FINANCIAL AID AWARD TERMS OF AGREEMENT

In accepting your Financial Aid Award, you are certifying that you understand and agree to the following terms. Please read them carefully.

  1. You Have a Right to Know!  Consumer Information can be reviewed at www.ashland.edu/consumer-information.
    Financial aid funds must be used solely for expenses related to attendance at Ashland University (AU).

  2. The University reserves the right to revise any portion of this Financial Aid Award: 1) if it is determined that the award is based on incorrect or misrepresented information; 2) if funding of federal/state programs change; or 3) for the reasons noted below.

  3. You must inform the Financial Aid Office of any additional resources that are or become available, including grants, scholarships, or loans. If such resources are or become available, please inform our office in writing regarding the award name, amount awarded, and the number of years the award is available to the student. A copy of the outside/private grant or scholarship award letter is preferred. It is the policy of AU to add gift aid from outside sources to the student’s award. If necessary, Federal Work-Study or need-based student loans may be adjusted.

  4. Financial Aid Awards are based on the enrollment (registered credit hours) and housing status that you report on the FAFSA. Please note if this award is based on living off campus and you are an undergraduate student attending the main campus, you must apply and be approved for off-campus housing through the Residence Life Office. Please notify the Financial Aid Office of any enrollment, housing status, or meal plan changes so your financial aid can be revised accordingly. Students who enroll part time or do not pay the comprehensive tuition rate are not eligible for AU grant/scholarship aid. Students who reside off campus are not eligible for AU need-based gift aid.

  5. Receipt of this and future awards is contingent on your maintaining satisfactory academic progress. Ashland University’s Financial Aid Satisfactory Academic Progress Policy is available online in the AU Catalog and at www.ashland.edu/consumer-information. It is the student’s responsibility to be aware of and follow this policy.

  6. The student’s annual financial aid award is divided in half each semester, excluding Federal Work-Study and outside assistance.

  7. FEDERAL WORK-STUDY. If student employment eligibility is included on your award, you may earn up to the amount listed through a campus job. It is your responsibility to secure employment, and the amount you earn will depend on how much you actually work. Students are normally paid minimum wage and are paid bi-weekly. Job opportunities, the Student Employment Handbook, and other information are available at www.ashland.edu/student-employment.

  8. OHIO COLLEGE OPPORTUNITY GRANT (for Ohio residents). If you are eligible, the Ohio Department of Higher Education will send you an official letter indicating your eligibility for this grant. Their phone number is (614) 466-6000 if you have questions.

  9. FEDERAL DIRECT LOANS. If your award includes a Federal Direct Loan and you are a first-time borrower go to www.ashland.edu/student-loans and complete the required steps to receive your loans. Follow the links to complete entrance counseling, the master promissory note, and review interest rate and terms of repayment. Your Federal Direct Loan will automatically be processed in June or July unless you indicate by email (financialaid@ashland.edu) or through a letter to the Financial Aid Office that you do not want to borrow a Federal Direct Loan or you want to borrow a lesser amount than is listed on this award letter.

  10. PRIVATE EDUCATIONAL ALTERNATIVE LOAN.  Visit www.ashland.edu/student-loans, click on Private Educational Alternative Loan for Student or Parent, and then Private Loan Comparison List to search for lenders and apply for a loan. This is not a full list of possible lenders, but is a good resource to start your search. Approved applicants may borrow up to the cost of education less other financial aid.

  11. SCHAR LOAN.  If your award includes a Schar Loan, a Promissory Note, Self-Certification Form, and Approval Disclosure will be mailed to you this summer for completion.

  12. FEDERAL PARENT PLUS LOAN.  If your parent wishes to apply for a Federal Parent PLUS Loan, go to www.ashland.edu/student-loans and click on Federal Direct Parent PLUS Required Process for step-by-step instructions. You will be referred to studentloans.gov to apply for the loan, review interest rate information, and terms of repayment. New Federal Parent PLUS Loan borrowers must complete a Direct Loan Master Promissory Note at studentloans.gov.
  13. PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AWARD (for Pennsylvania residents). If you are eligible, the PHEAA Commission will send you a letter indicating your eligibility. The commission’s phone number is (800) 692-7392.
  14. The sum of your gift aid from any source may not exceed the cost of your charges from AU (including tuition, certain fees, room, and board). The sum of all assistance, including gift aid, loans, and student employment, may not exceed the total student budget assigned by AU. AU will also abide by federal regulations to ensure specified aid does not exceed a student’s demonstrated financial need. AU reserves the right to revise any award on which an error has been made.
  15. If you withdraw from school during a term, your repayment of assistance received will be based on the AU Refund Policy. The policy is listed in the AU Catalog and online at www.ashland.edu/students/financial-aid.

  16. Financial Aid Awards are not automatically renewed. You must reapply and qualify for financial assistance each year.

  17. Report any changes in your financial, marital, or academic status to the Financial Aid Office.

  18. The endowed scholarship program provides a portion of the actual funding for the AU Award, AU Grant, or Federal Supplemental Educational Opportunity Grant programs. Therefore, students selected for endowed scholarships may not see an increase in total gift aid.

 

ASHLAND UNIVERSITY PAYMENT PLANS

Ashland University offers the following plans for paying your billed costs. Please call (800) 882-1548 and ask for the Student Accounts Office if you have questions about your AU student account.

1.     PAYMENT IN FULL.  Required by August 1 for the first semester and January 2 for the second semester. Payment may be made in the form of cash, check, Visa, Discover, MasterCard®, or American Express. Interest at a rate of 1.5% monthly will be charged on all outstanding balances.

2.     PAYMENT PLAN (each semester). Set up a 3, 4, or 5-month payment plan split in equal installments through Official Payments Corporation by visiting our website at www.ashland.edu/payplan. Five-month payment plans begin in July for Fall term and December for Spring term, and payments are due on the 15th of each month unless otherwise requested. There is an application fee for this service, but no interest charge.