Financial Aid Terms and Conditions

Worldwide Campus and Online Financial Aid students enrolled in a degree-seeking program (associate, bachelor's, master's and doctoral) are assigned a financial aid track. Financial aid tracks are comprised of four, nine-week terms for most undergraduate and master's degree students. The track will reflect the eligible terms for students to enroll in and receive their disbursements of financial aid for the current academic year. For more information about financial aid tracks and financial aid disbursements, please see the Financial Aid Offer(s) and Disbursements section of the Financial Aid Terms and Conditions.

Undergraduate Students

Undergraduate students enrolled in courses are assigned the following track:

• Track 1 - Online Track Only: July Term - September Term - November Term - February Term - (April Term, if remaining aid is available, or Start Term)
• Track 2 - Blended Track: August Term - October Term - January Term - March Term - (May Term, if remaining aid is available, or Start Term)

Master's Students

Master's students enrolled in courses are assigned the following track:

• Track 2 August Term - October Term - January Term - March Term - (May Term, if remaining aid is available, or Start Term)

How Financial Aid Is Calculated?

You’ve submitted your Free Application for Federal Student Aid (FAFSA®) form, and you’ve reviewed your FAFSA Submission Summary to be sure all information is correct. The Financial Aid office will receive your FAFSA Summary results and use them to calculate your aid eligibility.

Cost of Attendance (COA)

The Cost of Attendance (COA) is the amount it will cost a student to go to school. The COA is determined by the school, using federal guidelines.

• Direct costs are billed through the university and include tuition and fees.
• Indirect costs are not billed through the university; these out-of-pocket expenses are living expenses (i.e., housing/rent/housing costs and food), books, supplies, course materials, equipment, transportation and miscellaneous/personal expenses. (For students living in housing on a military base or for which they receive a basic allowance under section 403(b) of title 37, United States Code, a reasonable allowance for living expenses will be determined but cannot include housing costs).

Aid Amount

Financial aid eligibility is based on a family's demonstrated financial need, which is the difference between the Cost of Attendance and Student Aid Index (SAI).

Need-Based Aid: Need-based aid is financial aid you can receive if you have financial need and meet other eligibility criteria. You can’t receive more need-based aid than the amount of your financial need.

Cost of Attendance (COA) – Student Aid Index (SAI) = Financial Need

Non-Need-Based Aid: Non-need-based aid is financial aid that is not based on your SAI. What matters is your COA and how much other assistance you’ve been awarded so far.

Cost of Attendance (COA) – Financial Aid Awarded So Far* = Eligibility for Non-Need-Based Aid*

* Includes aid from all sources, such as the school, private scholarship providers, tuition waivers, military tuition assistance, employer tuition waiver, etc.

See the Federal Student Aid Estimator, which provides an estimate of how much federal student aid the student may be eligible to receive.

Financial aid cannot exceed the student's Financial Need or the Cost of Attendance (COA) for the term or enrollment period. So, in these cases, aid will be reduced or canceled.

For example:

• If a student receives a scholarship and/or tuition assistance that causes the total aid to exceed the total COA, aid will be adjusted.
• If a student changes their enrollment pattern, see Financial Aid Tracks below (under "Disbursements").
• Students receiving grants, scholarships or other forms of aid not appearing on their award should notify the Financial Aid Office.

Generally, all financial aid paperwork, aside from verification and appeals, may take up to 10-15 business days to be processed.

However, there are peak periods when processing times could be longer. Please see below estimated processing times:

• Verification - 4-6 weeks from the date the last required document is received.
• SAP (Satisfactory Academic Progress) Appeal - 20 business days
• Professional Judgments - 4-6 weeks to review and process from the date the last required document is received.
• Refunds - 5-10 business days after the add/drop period.

All student notifications will be sent to the student's assigned university e-mail address. Students are responsible for reading e-mails received from the university as this e-mail is the official means of communication for students at Embry-Riddle Aeronautical University - Worldwide.

