Repayment and Refund Policy

fin_aid_repayment

Important loan information

As with any loan, make sure you fully understand the interest rates, repayment terms, and tax implications. Find out whether interest charges are variable or fixed, whether the loan has forgiveness or deferment provisions, whether you can consolidate the loan with other loans, and whether it carries prepayment penalties.

Borrow only what you need. Remember that loans must be repaid even if you do not finish school. Your education is a substantial investment. It’s one of the most important decisions you can make for your future. Take time to learn all of your financial aid options before you make any decision.

Repayment

After graduating or dropping below half-time enrollment, repayment will usually be deferred for 6 months. There are several different types of repayment plans; choosing the one that best fits your financial situation is important.

Standard Repayment Plan
This plan has a fixed annual repayment amount paid over fixed period of time not to exceed 10 years.

Graduated Repayment Plan
Payments start at a lower amount and increase generally every 2 years. Payments are made over a fixed period not to exceed 10 years.

Extended Repayment Plan
This plan has a fixed annual or graduated repayment amount to be paid over a period not to exceed 25 years. You must have more than $30,000 in loan debt.

Income-Sensitive Plan
Monthly payment is based on annual income with maximum repayment period of 10 years.

For more information on repayment, visit http://studentaid.ed.gov

Deferment

Deferment is a period of time when no payments are required; however, your interest will continue to accrue on unsubsidized loans.

To qualify for deferment you must be enrolled in school at least half-time, or prove an inability to find full-time employment and/or economic hardship.

Forbearance

Forbearance is a period of time during which payments are temporarily reduced or postponed. During forbearance interest will continue to accrue on both subsidized and unsubsidized loans.

IMPORTANT: Borrowers must contact their lender to apply for deferment or forbearance.

Default

Default is the worst-case scenario in financial aid loan repayment. Default occurs when an installment payment is missed, or if the borrower fails to comply with the terms of the promissory note.

Loans will go into default if you become 270 days delinquent (for monthly payments) or 330 days delinquent (on longer term payment plans).

If you default on your student loan, you could be subjected to a host of negative consequences (financial and otherwise). As a result, it’s best to explore all available options to avoid this outcome.

IMPORTANT: If you are at risk of default contact your lender immediately to discuss your options.

Refund Policy

A student who does not begin attending classes is not eligible for any type of financial aid. Aid is based on the number of credits for which a student is registered at the end of the drop/add period. Students who have withdrawn by this time will not receive any financial aid for that term.

When a student begins classes and subsequently withdraws, financial aid is subject to adjustment, depending on the withdrawal date and the type of financial aid (see Withdrawal Policy in the Academic Information section). The adjustment will involve a determination of how much of the student’s financial aid was earned and how much was unearned or was excess aid. Earned financial aid will be retained in the student’s account to apply to his or her charges. If a student received excess funds, Adventist University (formerly known as Florida Hospital College) must return a portion of the excess equal to the lesser of (a) the institutional charges multiplied by the unearned percentage of the student’s funds, or (b) the entire amount of the excess funds.

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