Terms and Conditions of your 2012-2013 Financial Aid Award Notice
Please read the following information carefully and thoroughly before accepting your financial aid award. Accepting the financial aid award offered to you signifies that you have read and agree to comply with all the terms and conditions listed below.
A. Procedures to Receive Funds
You must submit all required documents by the appropriate deadline date. As a general eligibility requirement for receipt of federal and state financial aid funds, you must be fully admitted into an eligible degree-seeking or certificate program and enrolled by the end of the semester for which you are requesting aid (i.e., all admission requirements/documents have been satisfied).
One of the components in preparing a student's financial aid package is determining a student's Cost of Attendance (COA). Student awards issued prior to the drop/add date for the semester are based on the cost of attendance for full-time enrollment status. Student awards issued after the add/drop date are based on the COA for actual enrollment.
If you are enrolling in a program with multiple parts of term, you must register for all classes at the beginning of the first part of the term. Generally, your enrollment status for financial aid purposes will be calculated at the end of the drop/add period for undergraduate students and on the first day of classes for the period of enrollment for graduate and first professional students. For exact drop/add dates and the first day of classes for the specific semester for which you plan to enroll, please contact your academic program office. Courses added after these dates may not be used to change your enrollment status or increase your award amount(s).
Please note that you may receive federal financial aid for a repeated course only once if the course was previously passed (credit has been received). See Repeat Course Policy for Financial Aid for more information.
You are required to accept, reduce, or decline all or a portion of your loan and/or Federal Work-Study (FWS) award(s). This is not a requirement for grant and scholarship awards.
Please follow the step-by-step instructions below to access your award notice and to accept, reduce, or decline all or a portion of your award.
Log into your SharkLink account using your NSU User Name and Password.
Click on the "Student" tab and locate the "Financial Aid" section.
Click on "My Financial Aid", then on "Award".
Click on "Award by Aid Year" and select the "2012-2013 Aid Year" from the drop-down menu, then click "Submit".
Click on the "Award Overview" tab to review your financial aid award carefully.
To accept, reduce, or decline your awards, click on the "Accept Award Offer" tab. You may determine the award amount(s) you would like to accept. Once you have decided on your award amount(s), please click the "Submit Decision" button.
If you chose "Undecided" in the "Accept Award" column, your award will remain in the "Offered" status and will not be processed.
Federal/State Grants and Scholarships
If you are an undergraduate student and have been awarded a Florida Resident Access Grant (FRAG) or Florida Student Assistance Grant (FSAG), you must enroll for at least 12 credits each semester (9 credits for nursing students) by the end of the drop/add period for each semester. Students who enroll less than full-time are not eligible to receive aid from these programs, and their awards will be canceled. Students (or parents of dependent students) also must provide adequate documentation that they have been legal Florida residents for 12 consecutive months prior to the first day of classes of the semester for which assistance is given. For more information regarding Florida state aid programs or Florida residency requirements, visit the Florida Department of Education's Office of Student Financial Assistance.
Awards for some state and institutional scholarship and grant programs (including the NSU Honor Award and Florida Bright Futures awards) are based upon the number of credit hours for which a student is enrolled. These awards will be adjusted or prorated for actual enrolled hours. Students who drop or withdraw from any classes will be required to return the Bright Futures awards for those classes as a condition for renewal in subsequent years. According to state legislation, students have until the end of the academic year to return these funds. However, students should be aware that they will not be able to register for future classes with an outstanding balance. If a student does not return the unearned Bright Futures funds, he or she will be ineligible for any future state aid.
Effective July 1, 2012, Pell Grant recipients are eligible for a maximum award duration of 12 full-time semesters (or the part-time equivalent), which is equal to 6 scheduled awards. If you have received a Federal Pell Grant, the amount of the award is based on full-time enrollment. Enrollment for less than 12 credits in any semester will reduce the award amount for that semester. Generally, Pell Grants are available to students enrolled in less than 6 credits. If you receive a part-time Federal Pell Grant award during the first and second semester, you may be eligible to receive the remaining portion of your grant in a subsequent semester. For more information, visit the Pell Grant page on the financial aid website.
