Terms and Conditions for Student Financial Aid at Transylvania
Unless otherwise noted, your financial aid offer is based on you being enrolled as a full-time student and living on campus. Please notify the Office of Financial Aid 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.
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 catalog.
Other Scholarships—Financial aid may not exceed your financial need for a given year. If a change 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 offer letter.
Payments of Financial Aid—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 after the last day to drop/add classes for the term. You can receive your refund via direct deposit into your bank account by signing up on Tnet Self Service. Otherwise, a refund check will be mailed to your home address. For direct deposit, log in and click Banking Information under Financial Information and enter your account details under Refunds, Reimbursements & Payments.
Satisfactory Academic Progress—In order to continue to receive any financial assistance, you must maintain satisfactory academic 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 canceled. Satisfactory Academic Progress is reviewed at the end of each May term. For more information, go to https://www.transy.edu/sites/default/files/SAP_policy.pdf
Scholarship Grade Point Average Requirements—At Transylvania, all merit-based scholarships have a GPA requirement (listed on your original scholarship letter) that, if met, allows 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.