Financial Aid Terms and Conditions are a student’s rights and responsibilities. It is very important that you read over these Terms and Conditions so that you have a better understanding of financial aid policies and your responsibilities as a Financial Aid recipient.
What happens when you get approved for financial aid?
Once you apply for financial aid, your application will be reviewed and you will be notified by email* of whether you qualify for any funding or not. Embry-Riddle Financial Aid Office staff can help you answer any questions you may have regarding the topics below. Simply call toll-free: 800-888-3728 or email email@example.com.
* Email is an official means of communication for students at Embry-Riddle. All official university email will be sent to each student’s assigned university email address. Students are responsible for reading emails received from the university.
Determining Your Need: Financial aid eligibility is based on a family's demonstrated need, which is the difference between the cost of attendance and the expected family contribution (EFC).
Cost of Attendance - Family Contribution (EFC) = Financial Need.
See the Federal Student Aid Glossary for term definitions
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.
Generally, all Financial Aid paper work, 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:
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 ERAU. This ensures a more accurate award package.
Before accepting a Federal Direct Loan(s) at ERAU, 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 ERAU.
To avoid being over-awarded at ERAU, please follow these simple steps:
Note: Your previous school may also contact us directly by looking up our contact info on the National Student Loan Data System (NSLDS).
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) by visiting www.nslds.ed.gov.
Resolving a Loan Overage
If you have received loans in excess of the lifetime aggregates, you must choose from the two options listed below in order to resolve the overage:
When you accept the offer of financial aid specified in your award notice, you agree to accept and fulfill all of the following responsibilities.
Before processing a drop, withdrawal or cancellation of a course or flight course, contact your Financial Aid Counselor to see if there will be any financial impact to your account, as awards may be reduced or cancelled.
Awards are based on information provided by the applicant. Awards are subject to revisions and/or cancellations in the event of changes in regulations, fund allocation, estimated family contribution or if an error has been made in the calculation of your eligibility or award.
Students and Applicants can view their financial aid award online:
*The Shopping Sheet 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. All financial aid awards must be used first to pay University charges. Any remaining funds will be refunded to cover other educational-related expenses.
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. 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.
See Refunds for information on how to view your loan disbursements dates and amounts in your student account.
Financial Aid that exceeds tuition and fees will be refunded within 7 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 ERAU refund. Enroll now by logging onto your ERNIE account.
Students and Applicants can view the information online:
Eligible Federal Aid recipients inquiring about books may contact their campus representative for requests and/or questions.
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). Indication of an outstanding overpayment will be recorded on future output documents generated by the Department of Education and may prevent the student from receiving certain types of financial aid funding in the future.
Students who withdraw from all of their classes are subject to a Return of Title IV Funds. Please review the Return of Title IV Funds Policy as it contains important information for students who withdraw from 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.
Students can review their award online and make the determination to accept, decline or reduce:
Note about Loans: 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.