Financial Aid Terms and Conditions
Financial Aid Policy
- The Financial Aid Award Letter with the most recent date supersedes any previous award notice.
- Financial Aid is awarded for a full academic year but the aid is distributed equally on a semester basis. Students who attend less than a full academic year cannot receive the full year’s institutional award in one semester.
- With the exception of the federal Pell Grant, third-party sources authorizing such, RA awards, and certain college stipend programs, no combination of scholarships and grants may exceed 100 percent of tuition. Institutionally funded financial aid is only applicable to tuition charges for courses taken at Guilford College.
- Please note that eligibility for Guilford College need-based aid is determined for a student each year therefore it is not automatically renewable. Actual amount awarded varies based on the student eligibility from the results of filing the annual Free Application for Federal Student Aid (FAFSA).
- Periodically throughout the year, Guilford College may evaluate a student’s eligibility for named endowed scholarships which are awarded as recognition for your abilities and achievements based on the donor’s instructions. These scholarships have been provided to assist the College in staying within annual budget limitations in providing financial assistance to students. As a result, these endowed scholarships may replace current Guilford College funds already in your award and therefore will not increase your award total. In support of the College and to honor the donors who graciously give to Guilford College, students who are selected for these awards will be asked to write a letter of appreciation to the specific donor.
- Changes in financial, marital or academic status; changes of academic program; change of residence (on campus to off campus); or failure to comply with program guidelines and regulations could result in a revision to or cancellation of your Financial Aid Award.
- Financial aid recipients who withdraw during a term, or reduce their academic load below the required minimum hours for the aid received, are subject to the provisions of the college refund policy and “Return of Title IV Funds Aid Policy.” You must notify the Office of Financial Aid if you are enrolled, were enrolled or will be enrolled at another institution during the same award year as you are in attendance at Guilford College and you receive, or will receive, the Federal Pell Grant or Federal Stafford Loan (or Federal Direct Stafford Loan).
- The total of grant and scholarship funds from all sources (institutional, state, federal and outside/private) may not exceed the total cost of attendance, which includes direct education costs (i.e., tuition & fees and room & board for residential students; or tuition & fees for off-campus students) plus books & supplies, personal expenses and transportation.
- Students receiving Guilford College funded aid must be enrolled full-time (12 hours per semester for undergraduates or 6 hours per semester for graduates). Audit courses do not count toward full time hours.
- Federal and state awards are contingent upon fund appropriations and their receipt by the College, and are subject to change during the academic year.
- State funding is pending upon verification of a student’s residency and level of minimum enrollment. If these are not met then State funding cannot be awarded. Residency is determined by the State of North Carolina. Students must complete the Residency Determination online at ncresidency.cfnc.org/residencyInfo/home to be eligible.
- Please note that if your aid package includes a work study award, that the funds from this program do not directly go to your account. Students earn the funding from the work study program on a bi-weekly basis and can apply their checks to their account but are not required to do so.
- Students must notify the financial aid office of other financial assistance to be used to meet the cost of education at Guilford College that is not listed on this Financial Aid Award Letter. The receipt of other assistance may result in an adjustment to this aid package according to federal and state regulations as well as institutional policies.
- Financial aid funds will not officially post to the student’s account until after the drop/add period and final enrollment has established.
- Any student who receives financial aid funds, but does not attend any of the classes for which the disbursement was made, is required to have the entire amount returned to the funding entity immediately. This is done by returning the payment received to Guilford College. Guilford will, in turn, refund it to the funding entity on the student’s behalf. This may result in a balance due to the college.
- Tuition is due and payable in full by the published deadline regardless of any pending financial aid (loans or grants). A Tuition Installment Plan is available for a nominal fee. Contact the Business Office for more information. Failure to make payment by the established deadline will result in a late fee.
- Any person who knowingly makes a false statement or a misrepresentation in his or her request for financial aid shall be subject to the provisions of Guilford College’s student discipline policies, the United States Code and/or the Code of the State of North Carolina, whichever is applicable.
Federal Pell Grant
The Federal Pell Grant is available only for those students in the undergraduate program. You must be admitted and enrolled as a regular degree-seeking student to be considered for eligibility. The grant is paid typically once per semester, after your attendance is confirmed. Your participation/attendance must be confirmed in all courses for which Pell Grant payment is based. If you add or drop courses during the term, your Pell Grant is subject to adjustment. You may not receive the Federal Pell Grant at more than one institution in a term.