Transfer Student? Know your loan limits

As a transfer student, it is your responsibility to know your annual loan limits for Federal Direct Loans and have all pending disbursements cancelled at your previous school before transferring to Embry-Riddle. This ensures a more accurate award package.

Before accepting a Federal Direct Loan(s) at Embry-Riddle, you must inform the Office of Financial Aid of any disbursements you received at another school during the academic year. Due to the timing of loans, we may not be aware of the total loan amounts you may have received at your other school. Failure to notify our office of any loans you received at another school during the year can result in your existing loans being reduced and billed in order to keep within the annual loan limits. This would result in a balance owed (by you) to Embry-Riddle.

To avoid being over-awarded at Embry-Riddle, please follow these simple steps:

• Cancel any pending financial aid disbursements at your previous school before transferring
• Inform us of any financial aid received at another institution in the same academic year

Note: Your previous school may also contact us directly by looking up our contact info on the National Student Loan Data System (NSLDS).

Don’t over-borrow

Over-borrowing or going into EXCESS of your aggregate loan limits will prevent you from receiving any federal student aid! In order to regain financial aid eligibility, you must make satisfactory arrangements with your loan holder and turn in the appropriate documentation to our office. Acceptable documentation may include but is not limited to:

• Payment confirmation from your loan servicer that you have paid the excess amount.
• Loan Summary Sheet from Direct Loans confirming you have consolidated all loans that were in excess. To review your loan amounts and determine your loan holder (loan servicer), you must log into the National Student Loan Data System (NSLDS).

A financial aid offer is based on admissions to an eligible degree-seeking program, full-time enrollment and a students estimated Cost of Attendance (COA). If a student enrolls in fewer credits, financial aid may be reduced or canceled. Auditing or dropping courses will also cause a reduction or cancellation of financial aid funds. A Financial Aid Offer Notification will be sent to your ERNIE email account. The Financial Aid notice will include the types of financial aid you are eligible to receive based on all documents submitted to date and eligible term(s) of enrollment. The financial aid amounts for federal loans will reflect the gross amount of loan(s), most federal loans have fees proportionately deducted from each disbursement. Visit our Loans page for more information.

All Financial Aid is subject to change. Financial Aid may be reduced or cancelled based on one or more of the following circumstances but not limited to:

• Corrections or updates to your FAFSA, which changes your Student Aid Index (SAI).
• Notification from the Department of Education, i.e. Financial Aid received exceeding PELL Grant limits and/or Federal Loan Limits.
• Changes in course load for each term (see chart below).
• Change in Cost of Attendance (i.e. recalculation required for an enrollment change, credit hour changes, and/or enrolled in less than four terms).
• Changes in program of study.
• Changes in your (or your family's) financial circumstances.
• Receipt of Other Financial Assistance (i.e., scholarships, private loans, tuition waivers, employer reimbursement, scholarships and/or other 3^rd party assistance).
• Receipt of additional information affecting eligibility.
• Receipt of federal aid at another college in the same academic year.
• Discontinued attendance in classes.
• Discontinued attendance in your track.
• Missing Documentation (i.e. MPN, ELC, Verification Documents, Items on To-Do List).
• Withdrawal and/or “F-failed" for non-attendance or non-participation from all classes (see Academic Eligibility for Financial Aid).
• Repeated Courses (see Academic Eligibility for Financial Aid).
• Enrolled in courses that are not applicable towards your program of study.
• Federal Direct loan is not accepted before the last day of the term and/or the academic year.

Any time your Financial Aid changes you will be notified by e-mail to check your Financial Aid in your Student Center.

Please Note: At any time if you become ineligible for financial aid or are reduced after a disbursement is made for financial aid, you will be financially responsible for all charges. If you fail to pay these charges a financial hold will be placed on your account and Embry-Riddle may: (a) refer the debt to a collection agency for further collection efforts and pass on the cost of collection; (b) initiate legal proceedings against you; (c) withhold services such as transcripts, diploma and future registrations.

