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. You need to file the FAFSA each year to receive need based financial aid. We recommend you file the FAFSA as soon as possible after it becomes available each year.
Award Cancellations—All federal financial aid will be canceled 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 the university 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 can be found 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 on when your financial aid file is complete, disbursement will occur on or after the first day of classes each term. 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, a refund check 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 academic standing. Good standing at Transylvania is a 2.0 cumulative GPA. 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 is reviewed at the end of each May term. For more information, go to http://www.transy.edu/sites/default/files/SAP_policy.pdf
Scholarship Grade Point Average Requirements—At Transylvania, all merit-based scholarships have a GPA requirement mentioned on your original scholarship letter that, if met, allow you to renew your scholarship for your sophomore, junior and senior years. GPAs are reviewed once a year at the end of May term. Transfer Scholarship recipients must maintain a 2.0 GPA. A Transfer Scholarship may be renewed for up to three academic years.
For consumer Information about Transylvania University, go to http://www.transy.edu/financial-aid