Satisfactory Academic Progress
To qualify for aid processed through the Office of Financial Aid, a student must be making Satisfactory Academic Progress (SAP) toward the completion of a degree program. Students who change their enrollment status (full time to part time) or withdraw from the college may not meet the standards of the Satisfactory Academic Progress Policy and could forfeit future financial aid. If a student fails to meet the standards at the end of the spring semester, the student will be ineligible for the aid for the following semester. A student will remain ineligible until the standards are met. If a student is declared ineligible, he or she may appeal to the school of enrollment for reinstatement. Learn more about SAP and read the full policy.
- Private loans are not guaranteed; rather, they are based on your/your parent’s credit history. By accepting the loan you are giving permission to the lender to pull your/your parent’s credit history. If the lender determines you/your parent are not creditworthy, you will be denied. Final notification of approval or denial for private loans is made by your lender.
- If your parent is applying for a Parent PLUS Loan, the Parent PLUS application must be completed at studentaid.gov. Parent Plus Loans are not guaranteed; rather, they are based on your parent’s credit. By accepting the loan and submitting the Parent PLUS application you are giving permission for the lender to pull your parent’s credit history. If the lender determines your parent is not creditworthy, your parent will be denied. Final notification of approval or denial for the Parent PLUS Loan is made by your lender.
- Loan recipients must notify Student Financial Aid in writing of any change in enrollment status, address or family financial circumstance.
- Student Loan Disbursements: Student loans are disbursed in at least two equal amounts. Single term loans may be disbursed in one disbursement. Example: a loan for fall/spring will come one half in fall and the other half in spring. A fall only loan will have the entire amount arrive at once.
- Students will not receive any excess loan funds above university charges sooner than 17 days after the first day of courses if all requirements are met and loan funds have arrived. Please come prepared to cover initial expenses, including book costs. Educational loans are not intended to cover moving expenses or initial utility deposits.
- Student Loans Disbursed by Paper Check: If your loans are disbursed by paper check, rather than EFT, the check will be mailed to the permanent address listed on file. Please make sure it is correct.
- Federal and Private Loans: Lenders will send you a NOTICE OF LOAN GUARANTEE AND DISCLOSURE STATEMENT that indicates the amount of the loan that has been guaranteed on your behalf. This notice contains an anticipated disbursement date. This is NOT a definite date of when funds will be available to you. It is the date the lender anticipates wiring funds to Guilford (if an EFT lender) or cutting the checks to mail to Guilford (if you are using a lender that processes paper checks). Refunds will be issued after the 100% add/drop period, approximately 17 days after the first day of class.
- ALL FIRST-TIME FEDERAL STAFFORD LOAN BORROWERS are required to complete student loan entrance counseling before any funds may be credited to the student’s account. Entrance counseling may be completed online at studentaid.gov. You will be guided through a series of pages containing important information regarding student loans. You are encouraged to complete the entrance counseling requirement at least one week prior to the first day of class to help expedite the refund process. Please allow three to five business days from the time the entrance counseling is completed until the time you may pick up a refund.
- ALL student loan borrowers at Guilford are required by federal law to complete EXIT COUNSELING prior to ceasing enrollment on at least a half-time basis. Graduating students and those who drop to a less than half-time status are required to complete exit counseling. Exit counseling sessions can be completed online at studentaid.gov. Please allow 30 minutes to complete your session.
- Most commonly, loans will be calculated for only the fall and spring semesters. There are a few exceptions to this depending on your program of enrollment. If you are going to be taking classes during the summer term, please inform the Office of Financial Aid.
- By obtaining a federal loan, your loan data and/or your parents will be submitted to the National Student Loan Data System (NSLDS) and will be accessible by guaranty agencies, lenders and institutions determined to be authorized users of the data system.
- Exhaust all other resources before you apply for a loan. Funds to help finance your education may be hidden in people or organizations you would not expect. Contact your employer, meeting house, your church, family members or do an Internet scholarship search to see what types of aid might be available.
- Remember: Borrow only as much money as you really need.
- Maintain a loan file to keep all information pertaining to your student loans. You are responsible for knowing the name of your servicer and/or lender, their address and how much you borrowed.