Frequently Asked Questions

When will my financial aid funds disburse?

Assuming all requirements are met, financial aid disbursements begin approximately 10 days from the start of the term. It usually takes 1 full week to disburse funds to all students.


When do I get my refund?

Refunds are sent to a student’s Higher One account within 14 days from the date that the credit balance is created. To expedite the receiving of funds after they are sent to Higher One, students should activate their Higher One account and select a refund option through the Higher One website. If a student doesn’t select a refund option, they will be mailed a paper check via the US Postal service.


How do I get my book voucher?

If a student has accepted enough financial aid to pay for the current balance due in the term, a financial aid book voucher will automatically be created. Book vouchers begin to be created as early as four weeks prior to the start of the term. University campus undergraduates students are not eligible to participate in the voucher program but may utilize Monarch Money at the campus bookstore. Monarch Money funds may be requested through Trane Stop.


If I’m using tuition Military assistance (TA), why can’t I receive a book voucher?

Financial aid book vouchers are automatically scheduled if a student has enough Federal Financial Aid to cover the current balance for each term. Students that are receiving TA and some Federal Financial Aid may contact Financial Aid Support to see if a manual book voucher can be scheduled.


Why wasn’t my Academic Readiness Scholarship awarded yet? (This question applies to Saint Leo University’s Center for Online Learning students only.)

A student’s eligibility for the Academic Readiness Scholarship is reviewed after the drop/add period has ended. Eligible students will typically have this award added to their financial aid packages by the end of the 2nd week of the term.


Why wasn’t my Florida Resident Access Grant (FRAG) credited to my account yet?

A Florida Resident Access Grant (FRAG) is available to most Florida residents who attend full time at a private university within the state. Below are some details to help you understand how Saint Leo University disburses this award and applies FRAG funds to your student account.

Full time status constitutes attending for 12+ credit hours over the course of a semester, or attending for 12+ credit hours over the course of two linked, 8-week terms. Please note, because FRAG is not available for summer classes, you must attend full time between Fall 1 (FA1) and Fall 2 (FA2) terms or Spring 1 (SP1) and Spring 2 (SP2) terms to receive FRAG funds.

Due to the differences between term and semester student enrollment, FRAG is handled one of two ways on a student account. If you are a full time student for the semester, your FRAG award is disbursed after drop/add of your semester. However, if your full time status is split between two 8-week terms (example: 13FA1 & 13FA2), your FRAG award will not be applied to your account until your full time status is reached during the second term. For example, if you signed up for 6 credits in 13FA1 and 6 credits in 13FA2, you will not receive your FRAG for both 13FA1 and 13FA2 until after the drop/add period of 13FA2. Once your full time enrollment status is met during the 13FA2 term your FRAG award will disburse onto your account for both terms.

For many students this may mean that the balance for their FA1 term or SP1 term, or the balance for their fall or spring semester, becomes past due while the student is waiting for their FRAG disbursements. In these situations the University is unable to consider future aid as credit towards a student’s account. Students in this situation are encouraged to sign up for a University payment plan to cover the gap between their financial aid and their tuition. If a student has a zero balance at the time their FRAG funds are disbursed and credited to their account, a refund will be issued.


What makes a student eligible to receive full or only partial Pell Grants?

Pell Grant awards are based on the FAFSA (Free Application for Federal Student Aid) year. Each FAFSA year starts July 1 and ends June 30th. The student’s Expected Family Contribution (EFC) - which the Department of Education (DOE) calculates based on the student’s FAFSA responses - determines how much (if any) need-based Federal Financial Aid a student is eligible to receive. Students may receive a Pell Grant either up to their annual limit or until the FAFSA year ends. The annual Pell Grant award amount is based on the student attending full-time (24 credit hours) during the FAFSA year.

The lifetime limit of the Pell Grant is 6 years, or 600%. Each year, the amount of Pell that a student has received is divided by the amount of Pell Grant they could have received for attending full-time. When the student has reached 600%, they cannot receive any additional Pell Grant funds. The Department of Education tracks this. As of the 2013-2014 academic year, alerts are placed on the Student Aid Report (SAR) and ISIR to inform the student and school as to where a student is in relation to this limit.

A student’s Pell Grant is determined using the following formula:

# Credit Hours Attended
___________________ X Annual Pell Award = Pell Grant Amount for Each Term
24 Credit Hours

Example: A student has a $0 EFC. They are eligible for the maximum Pell Grant - $5645.
 For terms in which the student attends 6 credit hours, the student may receive $1411/$1412 Pell Grant
 awards.
 For terms in which the student attends 3 credit hours, the student may receive $705/$706 Pell Grant
 awards.


