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- Receiving Your Loan Funds
- Refund and Repayment Policies
- Borrower Rights & Responsibilities
- Satisfactory Academic Progress, and appeals
You are under no obligation to accept a loan which you will have to repay in the future. Declining a FDSL or Work-Study will not jeopardize other financial aid offered to you. Additionally, declining a FDSL at this time will not prevent you from borrowing a FDSL in a future trimester or academic year.
There are two steps you must take to accept a FDSL loan:
Step #1: Sign and return your Offer Letter, indicating the amount you are accepting. See the front page of the Offer Letter for more information. If you are a returning student you may login to your ACCHS account (https://acchs.empower-xl.com/fusebox.cfm) and accept your offer letter online.
Step #2: Sign and return your promissory note mailed to you by the Direct Loan Servicing Center. You may also complete the promissory note process online by visiting – https://www.studentloans.gov. You are required to complete and sign a promissory note, which obligates you to repay the loan according to the terms of the note. If you have been awarded a Direct Loan, a printed promissory note with an instruction cover sheet will be mailed to you. Please read the cover sheet carefully before completing the promissory note. Once completed, return one copy of the promissory note to the address on the Promissory Note.
Once we have received both your signed Offer Letter on which you have accepted a Stafford loan and your promissory note acknowledgement, we will authorize the disbursement of your loan.
If you have never borrowed a Direct Student Loan, you are required to complete Loan Counseling.
Loan Counseling: Loan Counseling (formerly called an Entrance Interview) helps you understand your loan obligation. Loan Counseling is a brief interview with the financial aid administrator. You will receive an Entrance Counseling Guide for Borrowers. Once you successfully complete the entire Loan Counseling session, your Loan Counseling hold will be cleared.
All Direct Loan funds will be disbursed in two or three disbursements during the year: either one half in the fall trimester and one-half in the spring trimester, or 1/3 in the fall trimester, 1/3 in the spring trimester, and 1/3 in the summer trimester. If you borrow a one-trimester loan (fall only or spring only), you will receive one-half of your loan funds at the beginning of the trimester and the other half midway through the trimester. The second half of a Fall-only loan is disbursed at the end of October; the second half of a Spring-only loan is disbursed at the end of March.
Information about grace periods, loan repayment or consolidation is in the Borrower’s Rights and Responsibility in your Offer Letter packet, or contact the Common Origination and Disbursement Center.
Registration Fee Payment
Financial aid funds, including FDSLs, are disbursed each trimester and are credited directly to cover registration fees. If your financial aid is not sufficient to cover your registration fees and/or other financial obligations, you will have to pay the balance owed at the Business Office by the fee payment deadline (see the Class Schedule). Payments received after the deadline will be assessed a late payment fee.
Account Statement and Balance Check to Students
You will be mailed an “Account Statement” with descriptions of financial aid credits, outstanding ACCHS charges, and/or remittance advice (the amount you owe). If you have remaining financial aid funds for the semester, you also will be receive a Balance Check (must be picked up from the school). Returning students will have access to their online account, which discloses all charges, credits, and refunds (https://acchs.empower-xl.com/fusebox.cfm). If you pay all of your college obligations, including registration fees, in advance by personal check or cash, your financial aid award in full will be disbursed to you (must be picked up from the school). It is important for you to keep your mailing address current.
WARNING: Withdrawing from, or dropping all of your classes for the semester will cause you to be placed in immediate repayment for all or some of the financial aid you received!
Financial Aid recipients are obligated to remain enrolled and pass a certain number of units. ACCHS is mandated by the Federal government to calculate a refund and a repayment when a student does one of the following:
- -withdraws from all courses for the trimester
- -drops out from all courses for the trimester
- -takes an unapproved leave of absence
- -fails to return from an approved leave of absence is expelled
- -otherwise fails to complete the period of enrollment for which he/she received financial aid
A refund is the portion of financial aid funds used to pay the student’s registration fees and/or on housing that must be returned by ACCHS to the Student Financial Aid Programs. The refund amount is calculated by the Business office based on the student’s withdrawal date. If the student received a FDSL, the refund amount will be refunded to the student . The refund can be applied to the loan to reduce the student’s loan indebtedness at the student’s request.
To ensure proper calculation of a refund, a student who intends to withdraw from all classes must file a “Notice of Cancellation” form with the Administration Office and complete a “Withdrawal SFA” with OSFA. See the current Class Schedule under Academic Calendar or Refunds for deadlines. Withdrawal from ACCHS after the third week of the trimester will result in “W” grades. Please see the Business office for further explanation of the Refund Policy.
When you take out a student loan, you have certain responsibilities. Here are a few of them:
When you sign a promissory note, you’re agreeing to repay the loan according to the terms of the note. The note is a binding legal document and states that, except in cases of discharge, you must repay the loan–even if you don’t complete your education (unless you were unable to complete your program of study because the school closed); aren’t able to get a job after you complete the program; or are dissatisfied with, or don’t receive, the education you paid for. Think about what this obligation means before you take out a loan. If you don’t repay your loan on time or according to the terms in your promissory note, you may go into default, which has very serious consequences.
You must make payments on your loan even if you don’t receive a bill or repayment notice. Billing statements (or coupon books) are sent to you as a convenience, but you’re obligated to make payments even if you don’t receive any notice.