If you have been awarded the TEACH Grant, you must be enrolled in coursework that is necessary to begin a career in teaching or plan to complete such coursework. Coursework may include subject area courses (e.g., math courses for a student who intends to be a math teacher).
All students awarded federal loans must be enrolled at least half-time. Half-time enrollment is defined as 6 credits per semester for all undergraduate students. For graduate and first professional students, your program of study defines half-time status.
Complete a Direct Loan Master Promissory Note (MPN) at www.studentloans.gov. As a first-time borrower under the William D. Ford Federal Direct Loan (DL) Program, you are required to complete a Master Promissory Note before you can receive your loan funds. The MPN is a legal and binding document that establishes the terms of loan repayment. In most cases, you will not be required to complete another MPN, and you can borrow additional Direct Loans on a single MPN for up to 10 years. If you are applying for a Direct PLUS for the first time as a graduate or first professional student or a parent borrower, you or your parent(s) will be required to complete and sign a PLUS MPN that is separate from the one used for Direct Subsidized and Unsubsidized Loans.
Complete an Entrance Interview (First-time federal loan borrowers only) If you are a first-time federal loan borrower, you will also be required to complete an entrance interview before your loan funds can be disbursed. You may complete the entrance interview at www.studentloans.gov.
B. Disbursement of Financial Aid Awards
Provided you have submitted all required information and met all financial aid general eligibility criteria, your financial aid award will be credited to your student account at the beginning of each semester.
If the total amount of your award for the semester exceeds your tuition, fees, campus housing, NSU health insurance, and meal plan costs (if applicable) for the semester, you may receive a check or direct deposit for the excess funds from the University Bursar's Office. To receive excess funds as a direct deposit to your checking account, please download the Direct Deposit Authorization and submit the completed form to the Office of the University Bursar as directed on the form. Your refund will generally be issued within 10 business days. However, due to bank holidays (Independence Day, Christmas Day, and New Year's Day) and year-end closings on June 30 (fiscal year-end closing) and December 31 (calendar year-end closing), refunds will not be processed before the first week of July for the summer semester and the first week of January for the winter semester. Students should make arrangements to pay for living expenses and any other applicable expenses before excess funds are issued.
The Bookstore Advance Purchase Program (BAPP) allows financial aid recipients to use their approved financial aid funds in excess of the charges on their student account to purchase books and supplies from the NSU Bookstore before their scheduled disbursement date.
If you receive a Federal Work-Study award, the amount of your award reflects the amount you may be eligible to earn. However, your award does not guarantee you a job, and you must work in order to receive the funds, which will be issued as a paycheck. You may view student employment positions and instructions on applying for available positions at www.nova.edu/financialaid/employment/index.html.
If you receive a Federal Perkins Loan award, you will be notified by Educational Computer Systems, Inc. (ECSI) that you are required to sign a Perkins Master Promissory Note (MPN) and complete an entrance interview if you have not previously completed this process at NSU. Failure to complete an entrance interview or sign an MPN will result in the cancellation of your Federal Perkins Loan.
Award amounts for state aid programs may be estimated. Final disbursement amounts may be different from your award amount and are based on state allocations.
You must accept your Federal Direct Loan(s) via SharkLink and have both a valid Direct Loan Master Promissory Note and entrance interview on file for your Federal Direct Loan(s) to be disbursed.
Financial aid awards-which include funds from Federal Direct Loans and private alternative educational loans-will not be available to you until the funds are received from the Department of Education or your private lender and have been verified by NSU.
If your financial aid file is selected for verification you must submit all required verification documents requested by Enrollment and Student Services. Any discrepancy in the information you provide may cause your award amounts to change. Funds will not be disbursed until the verification process has been completed. You must submit all required documents no later than four weeks prior to the end of the enrollment period for the semester in which you are requesting aid. Failure to complete verification by this deadline may result in ineligibility for aid or cancellation of aid previously offered.
C. Responsibilities of Financial Aid Recipients
Acceptance of this award represents a contract that requires you to meet the conditions in the following list. In addition, review information on student rights and responsibilities.
