Federal Loan Eligibility Policies

Federal Loan Eligibility Policies

A student must be enrolled at least half-time to receive aid from the Stafford and Grad Plus loan programs.

For the fall and spring semesters, to be considered full-time for purposes of obtaining federal loans, a master’s student must be enrolled in a minimum of nine credit hours per semester, and a doctoral student must be: a) enrolled in a minimum of nine credit hours per semester; b) enrolled in a minimum of six credit hours per semester, three hours of which include enrollment in a practicum/externship) actively working on a dissertation (i.e., enrolled for dissertation credit hours); or d) engaged in a pre-doctoral internship. To be considered half-time, a student must take a minimum of six credit hours.

For the period of summer enrollment, to be considered full-time for financial aid a student must take a minimum of four credits or one dissertation credit. To be considered half-time for financial aid, a student must take less than four credits and a minimum of two credits.

Students enrolled at least half-time during the summer are eligible to receive funds to cover their tuition and living expenses. The funds for living expenses during the summer are calculated in the following way:

Living expenses for a 12 month period- Living expenses for the fall and spring semesters = Aid available for summer living expenses

If at any time during the summer a student drops a class, calculations must be performed to see what funds must be returned. If a student remains enrolled at least half-time during the summer session, only the funds in the amount of the dropped credits must be returned. If a student drops below half-time, he/she loses eligibility for summer funding, and all loan funds must be returned. If a student withdraws from the Institute during the period of summer enrollment, the Title IV refund policy must be put into effect to determine the amount of aid the student earned; any unearned aid must be returned. An example is provided at the end of this section. Please note that for both dropping a class and withdrawals, the IPS Refund Policy will also be put into effect; due to the condensed timeframe for summer classes, the policy for summer classes is slightly different. (See IPS Summer Refund Policy in the Academic Catalog).