We encourage students to contact Student Financial Services prior to withdrawing so they can understand the financial impact of their decision. In circumstances where the Return to Title IV refund calculation (see below for more information) requires that Emmanuel College return unearned funds to the federal government, the student may still owe a balance to Emmanuel.
Eligibility for Federal Financial Aid
When a student withdraws during a period in which he or she is receiving federal financial aid, the amount of Title IV program assistance must be reviewed. By law, the Title IV programs that must be reviewed are: Federal Pell Grants, Iraq and Afghanistan Service Grants, TEACH Grants, Direct Loans, Direct PLUS Loans, Federal Supplemental Educational Opportunity Grants (FSEOGs).
The amount of assistance that you have earned is determined on a pro rata basis. For example, if you completed 30% of your payment period or period of enrollment, you earn 30% of the assistance you were originally scheduled to receive. Once you have completed more than 60% of the payment period or period of enrollment, you earn all the federal assistance that you were scheduled to receive for that period.
For students receiving military tuition assistance, click here for more information on the financial impact of withdrawing.
Eligibility for Emmanuel Financial Aid
Eligibility for Emmanuel Financial Aid, including Merit scholarships and Emmanuel grants and scholarships is calculated based on the student's official withdrawal date. See "Withdrawal from the College" for more information on the College's Withdrawal Policy.
Next Steps for Student Loan Repayment
All student loan borrowers are required to complete exit counseling prior to withdrawing, dropping below half-time status or graduating. Exit counseling will help you explore your rights and responsibilities and prepare you for repayment. For more information please contact Student Financial Services at 617-735-9938 or via e-mail at email@example.com.
- Loans will be submitted to the National Student Loan Data System and will be accessible by guaranty agencies, lenders and schools determined to be authorized users of the data system.
- Most loans are deferred (repayments not required) for six months after you are no longer enrolled in school at least half-time. Check with your lender for your specific deferment period – also referred to as grace period.
- Federal student loans have payment options developed to help students in all financial situations. Click here to learn about the different repayment options.