Financial Aid

Financial Aid 

The financial aid offered by Faulkner University consists of a combination of federal, state, and institutional funds designed to help students cover their cost of education. Institutional scholarships may be available to those eligible full-time Traditional students who apply early and meet certain qualifications. Students should talk with their admissions counselor concerning the availability of scholarships and the qualifications. Under no circumstances may institutional aid be awarded beyond the amount needed to satisfy the student’s account. Financial aid is awarded based on availability, so apply early and secure your financial aid for the upcoming school year.  

Policy for Awarding Aid  

Federal and state funded awards are governed by applicable government regulations. The majority of federal aid is based on financial need with the exception of unsubsidized direct loans. State aid is awarded to all eligible state residents. Also, members of the Alabama National Guard may be eligible for Alabama National Guard Educational Assistance Program funds. Students must begin attendance in all courses for which they are registered to establish financial aid eligibility each term. Non-attendance in one or more courses may result in a reduction or denial of financial aid.  

Student Loans  

Educational loans provide an excellent source of financial assistance needed to meet the expense of your Faulkner University education. Information concerning loans is available through the Financial Aid Office. The primary source for students is the Federal Direct Loan Program. In order to qualify for the Direct Loan Program, the student must submit the Free Application for Federal Student Aid (FAFSA) to establish eligibility. The FAFSA can be completed by going to www.studentaid.gov.  

Financial Aid Entrance and Exit Interviews  

First time borrowers of Federal Direct loans must complete a Master Promissory Note and an entrance counseling document prior to applying for a Federal Direct Student Loan.  

Before graduation or transferring from Faulkner University, an exit interview form should be completed by all students who take out a Federal Direct Loan. The maximum time that an undergraduate student may be eligible to receive Federal Title IV funds may not extend beyond 150% of the published length of his/her program of study. Some of the hours a transfer student earns at each institution may be included in calculating the timeframe toward completion of a degree at Faulkner. Transfer students who have a large number of transfer credit hours should review their records carefully to anticipate any future problems with satisfactory progress.  

Satisfactory Progress Policy for Financial Aid Eligibility  

1. Each student’s academic record will be reviewed at the end of each semester. At the time of review, the student must meet the standard in the table below that matches his/her total hours attempted. 

2. The cumulative GPA used for the purpose of this policy will be the Faulkner GPA as recorded on the student’s transcript in Regent.  

3. Pace is determined by dividing total hours earned by total hours attempted.  

4. Hours earned will include all hours recorded in Regent as earned, including transfer credits. 

5. Attempted hours will include all hours appearing on the student’s record in Regent as attempted, including transfer credits. This includes all letter grades, W’s, I’s, FA’s and any other course for which the student was charged and began attendance, regardless of whether the student received any financial aid for such courses.  

6. A student enrolled in an undergraduate program will not be allowed to attempt more than 150% of the published length of the program measured by the credit hours required for that program.  

7. A student who fails to meet Satisfactory Academic Progress (SAP) may be placed on Financial Aid Warning for their next term of enrollment. During that term the student will still receive all of the Financial Aid for which they would otherwise be eligible. The University reserves the right to immediately place on Financial Aid Suspension any student who has shown little or no effort in attending classes or otherwise making academic progress.  

8. After one term in Financial Aid Warning status, the student must be meeting SAP to continue to receive aid. Students who fail to meet SAP at the conclusion of one term of Financial Aid Warning will be placed on Financial Aid Suspension. Students on Financial Aid Suspension are ineligible for any Federal Title IV aid, including student loans, as well as the Alabama State Grant.  

9. Students suspended from receiving Financial Aid may have their aid restored for future terms if they are found to be meeting SAP requirements after any term that follows their suspension.  

10. Students may appeal their suspension status by completing the Financial Aid Suspension Appeal form and sending it, along with appropriate documentation, to the Director of Financial Aid.  

11. If a suspension appeal is granted, the student may be placed on Financial Aid Probation for one term. During that term the student will receive all of the Financial Aid for which they are eligible. At the option of the University, the student whose suspension appeal is granted may be placed on an academic plan for one or more semesters. Such a plan would include specific targets for GPA and Pace that must be met at the conclusion of each semester in order to receive aid.  

Appeal Process  

Student aid recipients who have lost eligibility for financial aid may appeal in writing to the Director of Financial Aid if there are extenuating circumstances relative to their case. If denied by the Director of Financial Aid, they may then appeal to the Vice President of Enrollment Management. Students whose appeals are approved will be placed on Financial Aid Probation or an Academic Plan for their next term of enrollment.  

Return of Title IV Funds Policy  

This policy only relates to the students who totally withdraw from school. If the student officially notifies Faulkner University of his/her withdrawal, the withdrawal date is his/her last date of attendance.  

If the student drops out without notifying Faulkner University, then the student’s withdrawal date is his/her last date of attendance.  

In order to determine whether Title IV funds must be returned, Faulkner must first determine the percentage of the payment period the student completed. If the student completed more than 60% of the period, then he or she earned 100% of the aid for the period. If the student completed less than 60% of the period, then the percentage of the period completed is the percentage of aid earned. The percentage is determined by dividing the days attended in the period by the total days in the period, excluding scheduled breaks of at least 5 days in length. 

From this percentage, the University determines how much Title IV aid has been earned for the period and the University retains this amount. The remaining percentage (unearned) of Title IV aid is returned to different federal programs. The earned aid is determined from all awarded aid for which the student established eligibility as of the withdrawal date and which may be late disbursed under cash management and program regulations. Once the school’s share of earned funds is determined, then the student must return the difference between the amount of earned aid and the amount that Faulkner University must return.