Federal regulations require students receiving additional financial assistance from sources external to the university to report such resources to Enrollment and Student Services. Financial aid awards are subject to change in the event that additional assistance received, either from an external source or from within the university, exceeds the student's need or cost of attendance (COA). ["Need" is determined as follows: Cost of Attendance (COA) minus Expected Family Contribution (EFC)]
Financial aid awards will be automatically canceled if the student knowingly misrepresents or provides false information on any applications or documents. Students suspected of fraudulent activity may be reported to the Office of the Inspector General.
Scholarship recipients must meet all scholarship requirements, including any required grade point average (GPA) or course-load requirements. Failure to do so may result in cancellation or reduction of a scholarship award.
D. Awards Are Subject to Availability of Funds
Awards are contingent upon actual receipt and verification of funds by NSU. If adjustments are made to the university's federal or state allocations, the university reserves the right to make adjustments to individual aid awards at any time, as necessary.
E. Repayment and Refund Policy
If you withdraw from NSU for any reason, you must notify Enrollment and Student Services. Financial aid awards may be adjusted, and you may be required to repay a prorated amount of the funds advanced to you for the semester from which you withdrew. You will be notified by the Bursar's Office of any balances owed to NSU. If you are entitled to a refund of tuition and fees, the refund will first be applied to any financial aid you have been awarded. Any excess funds will be disbursed to you after all balances owed to NSU have been satisfied. Students receiving federal and state financial aid should consult a financial aid counselor before dropping or withdrawing from courses to ensure compliance with federal and state standards of academic progress.
F. Renewal of Awards
Financial aid awards are valid for one academic year only and are not automatically renewed. Awards are renewed contingent upon completion and submission of a new financial aid application and continued eligibility. The academic year for financial aid purposes is defined by each program office and generally includes the fall and winter semesters. However, if eligible, students will be awarded for all semesters as defined by their program, including spring/summer semesters.
G. Tuition Payment Procedures
Payment of tuition, fees, and residential charges is due at registration. In accordance with the NSU payment policy, students registered for classes agree to pay in full all sums assessed by NSU for tuition, fees, housing, and any funds advanced to students that are required to be repaid (see section E). Delinquent debts may be referred to collection agencies or litigated. The student agrees to pay costs of collecting unpaid charges, including collection fees and/or attorney's fees and court costs.
The Bursar's Office takes into consideration certified grants, scholarships, and loans shown on your financial aid award notice which may not yet be credited to your account. NSU students who wish to defer payment for any balances remaining after all discounts, financial aid, and other credits have been applied, may apply for a payment plan. Detailed information on the NSU payment plan, including application, is available on the website of the University Bursar. International students are not eligible to participate in the payment plan options.
For any questions regarding the tuition payment procedures, please contact the NSU Bursar's Office at 800-541-6682, ext. 25200, or (954) 262-5200.
H. Satisfactory Academic Progress (SAP)
All students receiving financial aid are required to maintain SAP. To maintain SAP, you must complete your program within a specified time frame, achieve a minimum grade point average (GPA), and complete a minimum number of credits each year. Please note that according to federal regulations effective July 1, 2011, NSU has established new standards for Satisfactory Academic Progress, which are applicable to financial aid recipients in all programs at NSU. For details, review NSU's quantitative, ,qualitative, maximum time frame and pace SAP requirements posted on the financial aid website.
Failure to meet the required academic standards will result in the loss of your financial aid.
Students who are suspended or dismissed are ineligible for financial aid until they are restored to good standing. In order to have your financial aid reinstated, you must attend NSU at your own expense until your financial aid eligibility is restored. Students who have extenuating circumstances may make an appeal to the Satisfactory Academic Progress Committee. The appeal must be made in writing, addressed to the committee in care of the Office of Student Financial Assistance, and include the following documentation:
On holidays observed by NSU, Enrollment and Student Services will be closed.
If you are not attending classes on or near the main campus in the Fort Lauderdale-Davie area, you may visit any of NSU's regional campuses in Florida (Fort Myers, Jacksonville, Miami, Orlando, Palm Beach, and Tampa) or the Bahamas or our site in Las Vegas, Nevada. For more information regarding NSU's Regional Campuses, visit the Regional Campuses website.
The information in these terms and conditions is subject to change due to federal, state, and institutional regulations and policy updates.