On March 30, 2010 the President signed new legislation to reform the existing Federal Student Loan Programs.  This means that effective July 1, 2010 all federal student loans must be originated as Direct loans by the U.S. Department of Education and the bank-based Federal Stafford Loan program will end. 

From the student perspective, this change will pretty much be transparent.  The same loan requirements with bank loans also apply to Direct Loans the only difference will be the source of the funding.   And, with two exceptions, the loan application process will remain the same.   The two exceptions are:

1. Every student interested in a federal loan must now e-sign a Federal Direct Master Promissory Note (MPN) at www.studentloans.gov.  You will need the four (4) digit PIN     
number used to file your Free Application For Federal Student Aid (FAFSA) to access and sign your MPN.   The MPN will be good for 10 years.

2. In addition to a MPN, students need to complete a one-time loan entrance interview at www.studentloans.gov.   Students must still complete the FAFSA for 2011-2012 and complete
a Direct Loan Request Form that accompanies the financial aid award. 

The Financial Aid Office will not originate a loan for the 2011-2012 academic year until the Direct Loan MPN and entrance interview are completed. 


Your 2011-2012 Estimated Financial Aid Award Letter will be mailed once your financial aid file is complete. It is your responsibility to read the award letter and this information which could impact your financial aid eligibility.  Keep this information for future reference.

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 prorate any federal or state grant proportionately based on your enrollment.

Estimated Direct Costs:  The enrollment status and estimated cost of tuition, fees, and books per semester are:

Undergraduate Full-Time	12 hours	$4,829/semester
Undergraduate Three-Quarter Time	9 hours	$3,653/semester
Undergraduate Half-Time	6 hours	$2,477/semester
Graduate Full-Time	9 hours	$5,858/semester
Graduate Three-Quarter Time	6 hours	$3,947/semester
Graduate Half-Time	3 hours	$2,036/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	$ 756 per month
Students Living on Their Own	$ 2,039 per month
Child Care Allowance	$ 239 per month

Students may borrow Federal Direct 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 Federal Direct Loan, the recommended amount on the award letter is also 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.  The recommended loan amount is only a recommendation and you are not required to borrow a Federal Direct Loan.

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.

New for the 2011-2012 academic year:  The Department of Education issues new regulations and is requiring changes to the Satisfactory Academic Progress requirements.  The full policy can be found on the Walsh College website.  Major changes are:

Undergraduates must now complete 67% of their coursework attempted.  Undergraduates will have any transfer credit counted as coursework attempted and completed.
Graduate students enrolled in a degree program that requires a 3.000 GPA must now have a 3.00 GPA to remain eligible for financial aid.  Students not making academic progress may appeal but are limited to one probationary semester.

You must be enrolled on at least a half-time basis (6 credits for undergraduates and 3 graduate credits for graduate students) 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 Direct Loan eligibility has been exhausted.

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.  A new agreement is required each semester of dual enrollment.

Billing:  The Business Office will no longer mail bills.  Students are responsible to periodically check their billing status on WebAdvisor.

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.

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 a portion of the loan 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, the College is 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 from all classes after the following dates will not have an adjustment made to their financial aid:

Fall - 11/11/11       Winter - 02/23/12        Spring - 05/21/12        Summer - 08/15/12

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.

Federal Direct Loans: Subsidized Federal Direct Loans made for the 2011-2012 academic year will carry a fixed rate of 3.4% 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 2011-2012 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. 

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 meet both GPA and pace requirements to be eligible for financial aid.  Students not making satisfactory academic progress may appeal their status by completing the SAP Appeal Form which will be mailed to them.  The full policy can be found on the Walsh College website.

If you have questions, please contact us at 248.823.1665 or e-mail us at finaid@walshcollege.edu.