What makes a student eligible to receive full or only partial Direct Loans?

Direct Loans require half-time status (6 credit hours) during a semester or 2- linked term payment periods to be eligible to disburse. Undergraduate dependent students have an aggregate of $31,000 for their combined subsidized and unsubsidized loans —no more than $23,000 of this amount may be in subsidized loans. Undergraduate independent students have an aggregate of $57,500— again, no more than $23,000 of this amount can be in subsidized loans.


What will happen to my financial aid if I drop a class?

If a student did not attend any of their classes and drops all of them during drop/add, they will not be eligible to receive any financial aid for the dropped term. If the student has used a book voucher or has other fees on their account, they will need to make alternative payment arrangements for those balances. Students need to notify Financial Aid Support when they drop classes from their semester or first term so that their Direct Loan(s) will be restructured and ready for the student to use during their next attended semester or term.


What happens to my financial aid if I withdraw from a class?

If the student withdraws from one course, but is still enrolled at least halftime, the student will be eligible to keep Federal Financial Aid that has already disbursed.

If the student’s Federal Financial Aid has not disbursed yet and the student is no longer considered to be attending at least half-time, the student is ineligible for that term’s Federal Financial Aid - including Direct Loan and Pell Grant disbursements. Current Department of Education policy requires that any future Direct Loan and Pell Grant disbursements scheduled for the pay period be cancelled. It is the student’s responsibility to contact Financial Aid Support to inform Saint Leo University of the next term or semester the student plans to re-enroll in. Doing so will allow Saint Leo University to restructure the student’s Federal Financial Aid to accommodate his/her future registration and to minimize interruption to the student’s forthcoming financial aid disbursements.

Example: A student’s linked terms are Fall 1 and Fall 2. The student starts attending 6 credit hours in Fall 1 and doesn’t enroll in Fall 2. The student withdraws from 3 credit hours before their Federal Financial Aid disburses. The student is no longer eligible for Fall 1 Federal Financial Aid because s/he is not meeting the half-time attendance requirement.

If students withdraw from all courses, the Department of Education requires that a Return of Title IV calculation is completed. This calculation determines what percentage of Federal Financial Aid the student has earned based on the following formula:

Days Attended in Pay Period
________________________ = Percentage of Federal Financial Aid Earned by Student
Actual Days in the Pay Period

If the result of this calculation is 60.1% or greater, the student is considered to have earned 100% of his/her eligible aid. In situations where the student is eligible for aid that did not disburse, the student is offered the option of a Post Withdraw Disbursement (PWD). The PWD form will be sent to the student. The form must be returned to the Financial Aid Office within 10 calendar days in order for the eligible aid to be disbursed.

If a student withdraws from the first term in the payment period and plans to return for the second term in the payment period, the student may request to have their Return of Title IV calculation put on hold. The student can make this request during their online withdraw process by completing a Confirmation of Attendance Form and submitting it to the Financial Aid Office immediately after withdrawing. Click here for the Confirmation of Attendance form.

If the student does not complete the Confirmation of Attendance process, the Return of Title IV calculation will be completed and any aid determined to be ‘unearned’ will be returned to the Department of Education. If the student subsequently returns for the 2nd term in the payment period (that they had enrolled in prior to the withdraw date of the 1st term), the Return of Title IV calculation will be reversed and any aid sent back to the DOE will be returned to the student’s account.

Note: Withdrawn courses count as attempted - but not completed courses - for Satisfactory Academic Progress (SAP).


What happens if I take a term off?

Students are not eligible to receive financial aid for unattended terms. If the skipped term is the first scheduled term for a student’s Direct Loan or Pell Grant, the student should contact Financial Aid Support immediately. Current Department of Education policy requires that any future Direct Loan or Pell Grant disbursements scheduled for the pay period will be cancelled. It is the student’s responsibility to contact Financial Aid Support to inform Saint Leo University of the next term or semester the student plans to re-enroll for. Doing so will allow Saint Leo University to restructure the student’s financial aid to accommodate his/her future registration and to minimize interruption to the student’s forthcoming financial aid disbursements. Any Direct Loans or Pell Grant funds that are not paid out do not become debt. These funds may be used to finance terms or semesters attended in the future. These unused funds will not count towards the Direct Loan aggregate limit or Pell Grant Lifetime limits. Based on the student’s attendance status, not attending a term may impact the student’s ability to receive Direct Loans for the next term.


