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Student Responsibilities and Repayment
Repayment of Loans (Default and Debt Management)
What you need to know…and were afraid to ask…
- 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.
- Comply with 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.studentloans.gov 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:
- Federal Direct Unsubsidized Loans
- Federal Direct Subsidized Loans
- Federal Perkins Loans
- Federal Direct PLUS Loans
- Federal Pell Grant
- 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.