In addition to the Unsubsidized Loan, graduate students at Larkin University who need to borrow more than $20,500 per academic year (Fall through Spring) may be eligible for additional funding through the Federal Direct PLUS Loan program for Graduate and Professional students. This loan allows you to borrow up to your total Cost of Attendance, minus any other financial aid received. It carries a fixed interest rate of 9.08%* and interest begins accruing once the funds are disbursed. A federal loan fee of 4.228%* is also deducted at the time of disbursement. The PLUS Loan requires a credit check as determined by the U.S. Department of Education. If you are denied due to credit, you may have the option to appeal or apply with a credit-worthy endorser. If approved after an appeal or with an endorser, you must complete a PLUS Loan Counseling session at studentaid.gov before the loan can be disbursed. Although repayment technically begins once the loan is fully disbursed, no payments are required while you are enrolled at least half-time. For more details, please visit the U.S. Department of Education’s website here.
Welcome to the Office of Financial Aid and Student Access (OFASA)
MISSION
The Office of Financial Aid and Student Access at Larkin University (LU) is committed to supporting students in achieving their academic goals by providing access to financial resources with integrity, transparency, and personalized guidance. We empower students through education in financial literacy, responsible borrowing, and scholarship opportunities while ensuring full compliance with federal, state, and institutional regulations.
Our mission is to remove financial barriers to academic success by facilitating equitable access to federal, state, and institutional aid programs. Through exceptional service, regulatory stewardship, and a student-centered approach, we contribute to LU’s development as a premier university and foster a supportive environment where all students have the opportunity to advance their future.
College of Pharmacy
Institutional Scholarships
· Dr. Robert Hopefl Scholarship Awards up to $10,000 a Year / Doctor of Pharmacy Program
All admissions applications are automatically evaluated for this scholarship, with applications completed by January 15th given priority consideration. The Office of Admissions will award the initial scholarship to the qualified entering P1 students at the time of notifying the applicant of their acceptance to the program. Scholarships will be awarded only to incoming P1 students and may be renewed in the P2 year if all requirements are met. The scholarship will not be available in the P3 year.
Eligibility Criteria
Overall GPA >/= 3.80 (on a 4.0 scale)
Must have completed an application in PharmCAS by January 15th for priority consideration.
Criteria for Renewal
Maintain a 3.80 GPA (on a 4.0 scale)
Remain in good academic standing during the duration of enrollment in the program. Remain on track to graduate with their entering class
· Presidential Scholarship: Tuition Waiver / Doctor of Pharmacy Program
P1-P3 years with continuous enrollment and satisfactory academic progress. Must maintain good academic and professional standing at all times throughout the program. Tuition cost only. Fees costs are the student’s responsibility, which are due at the beginning of each academic year; students may apply for loans or additional scholarships to cover fees costs.
Eligibility Criteria
Cumulative GPA – 3.8/4.0 scale
Pre-requisite GPA – 3.8/4.0 scale
Excellent communication skills
Procedure
When an applicant is accepted by the College of Pharmacy Admissions Committee (ADCO), the applicant will be reviewed to ensure that all criteria for the scholarship/tuition waiver have been met. The ADCO will then use the admissions rubric scoring, which provides a normalized score to compare individual applicants to the entire pool of applicants to the LU Doctor of Pharmacy program, to rank the students for consideration for the scholarship/tuition waiver. An administrative committee will make the final decision regarding which students will receive the scholarship/tuition waiver. Students eligible for the Presidential Scholarship will be reviewed by a committee for final selection no later than April 1st.
Selected students will be notified by the LU College of Pharmacy Office of Admissions.
· Merit Scholarship: Awards up to $8,000 for the P1 Year / Doctor of Pharmacy Program
All admissions applications are automatically evaluated for this scholarship. The Office of Admissions will award the scholarship to the qualified entering P1 students at the time of being admitted based on the below criteria. This award is not renewable.
|
Eligibility Criteria |
||
|
Overall GPA |
Annual Award Amount |
PCAT 50th or higher composite |
|
3.30 or higher |
$5,000 |
+$1,000 |
|
Math, Sciences, and *prerequisite GPA 3.30 or higher |
$8,000 |
+$1,000 |
*Prerequisite GPA is the COP internal PGPA calculation
Any scholarship award amount cannot exceed the cost of tuition, including any additional free aid.
Outside scholarship Resources
Our office has compiled a list of scholarship resources that are offered outside of LU. Please click on each link below and browse each site to determine eligibility requirements and application deadlines. Students can conduct additional scholarship search on their own. If a student is awarded a scholarship, it is the student’s responsibility to provide the OSFS the necessary information to be awarded accordingly.