Why am I in verification?

The Department of Education selects students for the verification process. Verification selection can be random or because a student’s FAFSA was incomplete, estimated, or inconsistent. Saint Leo University may also select students for the verification process if conflicting information is found.


Why haven’t I heard anything about my verification?

Students should monitor their Saint Leo University email account and eLion account for updates on their financial aid. If more than 5 business days have passed since a document was submitted and it has not been updated to ‘received’ status, there may be something wrong (either the document was not received, something was missing from the document, or information on the document contradicts information on the FAFSA and needs to be clarified).

Verification review typically takes up to 10 business days from the time that all required documents are received. Because additional information may be needed to complete the verification review, students should monitor their Saint Leo University email and eLion accounts. Once verification is completed, most students’ financial aid will be packaged within 5 business days. However, some special circumstances may require extra time. Reasons why it may take additional time to package a student’s financial aid include: the student being close to his/her loan aggregate limit, the student being in an Open Academic Year with another school, or the student needing information updated on their Saint Leo University account.


How do I accept my financial aid awards?

Grants and scholarships are automatically accepted, so students do not need to take any action to receive these awards. However, students must follow the steps below to accept or reject their Direct Loans.

Students should log into eLion, click on “Financial Aid,” and then click on “Accept or Reject My Financial Aid Awards.”

Students will be prompted to choose the award year. (Some continuing students may still have Direct Loans awarded in the prior year listed. However, most students will find their Direct Loans awarded in the current year.)


How do I decrease the amount of my Direct Loan?

Requests to decrease Direct Loan disbursement amounts can either be emailed by the student from their Saint Leo University email account or they may mail a signed and dated request. Students may also fill out a Request to Change Loan Amounts Form.


How can I get my previously rejected Direct Loans back?

A request to have Direct Loan funds that were previously rejected changed back to ‘estimated status’ (so that the student can accept the loan) can be either emailed by the student from their Saint Leo University email account or they may mail a signed and dated request.


What is the difference between subsidized and unsubsidized loans?

Saint Leo University always encourages students to accept subsidized Direct Loans prior to accepting unsubsidized Direct Loans.

Overview of subsidized Direct Loans:

  • Subsidized Direct Loans are available to undergraduate students with financial need.
  • The U.S. Department of Education pays the interest on a subsidized Direct Loan while the student is in school at least half-time and when the student is in deferment.

Overview of unsubsidized Direct Loans:

  • Unsubsidized Direct Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need. It is important to note that a student must complete a FASFA in order to apply for an unsubsidized Direct Loan.
  • Students are responsible for paying the interest on an unsubsidized Direct Loan during all periods.
  • If a student chooses not to pay the interest while s/he is in school or during grace periods, deferment, or forbearance periods, the loan’s interest will accrue (accumulate) and be capitalized. (In other words, the interest will be added to the principal amount of the loan.)

Students should visit the Studentaid.ed.gov website for additional details on Direct Loans.


Who can I contact for information about my Direct (Federal) Loans? I am looking for information about how much I borrowed, when I must pay my loans back, what my repayment options are, and other details.

If you need information on your student loans but aren’t sure who to contact, the National Student Loan Data System (NSLDS) is an excellent place to start. NSLDS is the U.S. Department of Education’s (ED) central database for federal student aid records. It tracks your loans from the time you apply until you complete repayment. NSLDS allows you to see details about all your federal student loans at the same time including contact information for your Direct Loan servicer(s). Please note, private loans are not in NSLDS.


Who can I contact for information about my private student loans? I am looking for information about how much I borrowed, when I must pay my loans back, what my repayment options are, and other details.

If you need information on your private student loans but aren’t sure who to contact, you are welcome to call Financial Aid Support (800-240-7658) for information about your lender. Private student loans may also be listed on your credit reports. Since some lenders do not report private student loans to every credit reporting agency, it is best to check your credit reports at all three major credit reporting agencies. You are entitled to a free copy of your credit report from each of the three major credit reporting agencies once a year. You can obtain these free credit reports from www.annualcreditreport.com. Beware of lookalike web sites that charge for access to your credit reports.


Who can I contact with questions about my financial aid?

If you have questions about your financial aid, please call Financial Aid Support toll-free at (800) 240-7658 to speak with a Financial Aid Liaison. You are also welcome to send your questions via email to Financial Aid Support at finaid@saintleo.edu.