Answered By: Abigail Caraccio Last Updated: Mar 22, 2019 Views: 3614
Federal aid received at another institution can impact the amount of federal aid that a student may receive at Walden. As required by federal regulations, the U.S. Department of Education may take up to 90 days into the start of the first term to notify Walden that the student has federal aid awarded at another institution that overlaps into the student’s enrollment dates at Walden.
The Office of Financial Aid may not be able to make an initial award offer to the student or may have to cancel aid that has already been awarded if Walden receives information that the student has applied for and/or received federal aid at another institution for an overlapping period. For example, if the loan period at the prior institution ends even one day after the student’s start quarter/semester at Walden, there is an overlapping period and Walden must deduct aid received at the other institution from the student’s annual eligibility at Walden. The financial aid office may ask a student to have his or her prior institution provide a letter, sometimes called a Withdrawal Clearance Letter, confirming the student’s last date of attendance and disbursed loan amounts.
When processing an overlapping loan period Walden will cap the total loan at 1/3 of a student’s annual loan limit, per semester or quarter. To prevent duplication of living allowance between schools, Walden must remove the living allowance from the student’s cost of attendance at Walden during periods of overlap. Students must make alternative arrangements for payment if they become ineligible for federal aid based on aid received at another institution.
For more information on this topic, please contact The Office of Financial Aid at email@example.com