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2024-25 Award Terms and Conditions

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2.0 - Updated on 2024-03-25 by Rebekah McSherry

1.0 - Authored on 2024-03-25 by Rebekah McSherry

Issuing Office

Financial Aid Office

 

Affected Parties

Students

 

Policy Language

Terms and Conditions Concerning Your Financial Aid

  1. Consumer Information Statement: Liberty University, as permitted by federal regulation [CFR 668.41], electronically disseminates consumer information, including the Jeanne Clery Disclosure of Campus Security Policy and Campus Crime Statistics Act information. Upon request, the institution will provide a free paper copy.  Anyone signing or processing financial aid forms or seeking information or assistance at Liberty University must read, understand, and comply with the requirements disclosed, which are available 24 hours a day at www.liberty.edu/Consumerinfo.
  2. Estimated Aid: Liberty University’s Financial Aid Office has reviewed your information and has offered the following estimated financial aid. Please remember these different types of aid are estimates and are subject to change. If you want to decrease or cancel any aid listed, or if you note any discrepancies, please notify the Financial Aid Office immediately. In addition, if you were previously or are later awarded financial assistance (external scholarships, alternative loans...etc) for your education outside of Liberty University’s awarding process for this academic year, it is your responsibility to inform the Financial Aid Office of these funds. This aid is subject to the Liberty University Financial Aid Terms and Conditions available at www.liberty.edu/ConsumerInfo.
  3. Aid Eligibility and/or Amount Changes: There are many factors that can change, lower or even eliminate your financial aid eligibility.  Go to https://www.liberty.edu/student-financial-services/eligibility-and-enrollment/ for examples of situations that may change your financial aid.
  4. FAFSA Required: Resident student institutional aid is dependent upon completion of the FAFSA (Free Application for Federal Student Aid) and verification (if institutionally or federally selected). Failure to complete these items will eliminate institutional aid eligibility. (This does not apply to international students who will be on an F-1 Visa or another non-immigrant status).
  5. General Scholarship Rule (GSR): A student’s combined federal grants, state grants, and Liberty aid are not permitted to exceed the combined cost of actual tuition and Tier 2 housing and standard food charges.  The GSR calculation for commuter students only includes the cost of tuition which means federal grants, state grants, and Liberty aid cannot exceed the actual cost of tuition only because there is no food and housing charge.  If the combined aid exceeds the total cost as specified, Liberty aid will be reduced to resolve the excess aid. The Federal Pell Grant is not included as a factor in the GSR for residential students. All Liberty aid is subject to the GSR.
  6. Loans: To receive a Federal Direct Student Loan you must have a valid Entrance Counseling and Master Promissory Note (MPN) on file which, should be completed at https://studentaid.gov/ with your FSA ID. Students awarded Federal Direct Loans must be enrolled and attending on at least a half-time basis before funds will disburse to the student’s account. Liberty encourages students to only borrow what is needed to pay for educational expenses. Liberty University awards up to 50% of a student’s combined annual Federal Loan limits in the student’s first semester of eligibility upon initial packaging. To request changes or to reduce or cancel a student loan, please complete the Federal Direct Student Loan Change Form.
  7. Book Vouchers: Students who have an out-of-pocket cost for textbooks for their coursework may utilize the Book Voucher process during Financial Check-In
  8. Financial Aid Disbursements: Financial aid funds are disbursed based on active enrollment and eligibility. For information on disbursement timeframes, visit https://www.liberty.edu/student-financial-services/payments/financial-aid-disbursement/.
  9. Federal College Financing Plan: If you are eligible to receive a Federal College Financing Plan, you may review it in ASIST (www.liberty.edu/ASIST).  
  10. Email Reminders: Liberty University sends communication each semester, if applicable, of your loans borrowed, refunds issued, and estimated repayment amounts based on current federal student loan interest rates. Please review this information carefully and do not borrow more loans than needed to help pay for your educational expenses.
  11. Liberty University does not engage in unlawful discrimination or harassment because of race, color, ancestry, religion, age, sex, national origin, pregnancy or childbirth, disability or military veteran status in its educational programs and activities. Liberty University maintains its Christian mission and reserves its right to discriminate on the basis of religion to the extent that applicable law respects its right to act in furtherance of its religious objectives. The following persons have been designated to coordinate Liberty University's compliance with certain anti-discrimination laws: Coordinator of LU Online Disability Accomodation Support at (434) 592-5417 or luoodas@liberty.edu; Director of Disability Accomodation Support (Residential) at (434) 582-2159 or odas@liberty.edu; Executive Director of Title IX at (434) 592-4999 or TitleIX@liberty.edu
  12. Updates: This notice replaces any previously issued Financial Aid Award Notification letters.
  13. Glossaries of Terms: The use of standardized terminology consistent with the National Association of Student Financial Aid Administrators (NASFAA) is available at NASFAA.org, and the terminology consistent with the College Costs Transparency Initiative's Principles & Standards is available at CollegePrice.org/Glossary.
  14. National Student Loan Data System: All borrowers of Title IV Federal Loans will have their loan submitted to the National Student Loan Data System (NSLDS), and it will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.

 

Policy Rationale

This policy is in place to ensure students are informed of the terms and conditions associated with their financial aid packages. 

 

Definition of Glossary Terms

Free Application for Federal Student Aid (FAFSA) - A financial application that the U.S. Department of Education uses to determine student's federal financial aid eligibility. Liberty requires that this application be filed if you are to receive any institutional aid.  Students should use the IRS Data Retrieval Tool if available when completing the FAFSA. 

Loans - Financial aid which must be repaid. Loans may have a variety of repayment methods.

Scholarships - Financial aid that does not have to be repaid. Scholarships may be received from Liberty University or an external organization. In order to be eligible for Liberty scholarships, the student must have a complete FAFSA on file annually.

 

Procedures

None

 

Sanctions

None

 

Exceptions

None

 

Initial Approval date

3/24/2024

Date of Last Review

3/24/2024

Date for Review

3/24/2025 (Annual)