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Financial Aid Terms and Conditions

Awards

Unless otherwise noted your financial aid awards are based on being enrolled as a full-time student and living on campus. Please notify the Financial Aid Office if you do not intend to be enrolled full time or live on campus.

Award Cancellations

All federal financial aid will be cancelled if a student is currently in default on an educational loan, owes a refund on a federal grant, or has borrowed in excess of Federal loan limits.

Withdrawals

If you withdraw from school during a term, you may be required to return some of the financial aid awarded to you in accordance with Transylvania's published refund policy. This includes all sources of financial aid: institutional, federal, state and all other outside types of assistance. This policy is listed in the University's course catalog.

Other Scholarships

Financial aid may not exceed your financial need for a given year. If any award changes during the academic year and results in an over-award, you may be required to return a portion of the financial aid you have received. Therefore you are required to report additional scholarships, grants, or loans not shown on your award letter.

Payments of Award

Depending upon when you complete your FAFSA, disbursement will occur on or after the start of classes. Financial Aid funds will be applied to your student account bill and any credit balance will be available the second Wednesday of the term. Sign up on TNet to receive your refund via ACH direct deposit into your bank account by clicking Bank Information (U.S.) on TNet and entering your bank account information. Otherwise, checks will be mailed to your home address.

Satisfactory Academic Progress

In order to continue to receive any financial assistance, you must maintain satisfactory progress and be in good standing. Good standing at Transylvania is a 2.0 GPA for all students. You must also earn at least 7 units per academic year. You must pass two thirds of the cumulative units you attempt and must graduate within six years. If you receive a 0.0 GPA in any term, your aid may be cancelled. Satisfactory Academic Progress will be reviewed at the end of May term.

Scholarship Grade Point Average Requirements

At Transylvania, all merit-based scholarships have grade point average requirements that, if met, allow you to renew your scholarship for your sophomore, junior and senior years. For William T. Young and Transylvania Scholarship Recipients, you must maintain a 3.5 grade point average. For all other scholarship recipients (Trustee's, President's, Morrison, Dean's, Pioneer, and Founder's), you must maintain a 2.6 grade point average. Grades are checked at the end of May term.
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