Students who receive educational awards from sources other than AUM must notify the Financial Aid Office by completing the Resources/Additional Information Tab on Webster immediately. Failure to do so may cause the student to be in an over-award situation according to federal and state regulations and may require an immediate repayment of funds that have been disbursed. Awards that exceed the student's need or cost of attendance could result in the cancellation of some of the AUM award.
Awards are made on the basis of scheduled course hours. Students who drop course hours after disbursements are made may have aid reduced or cancelled and be required to make a repayment.
Failure to begin a course and attend class is a no show and will result in the reduction of awarded and/or disbursed aid. Faculty are required to report no shows after the third class meeting. Warning letters will be sent to notify students that their instructor has reported them as a no show and that aid funds will be returned to federal/state accounts. If you are reported as a no show in error, you must request that your instructor send an email to the Financial Aid Office to correct the error.
Students who withdrawal or cease to attend all classes prior to completing 60% of the term in which they are awarded are subject to a Return to Title IV calculation potentially leading to the reduction and repayment of awarded funds. Federal regulations (Return of Title IV Funds Policy) expect that awards are earned by attendance so the longer you attend, the less you may owe back. There is no federal appeal procedure to consider special circumstances that may have led to your withdrawal or failure to complete to attend. Amounts refunded to the federal accounts or to your lender are taken from AUM's student fee account leaving an unpaid balance. The Cashier Office will bill you for this amount. Failure to repay and return this overpayment within 45 days will result in loss of eligibility for additional federal or state aid at all schools.
Availability of Funds
All financial aid commitments are contingent upon the receipt of total federal and state allocations.
Change of Status
AUM reserves the right to adjust or cancel any aid if there is a change in the academic, attendance or financial status of any aid recipient.
Direct Loans will notify you of disbursement dates and amounts. Loan proceeds for first-time AUM borrowers cannot be disbursed until the student has completed the Direct Federal Stafford Loan Entrance Counseling process provided by Direct Loans. AUM will disburse loan funds to your AUM student account on the disbursement date, provided all requirements have been satisfied. Excess funds or funds remaining after all AUM charges are paid will be refunded by the Cashier Office within 5-7 business days from the day the funds are disbursed to the AUM student account.
You have the right to reject or cancel all or a portion of loan proceeds disbursed to your student account. Contact the Financial Aid Office within 14 days of disbursement if you wish to cancel or reduce your loan.
Award amounts are based on scheduled hours. You do not have to be full time student to receive a Pell Grant, but you must enroll full-time to receive a full Pell Grant entitlement. Students enrolling on a less than full-time basis will have their grant prorated according to the following general prorations:
Funds unused in Fall or Spring semester are available for Summer enrollment. Students who are awarded a small full-time grant (less than $450 annually) may not be eligible for less than full-time enrollments.
Any amount listed on your financial aid award for student employment is only an estimate of potential earnings. Students will be paid only for work performed. Students who do not perform satisfactory work or who do not work the hours assigned to them will be terminated from student employment.
Students desiring assistance for a summer term may be required to complete a separate application for possible summer funding. Summer funding is generally limited to unused Pell Grant entitlements for students who were not enrolled full-time during the regular academic year and student loans for students who have not borrowed the annual maximum for their classification during the regular academic year. Contact the Financial Aid Office for additional information.
Students who have already completed a Bachelor's degree who are returning to complete a teaching certificate are considered post-baccalaureate undergraduates for student loan purposes. These students are limited to the annual and aggregate maximums for undergraduate senior students. There is no Pell Grant eligibility after receiving a bachelor's degree.
Undergraduate Enrollment Levels
Undergraduate Enrollment Level
Less than ½-Time
Estimated Pell Proration
Note: Most financial aid awards (other than Pell Grants) require you enroll at least half-time in order to remain eligible for funding. In order to be enrolled at least half-time for financial aid purposes you must enroll for a minimum of 6 undergraduate hours or 4.5 graduate hours.
Approximately 35% of all Free Applications for Federal Student Aid (FAFSA) are selected for a process called verification. If you are selected for verification, you will be notified on your Student Aid Report. If selected, you will be required to provide AUM with copies of your (and your family's) financial documents. You will receive a request for this information from the AUM Financial Aid Office if you have been selected for this process. AUM may, from time to time, require verification of information from students who were not selected for federal verification in order to resolve inconsistent or conflicting information.
Check Webster periodically to keep track of your current status.
Students withdrawing from school or dropping course work may be required to repay part or all of any financial aid received. Please refer to the Return of Title IV Funds Policy section. We recommend that you speak with one of our representatives to consider the overpayment possibilities. When aid is returned to your lender, you will owe AUM for the amount returned.