Please note: Embry-Riddle Worldwide Financial Aid is disbursed on a Track System which is assigned based on admissions, program of study, location, and course length. Once the funds are disbursed, students must remain on the financial aid track assigned below (see Disbursements).

Track change will only occur for those whose funds haven't disbursed. (You must contact your financial aid counselor to see if you are eligible for a track change).

You must contact your financial aid counselor if you plan to attend the April or May terms. These terms are optional terms and are not automatically assigned.

Please note: If you are offered a new Federal Direct Loan at any time you must accept this loan before the last day of the term and/or the last day of the last term you attended in the academic year. Any time your Financial Aid changes you will be notified by e-mail to view, accept, reduce or decline your Federal Direct Loans in your Campus Solutions Student Homepage.

Please note: Financial aid is credited to your student account after the add/drop period of each eligible term. All financial aid funds must be used first to pay university charges. Any remaining funds will be refunded to cover other educational-related expenses.

What is 3rd Party Assistance?

If you will be receiving tuition assistance, including Military Tuition Assistance or any other sponsored program, during your enrollment at Embry-Riddle, you are required to notify our office. Military Tuition Assistance, sponsored programs or other forms of tuition assistance may cause a change in your financial aid funds.

The FA Terms and Conditions Form needs to be completed before any funds can be disbursed for every academic year you apply for financial aid.

Embry-Riddle Course Load (defined in catalog):

• A student who enrolls in less than three credit hours in a term may experience a reduction or cancellation in any aid program and/or delay in aid proceeds being credited to their student account.
• All students must be enrolled for at least three credit hours per term to receive a Federal Direct Loan Disbursement.
• Students who withdraw from all of their classes are subject to the Return of Title IV Federal Financial Aid Programs Policy. The Embry-Riddle Return of Title IV Funds Policy and Standard of Academic Progress, in accordance with federal regulations, will determine the amount of financial aid funds to be returned.

After receiving all necessary documents, the Financial Aid Office will calculate your eligibility, including eligibility for the federal loan programs, scholarship programs and state aid.

We recommend having sufficient funds available for books, supplies and any other personal expenses during the first two weeks of classes in the event there is a delay in crediting your financial aid. Your financial aid information will be available once you're an accepted student.

Students and applicants may view their financial aid award(s) online:

• Log on to ERNIE.
• Under "Tools" on the right side of the page, click "Campus Solutions Student Homepage."
• Click the "Financial Aid Tile" and select the Aid Year that you are inquiring.
• Under Awards, click "Summary" to view Award Summary/Award Details.
• You may also view your College Financing Plan* by clicking on "College Financing Plan" in the menu.

* The College Financing Plan is a consumer tool that is designed to simplify information about costs and financial aid. It is not meant to replace your award offer but is a tool to help you in comparing with other institutions.

Financial aid awards are disbursed to your student account after the add/drop period of each eligible term (see Financial Aid Tracks). All financial aid awards must be used first to pay university charges. Any remaining funds will be refunded to cover other educational-related expenses.

Financial Aid Tracks

Students enrolled in a degree-seeking program (associate, bachelor's, master's and doctoral) are assigned a financial aid track. The track will reflect the eligible terms for students to enroll in and receive their disbursements of financial aid for the current academic year. There are two tracks available for students based on their degree-seeking program. Students who enroll for the April or May terms must contact the financial aid office for eligibility requirements.

Track change is not an option after funds are disbursed.

Undergraduate Students

If you are an Embry-Riddle Worldwide student, you will be set up on a disbursement track (four disbursements). Undergraduate tracks are comprised of four, nine-week terms. There are two tracks for undergraduate. Each is defined of a unique sequence of four terms.

• Track 1 (One) Online Track Only: July Term - September Term - November Term - February Term - (April Term if remaining aid is available or Start Term)
• Track 2 (Two) Blended Track: August Term - October Term - January Term - March Term - (May Term if remaining aid is available or Start Term)

The track assigned on your award letter is the track that you must register for classes in order to receive a financial aid disbursement. This track becomes locked in and cannot change. (Some exceptions do apply, but you must contact your financial aid counselor).