If you apply for a deferment or forbearance, you must continue to make payments until you are notified that the request has been granted. If you don’t, you may end up in default. You should keep a copy of any request form you submit, and you should document all contacts with the organization that holds your loan. You must notify the appropriate representative (school, agency, lender, or the Direct Loan Servicing Center) that manages your loan when you graduate, withdraw from school, or drop below half-time status; change your name, address, or Social Security Number; or transfer to another school. If you borrow a Direct Loan, it will be managed by the Direct Loan Servicing Center. If you borrow a FFEL Program Loan, it will be managed by your lender or its servicing agent. During your loan counseling session, you’ll be given the name of the representative that manages your loan.
Regardless of the type of loan you borrow, you must receive entrance counseling before you’re given your first loan disbursement, and you must receive exit counseling before you leave school. These counseling sessions will provide you with important information about your loan. Your lender or the Direct Loan Servicing Center will provide you with additional information about your loan.
If you default on your loan, your school, the lender or agency that holds your loan, the state, and the federal government may all take action to recover the money, including notifying national credit bureaus of your default. This may affect your credit rating for a long time. For example, you may find it very difficult to borrow from a bank to buy a car or a house.
In addition, the lender or agency holding your loan may ask your employer to deduct payments from your paycheck. Also, you may be liable for expenses incurred in collecting the loan. If you decide to return to school, you’re not entitled to receive any more federal student aid. The US Department of Education may ask the US Internal Revenue Service to withhold your income tax refund, and the amount of your refund will be applied toward the amount you owe.
You have certain rights as a borrower. Listed below are some of them.
Before your school makes your first loan disbursement, you’ll receive the following information about your loan from your school, lender, and/or the Direct Loan Servicing Center:
- -the full amount of the loan.
- -the interest rate.
- -when you must start repaying the loan.
- -a complete list of any charges you must pay (loan fees) and information on how those charges are collected.
- -the yearly and total amounts you can borrow.
- -the maximum repayment periods and the minimum repayment amount.
- -an explanation of default and its consequences.
- -an explanation of available options for consolidating or refinancing your loan.
- -a statement that you can prepay your loan at any time without penalty.
ACCHS will notify you in writing whenever it credits your account with Direct Loan or Grad PLUS loans. This notification must be sent no earlier than 30 days before, and no later than 30 days after the school credits your account. You may cancel all or a portion of the loan by informing ACCHS within 14 days after the date that ACCHS sends this notice, or by the first day of the payment period, whichever is later. ACCHS can tell you the first day of your payment period.
Before you leave ACCHS, you’ll receive the following information about your loan from the school, lender, and/or the Direct Loan Servicing Center:
- the amount of your total debt (principal and estimated interest), what our interest rate is, and the total interest charges on your loan.
- if you have Direct Loans, the address and telephone number of your Direct Loan Servicing Center.
- the fees you might be charged during the repayment period, such as late charges and collection or litigation costs if you’re delinquent or in default.
- an explanation of available options for consolidating or refinancing your loan.
- a statement that you can prepay your loan without penalty at any time.
If you borrow a Direct Loan or a FFEL Program Loan, this information will be provided to you by the Direct Loan Servicing Center or your lender, as appropriate.
If you have Direct or FFEL Stafford loans, your school will also provide you with the following information during your exit counseling session:
- a current description of your loans, including average monthly anticipated payments.
- a description of applicable deferment, forbearance, and discharge provisions.
- repayment options.
- advice about debt management that will help you in making your payments.
- notification that you must provide your expected permanent address, the name and address of your expected employer, and any corrections to your school’s records concerning your name, Social Security Number, references, and driver’s license number (if you have one).
You have the right to a grace period before your repayment period begins. Your grace period begins when you leave school or drop below half-time status. The exact length of your grace period is shown on your promissory note.
During exit counseling, ACCHS, lender, and/or the Direct Loan Servicing Center as appropriate must give you a loan repayment schedule that states when your first payment is due, the number and frequency of payments, and the amount of each payment.
You must be given a summary of deferment and discharge (cancellation) provisions, including the conditions under which the U.S. Department of Defense may repay your loan.
To continue to receive financial aid at ACCHS, students must complete in a semester the number of units required for the aid that they claimed. They must remain in good academic standing with the Academy.
Passing Grades: The quality of the student’s academic performance will also be monitored. In order for units to be recognized as successfully completed, the grade must be one of the following:
A, B, C, P, or CR.
Grades not accepted as units successfully completed are:
F, NC, U, W, AUD, or I,.
If a grade is changed after the official posting for a semester, it is the student’s responsibility to bring verification of the grade change to the OSFA. You cannot receive financial aid for repeat courses for which you initially received a passing grade.
A, B, C, CR
F, NC, U, W, AUD, I,
Satisfactory Academic Progress Appeals
Students who fail one or more of the SAP requirements must appeal to the ACCHS Academic Standards Committee. The required paperwork is available in the Office of Student Financial Aid or in the administration offices .
All financial aid recipients should speak to a financial aid counselor to discuss the impact of any proposed changes in enrollment such as dropping a course, repeating a course, or withdrawing from the University. Any of these changes may affect his/her satisfactory academic progress and future eligibility for financial aid.