AACP Scholarship Resource Website
American Foundation for Pharmaceutical Education
APhA Foundation Student Scholarship Program
As a College of Pharmacy student at Larkin University, you may be eligible to borrow up to $20,500 per academic year (Fall through Spring) through the Federal Direct Loan program, provided you are a U.S. citizen or eligible non-citizen and meet the general requirements for Federal Student Aid. College of Pharmacy students may also be eligible to add $12,500 in unsubsidized loans per academic year. These loans carry a fixed interest rate of 8.08%* and begin accruing interest once funds are disbursed. A federal loan fee of 1.057%* is also deducted at the time of disbursement. No credit check is required, and repayment is deferred while you remain enrolled at least half-time. To learn more about the Federal Direct Stafford Loan, please visit the U.S. Department of Education’s website here.
Private Student Loans are applied for on an annual basis, at the beginning of the academic year. Private Student Loans are based on the creditworthiness of the borrower. You can increase your chances of getting approved and receiving a lower interest rate by applying with a credit worthy co-borrower.
How to Apply
Complete Borrowing Essentials, which provides an interactive overview of some basic information about borrowing money to pay for school. Click Here
Review your credit score. A good credit score means you are more likely to be approved for the student loan, and at a lower interest rate. Click Here to learn more.
Understanding your rights and responsibilities is extremely important when considering Private Student Loans. Choose the loan that is most suitable for you by considering each lender’s terms and conditions. To learn more of the loan options offered by our lenders and to apply Click Here
To be considered for all Federal Student Aid Programs available for LU students you will need to complete the following:
To assist students with financing their educational costs, Larkin University offers financial assistance to eligible students primarily through the U.S. Department of Education’s Federal Direct Student Loan Programs. Scholarship opportunities and private/alternative loans may also be available to eligible students.
To be considered for all Federal Student Aid Programs you must meet the following eligibility requirements.
- Be accepted and enrolled at least half-time in a program offered by Larkin University.
- Be a citizen, national, or eligible non-citizen of the United States with a valid Social Security Number.
- Be registered with selective service if required to do so by law.
- Be maintaining Satisfactory Academic Progress
- Meet credit criteria established by the U.S. Department of Education (for Direct Plus Loan borrowers only)
- Not owe a refund of any Title IV funds or be in default of any previously borrowed student loans.
1. Request your Federal Student Aid Identification (FSA ID) at studentaid.gov. Your FSA ID is used to electronically apply for federal student aid and access your federal student aid records online. Your FSA ID services as your electronic signature. Be sure to keep your FSA ID in a safe place, and do not share it with anyone.
2. Complete your free application for Federal Student Aid (FAFSA) at studentaid.gov.
After submitting your FAFSA, you’ll receive a Student Aid Report (SAR) by email. This report summarizes the information you provided on your application. Be sure to review it carefully to ensure all details are accurate. If you find any errors or need to make updates, you can submit corrections online at studentaid.gov.
Larkin University’s Federal School Code is 043064
3. Loan Entrance Counseling at studentaid.gov. Federal regulations require all students who receive a Federal Direct Unsubsidized Loan and/or a Federal Direct Grad PLUS Loan to complete Loan Entrance Counseling. If this is your first time borrowing a Federal Direct Loan at Larkin University, you’ll need to complete the counseling session before any loan funds can be disbursed. This is a one-time requirement.
4. Direct Unsubsidized Loan Agreement Master Promissory Note (MPN). You may be eligible to borrow up to $20,500 each academic year through the Federal Direct Unsubsidized Loan program. College of Pharmacy students may also be eligible to add $12,500 in unsubsidized loans per academic year. These loans have a fixed interest rate of 8.08% that begins accruing as soon as the funds are disbursed, and a loan fee of 1.057% is deducted at disbursement. No credit check is required, and you won’t need to make payments while you’re enrolled at least half-time.
If you are borrowing a Federal Direct Unsubsidized Loan for the first time at Larkin University, you must complete a Loan Agreement for an Unsubsidized Loan (MPN) online at studentaid.gov. Your MPN must be on file with the U.S. Department of Education before your loan can be disbursed.
The Direct PLUS Loan accrues interest from the date of disbursement at a fixed rate of 9.08%, with a federal loan fee of 4.228% deducted at disbursement. While the loan enters repayment immediately after full disbursement, no payments are required as long as you remain enrolled at least half-time.
5. Direct PLUS Loan Agreement (MPN) In addition to the Federal Direct Unsubsidized Loan, Larkin University students who need to borrow more per academic year may be eligible for additional funding through the Federal Direct PLUS Loan Program. This program allows you to borrow up to your cost of attendance, minus any other financial aid received.
- To apply for a Federal Direct PLUS Loan for Graduate/Professional Students, you must complete a Grad PLUS Master Promissory Note (MPN) online at studentaid.gov. Your MPN must be on file with the U.S. Department of Education before your loan can be disbursed. Approval for this loan is subject to a credit check based on criteria set by the U.S. Department of Education.
- If your application is declined due to adverse credit, you may be given the option to appeal the credit decision or apply with an endorser. Should your loan be approved, with a successful appeal or obtaining a credit-worthy endorser, you will be required to complete a PLUS Credit Counseling session at studentaid.gov prior to your loan being disbursed.
*Rates and Fees are subject to change. For more information on the Federal Direct Student Loan Programs please visit studentaid.gov.