Please note: June and December terms are not eligible for federal financial aid.

PELL Eligible Students: Undergraduate students on Track 1 or 2 are eligible for Pell disbursement(s) depending on the Federal Pell Grant table, which uses their Student Aid Index (SAI) and Cost of Attendance. Not all students would be eligible for Pell Grant at three credit hour enrollment.

Book Information: Please see the Refunds/Books section below for information on how to inquire about books.

Federal Direct Loan Eligible Students: Undergraduate students on Track 1 or 2 are eligible for federal loan disbursement(s) with a minimum enrollment of three credit hours per term (see Awards for less than full-time conditions). Three credit hours is defined as half-time for the term and six credit hours is defined as full-time for the term per the catalog. If you intend to use federal student loans, the following must be completed before any funds are disbursed to your student account:

• Master Promissory Note/Federal Direct Loan Application
• Entrance Loan Counseling

Federal Student Loans will not be disbursed until you accept them through your Student Services Center. For more information on loan fees, interest rates and other information pertaining to federal student loans, please visit Federal Direct Loan Programs.

Master Students

Master students enrolled in courses are assigned the following track:

• Track 2 - August Term - October Term - January Term - March Term - (May Term if remaining aid is available or Start Term)

Master students are eligible for Federal Direct Unsubsidized Loan disbursements with a minimum enrollment of three credit hours per term. Three credit hours is defined as full-time (three credit hours or more) for the term. Master Students enrolled in less than three credit hours are not eligible for Federal Direct Loans.

The track assigned on your award letter is the track that you must register for classes in order to receive a financial aid disbursement. This track becomes locked in and cannot change. (Some exceptions do apply but you must contact your financial aid counselor).

Please Note: June and December terms are not eligible for federal financial aid.

Notice of Disbursement and Right to Cancel a Federal Loan: You will receive notification when your loan funds have been disbursed to your student account starting after the add/period of your eligible term (See Financial Aid Tracks). Once your federal loan funds are disbursed to your student account and you decide you do not want to borrow from the federal loan program, you may cancel all or part of your disbursement by informing the Financial Aid Office no later than 14 days after the date the funds were posted in your student account.

• If a disbursement has already credited to your account then you may only request to cancel that disbursement if a refund has not been generated. Please note that you can request to cancel future disbursements.
• If a refund has been generated, you must repay the funds to the Department of Education.

See Refunds for information on how to view your loan disbursements dates and amounts in your student account.

Refunds:

Financial aid that exceeds tuition and fees will be refunded within seven business days after it has posted to your student account. All refund requests or questions should be directed to your campus or advisor. To expedite the refund process, it is recommended you sign up for direct deposit by enrolling in eRefunds.

Electronic Refund (eRefund) is the quickest and most preferred way to get your Embry-Riddle refund. Click here for detailed instructions.

Books and Supplies:

Students who have excess financial aid after all tuition and fees are paid may be eligible to order books and supplies in the online bookstore. The excess financial aid funds are available 30 days prior to the start of the term. You may charge the cost of your books and supplies prior to financial aid being disbursed, if you meet all the following criteria:

1. You have completed all required documents on your "Task" tile (To Do's)
2. You have received your Financial Aid Award Notification
3. You have accepted your Financial Aid Awards in your Campus Solutions Student Service Homepage
4. If you accepted the Federal Direct Loans, you must have completed the application process (Federal Direct Loan process)
5. You are registered in the required credit hours for the term that you need books and supplies
6. Students must have financial aid in excess of their total tuition and fees

Order Requests for Books and Supplies: Eligible federal aid recipients inquiring about books and supplies should contact their campus or advisor for requests and/or questions.

Bookstore website: http://www.bkstr.com/erauworldwidestore/home

Please Note: If you become ineligible for financial aid, you will be financially responsible for all charges. If you fail to pay these charges, a financial hold will be placed on your account and Embry-Riddle may: (a) refer the debt to a collection agency for further collection efforts and pass on the cost of collection; (b) initiate legal proceedings against you; (c) withhold services such as transcripts, diploma and future registrations.

