Federal Loan Programs
Students may borrow from the William D. Ford Direct Federal Loan Program. The Direct Loan Programs offers low-interest loans through the U.S. Department of Education. To be eligible, a student must be a U.S. citizen or an eligible non-citizen, be enrolled at least half-time (5 credit hours), be seeking a degree, and file a Free Application for Federal Student Aid (FAFSA). Students enrolled in the LPCC program only, taking coursework only are not eligible for federal assistance.
Direct Unsubsidized Loans are not need-based and allow students to borrow up to $20,500. The interest rate is variable; however, it is capped at 9.5% and the interest begins to accrue with the first disbursement. The student is responsible for paying the interest.
Students must complete a Master Promissory Note (MPN) the first time they borrow at Heidelberg. An Entrance Interview is also required if the student is borrowing for the first time. Each year you must complete the Annual Student Loan Acknowledgement before the loan can be disbursed. All forms can be completed online at www.studentaid.gov.
Private Loan Information
Private Educational Loans are also available regardless of enrollment status or financial need. A list of suggested lenders can be found on the financial aid website.
Please contact the Financial Aid Office at 419-448-2293 or financial-aid@heidelberg.edu with questions or for additional financial aid information.
Withdrawal and Return of Title IV Funds Policy
Students who withdraw prior to completing more than 60% of an enrollment period will have their eligibility for loan funds recalculated based on the percent of the term completed. The law assumes that the student “earns” federal loan funds directly in proportion to the number of days of the term attended. The percentage of loan funds earned shall be calculated as follows:
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Number of days completed by student
Total number of days in term
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= Percent of term completed |
This calculation is completed by the Director of Financial Aid and loans funds are returned to the government according to the federal regulations on the student’s behalf. If the student has already received a refund of these loan funds that will create a balance due to the University.
Tuition adjustments are also made through the 60% of the enrollment period for students that withdraw from the University. Students who withdraw from a class but not from the University will have their tuition charges adjusted according to the same Tuition Adjustment Schedule. The schedule is posted annually to reflect the current year dates and can be found on the business office website at the tuition refund page. Students in the MAE and MBA Programs taking Ivy Software Courses on the U-Think platform are eligible for refunds before the first day of classes.
Satisfactory Academic Progress (SAP)
Students must meet SAP guidelines in order to continue to be eligible for federal loan funds. This evaluation is completed on an annual basis after spring semester. Students must maintain a minimum cumulative gpa of 3.0 in each term enrolled and not have received any grades of “F” to continue eligibility for the federal loan program. Students have a maximum time frame of 150% from their first class to degree completion.
Students not meeting these standards that are allowed to continue their enrollment can appeal their SAP status to the Financial Aid Office.
Tuition Reimbursement
An increasing number of employers provide educational assistance to their employees. Students receiving tuition reimbursement from their employer may defer payment of the reimbursed amount until the reimbursement is received. A completed Tuition Reimbursement Form must be on file in the Business Office. This form is available from the Graduate Studies Office and must be completed each semester.
VA Benefits Paid Directly to the University
In compliance with the Veterans Benefits and Transition Act of 2018, students receiving VA benefits paid directly to the University (Chapter 31 or Chapter 33) will not be penalized with interest charges due to delayed payment or eligibility notification from the U.S. Department of Veterans Affairs. If interest has been applied to the account it will be removed when payment is received. Students will be allowed to begin classes prior to the receipt to VA payment. No other penalties or access to facilities will be charged.
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