a paper note you can request your lender to mail one to you. The MPN must be completed and returned to your servicer before the loan can be guaranteed and your account can be credited with a loan.
You must be enrolled on at least a half-time basis in order to complete the loan process and receive the loan proceeds. Students who audit classes cannot count those credits toward half-time enrollment. Graduate students who enroll in undergraduate classes cannot count those credits toward half-time enrollment. Students are not eligible to borrow if the aggregate Federal Stafford Loan eligibility has been exhausted.
In addition, in order to receive a loan, you must complete a Loan Entrance Interview. You can do this on-line at http://www.mappingyourfuture.org. The Entrance Interview needs to be done only once for Stafford Loans and once for Grad Plus borrowers.
Dual Enrollment: If you dual-enroll, you may not receive financial aid at two schools for the same semester but you may request that the Financial Aid Office enter into a consortium agreement with the second college.
You must contact the Financial Aid Office to initiate this process. Students interested in receiving financial aid for a study abroad program should contact the Financial Aid Office.
Enrollment: You must be admitted into an approved degree or certificate program and be enrolled on at least a half-time basis at Walsh College each semester in order to receive financial aid. Half-time is defined as 6 hours for undergraduate students and 3 graduate level hours for graduate students. This includes the summer semester. The only exception is for the Michigan Adult Part-Time Grants and some Pell Grants. You must attend class in order to receive financial aid. If you do not attend class, you must return any financial aid refund to the Financial Aid Office. Students who do not attend any classes and do not return their financial aid will have the entire amount cancelled at the end of the term.
Withdrawing from Walsh: If you receive federal financial aid and withdraw from all classes within the first 60% of any semester, you will be subject to a federal refund policy. Walsh would be required to return a portion of your financial aid. In such cases, the return of financial aid will create a balance due on your account that you will be responsible for paying your account balance.
Students who withdraw after the following dates will not have an adjustment made to their account:
Fall - 11/11/09 Winter - 02/22/10 Spring - 05/21/10 Summer - 08/16/10
Students who stop attending class must contact the Financial Aid Office since they are considered as an informal withdrawal. Students who stop attending class during the semester and who do not notify the Financial Aid Office will be treated as an unofficial withdrawal and will be subject to an adjustment of their financial aid.
In addition, if a student fails all courses, the College is required to follow up with the faculty member(s) to determine if the student completed the class or not. If it is determined that the student failed because he/she failed to attend classes, the College is required to refund 50% of federal financial aid back to the federal government. The student would be responsible for the balance on his/her account and must pay the account in full to reenroll. If it is determined that the student never attended class, all aid will be cancelled and the student will be billed.
Third Party Payments: If you receive third-party payments from your employer to cover the tuition cost, Walsh will reevaluate your aid eligibility and may have to adjust your aid for the term in which your employer is paying your educational expenses. You are required to contact the Financial Aid Office if you are receiving a third party payment.
Stafford Loans: Subsidized Federal Stafford Loans made for the 2009-20010 academic year will carry a fixed rate of 5.6% for undergraduate students and a 6.8% for graduate students during in-school, grace, repayment, and/or deferment periods. Unsubsidized Loans will carry a 6.8% interest rate for both undergraduate and graduate students.
If you are a loan recipient who will be completing your undergraduate degree at Walsh and plan to begin a graduate program here in the 2009-20010 academic year you will need to submit a new loan request when you begin your graduate degree program in order to be certified for the additional graduate loan amounts. Beginning July 1, 2008, undergraduate students may borrow an additional $2,000 in unsubsidized loan funds.
If a student applies for a loan and later drops or withdraws from all classes, we are required to cancel the remainder of their loan disbursements and the student would need to reapply for a loan if re-enrolling.
Satisfactory Academic Progress: Academic progress of financial aid recipients will be reviewed twice annually, once at the end of the fall semester and once at the end of the spring semester. Students must successfully complete at least 50% of coursework attempted. Courses and grades excluded because of the clean slate policy are still considered for financial aid acacemic progress calculations. Students not making academic progress may send a written appeal but will be allowed only one appeal of unsatisfactory progress. The full policy can be found on the Walsh College website.
Billing: Beginning 01/09, the Business Office will no longer mail bills. Students are responsible to periodically check their billing status on WebAdvisor.
If you have questions, please contact us at 248.823.1665 or e-mail us at finaid@walshcollege.edu.
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