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Summer 2017 Federal Direct Loan Disbursement Process
by Tamisia White - Thursday, June 22, 2017, 6:20 PM
 

Federal Direct loans are available to students planning to enroll in courses for the Summer 2017 term. For the purpose of financial aid eligibility, the Summer 2017 term includes all Masters level courses held in June, July and August.

 

Summer Eligibility Requirements

1. You must be admitted to the Master of Divinity OR any of the Master of Arts degree programs.

2. You must be enrolled at least half-time. Half-time status for the summer is defined as 3-5 credits. Full-time status for the summer is defined as 6 credits and above.

3. All continuing students must be in good standing and making Satisfactory Academic Progress (SAP). The Seminary’s SAP policy can be found here:  http://www.nyts.edu/academic-resources/academic-policies/#SAP.

Summer Disbursement Process

Direct loan disbursements will be processed on or about June 30, 2017. Loan amounts for the summer only represent 20% of a student’s maximum annual loan amount. Please refer to your 2016-2017 NYTS Financial Aid letter for your awarded loan amount.

If your total tuition charges (June, July & August courses) equal or exceed your summer loan amount, you will not receive a refund check. In addition, the student will be responsible for paying all excess tuition charges immediately.

Summer Course Cancellations & Withdrawals

Occasionally, summer courses are cancelled as a result of low student enrollment. A cancelled course may reduce you to less than half-time status and render you ineligible for a summer loan. Federal regulations require the Financial Aid Office and the Business Office to immediately return loan disbursements to the Department of Education when a student loses eligibility. The same applies when a student officially or unofficially withdraws from a course after the add/drop period.


If a course cancellation or withdrawal reduces you to less than half-time enrollment, you will be responsible for paying any remaining tuition charges out-of-pocket.

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Please contact the Registrar’s Office for information on summer course offerings and cancellations.

Please contact the Business Office for information on actual disbursements to your student account, tuition charges and refund checks.

Please contact the Financial Aid Office for information on financial aid applications, eligibility and the aid process.