Overawards:

What is an overaward?

When the total of all aid received by the student exceeds the student’s cost of attendance (COA), awards will be adjusted (cancelled or reduced) in order to eliminate the overaward. Loans will be reduced before any reduction is made to any other awards.

Please watch this helpful video “What is an Overaward?”

How do overawards occur?

Overawards are usually the result of the student receiving aid that the Financial Aid Office was not aware of when completing the student’s financial aid package and/or processing a loan application for the student. It is the student’s responsibility, in addition to federal and state aid, to report all additional financial aid assistance (i.e. 3^rd party Tuition Assistance, private loans, etc.) to the Financial Aid Office. This should be done as soon as the student becomes aware that he or she will receive the aid (all sources of aid even if they are not processed directly through our office).

Overawards can also result from application errors by the student or notifications from the Department of Education resulting in lifetime limits and/or awards made at another institution with conflicting term dates. Regardless of the reason for the overaward, we are bound by federal regulations to correct the overaward.

Overawards only become overpayments if a school cannot correct them before funds are disbursed to a student. That is an overpayment and exists when some or all of the funds that make up an overaward have been disbursed to the student. An overpayment exists when some or all of the funds that make up an overaward have been disbursed to the student.

Overpayment:

If a financial aid overpayment is made as a result of a student's error or failure to report requested information, the student is responsible for repaying the amount of the overpayment. The amount of the overpayment may be satisfied by reducing the student's federal award(s) in a subsequent enrollment period during the same award year as the overpayment was created.

If the overpayment amount cannot be satisfied by deducting the amount from a future disbursement, the student is responsible for making direct restitution. As required by federal regulations, the Embry-Riddle Financial Aid Office will report the overpayment to the Department of Education through the National Student Loan Data System (NSLDS). 

Students who withdraw, receive an “F" for non-attendance* or non-participation* from all of their classes are subject to the Return of Title IV Federal Financial Aid Programs Policy. Please review the Return of Title IV Funds Policy as it contains important information for students who withdraw or ceases to attend* all registered classes with in a term and receive financial aid. 

The Embry-Riddle Return of Title IV Funds Policy and Standards of Academic Progress, in accordance with federal regulations, will determine the amount of financial aid funds to be returned.

Scholarship funds will be reversed in their entirety for any student that drops/withdrawals/audits a course associated with a Worldwide scholarship. Any balance created from the reversal will be the student's responsibility.

*If a student ceases to attend ALL registered classes and/or ceases to participate in an academically related activity at any point during their term of enrollment, the faculty will use their discretion to assign an appropriate grade and supporting last date of attendance. 

For more information, please review Student Services & Academic Affairs policies and procedures.

Students can review their Financial Aid online and make the determination to accept, decline or reduce:

• In ERNIE, under "Tools" on the right side of the page, click on "Campus Solutions Student Homepage.”
• From the Student Homepage, click on the "Financial Aid Tile."
• Select the award under "Award Summary" to review the award details.
• Under "Awards," click "Accept/Decline/Reduce."
• Click "Edit” to edit; the dropdown menu will appear next to each loan.
• Check the appropriate box(es) to accept, decline or reduce your awards.
• To “Reduce” a loan, you must accept the award first and then check the “Reduce” box.
• Click “Submit” once all changes are made and to accept your Financial Aid.

Note: If you want to reduce or decline a loan after you have already received the funds, contact the Financial Aid Office right away. (Students must personally decline or reduce their awards; parents cannot do this on a student's behalf.)

Accepting financial aid entails certain rights and responsibilities. When you are awarded financial aid, it is assumed that you will read and understand the terms and conditions of your aid and your rights and responsibilities. 

We strongly encourage you to learn as much as you can about the aid you are accepting and to know in advance what is expected of you in terms of your enrollment and academic progress. 

If you have questions, please do not hesitate to contact us for assistance.