Please be sure to read all documents carefully and complete each item. Incomplete applications will delay the processing of your Financial Aid file.
Additional Documentation
In addition to the requirements listed above, you may need to submit additional documentation, such as proof of U.S. citizenship or permanent residency, income verification, a valid driver’s license or Social Security card, proof of Selective Service registration, and/or proof of non-default status. Be sure to carefully review your Student Aid Report (SAR) to determine if any additional documents are required. Should your SAR report indicate you need to submit additional documents, please be sure to gather all that information to be prepared to submit when indicated by the Office of Financial Aid and Student Access (OFASA).
Your financial aid file can only be processed once you have submitted all required documents. It is important that you submit all required documents in a timely manner to the Office of Financial Aid and Student Access (OFASA) to avoid any unnecessary delays
College of Biomedical Sciences
Our office has compiled a list of scholarship resources that are offered outside of LU. Please click on each link below and browse each site to determine eligibility requirements and application deadlines.
Students can conduct additional scholarship search on their own. If a student is awarded a scholarship, it is the student’s responsibility to provide the OSFS the necessary information to be awarded accordingly.
As a College of Biomedical Sciences student at Larkin University, you may be eligible to borrow up to $20,500 per academic year (Fall through Spring) through the Federal Direct Loan program, provided you are a U.S. citizen or eligible non-citizen and meet the general requirements for Federal Student Aid. These loans carry a fixed interest rate of 8.08%* and begin accruing interest once funds are disbursed. A federal loan fee of 1.057%* is also deducted at the time of disbursement. No credit check is required, and repayment is deferred while you remain enrolled at least half-time. To learn more about the Federal Direct Stafford Loan, please visit the U.S. Department of Education’s website.
In addition to the Unsubsidized Loan, graduate students at Larkin University who need to borrow more than $20,500 per academic year (Fall through Spring) may be eligible for additional funding through the Federal Direct PLUS Loan program for Graduate and Professional students. This loan allows you to borrow up to your total Cost of Attendance, minus any other financial aid received. It carries a fixed interest rate of 9.08%* and interest begins accruing once the funds are disbursed. A federal loan fee of 4.228%* is also deducted at the time of disbursement. The PLUS Loan requires a credit check as determined by the U.S. Department of Education. If you are denied due to credit, you may have the option to appeal or apply with a credit-worthy endorser. If approved after an appeal or with an endorser, you must complete a PLUS Loan Counseling session at studentaid.gov before the loan can be disbursed. Although repayment technically begins once the loan is fully disbursed, no payments are required while you are enrolled at least half-time. For more details, please visit the U.S. Department of Education’s website here.
Private Student Loans are applied for on an annual basis, at the beginning of the academic year. Private Student Loans are based on the creditworthiness of the borrower. You can increase your chances of getting approved and receiving a lower interest rate by applying with a credit worthy co-borrower.
How to Apply
- Complete Borrowing Essentials, which provides an interactive overview of some basic information about borrowing money to pay for school. Click Here
- Review your credit score. A good credit score means you are more likely to be approved for the student loan, and at a lower interest rate. Click Here to learn more.
- Understanding your rights and responsibilities is extremely important when considering Private Student Loans. Choose the loan that is most suitable for you by considering each lender’s terms and conditions. To learn more of the loan options offered by our lenders and to apply Click Here
To be considered for all Federal Student Aid Programs available for LU students you will need to complete the following:
To assist students with financing their educational costs, Larkin University offers financial assistance to eligible students primarily through the U.S. Department of Education’s Federal Direct Student Loan Programs. Scholarship opportunities and private/alternative loans may also be available to eligible students.
To be considered for all Federal Student Aid Programs you must meet the following eligibility requirements.
- Be accepted and enrolled at least half-time in a program offered by Larkin University.
- Be a citizen, national, or eligible non-citizen of the United States with a valid Social Security Number.
- Be registered with selective service if required to do so by law.
- Be maintaining Satisfactory Academic Progress
- Meet credit criteria established by the U.S. Department of Education (for Direct Plus Loan borrowers only)
- Not owe a refund of any Title IV funds or be in default of any previously borrowed student loans.
1. Request your Federal Student Aid Identification (FSA ID) at studentaid.gov. Your FSA ID is used to electronically apply for federal student aid and access your federal student aid records online. Your FSA ID services as your electronic signature. Be sure to keep your FSA ID in a safe place, and do not share it with anyone.
2. Complete your free application for Federal Student Aid (FAFSA) at studentaid.gov.
After submitting your FAFSA, you’ll receive a Student Aid Report (SAR) by email. This report summarizes the information you provided on your application. Be sure to review it carefully to ensure all details are accurate. If you find any errors or need to make updates, you can submit corrections online at studentaid.gov.
Larkin University’s Federal School Code is 043064
3. Loan Entrance Counseling at studentaid.gov. Federal regulations require all students who receive a Federal Direct Unsubsidized Loan and/or a Federal Direct Grad PLUS Loan to complete Loan Entrance Counseling. If this is your first time borrowing a Federal Direct Loan at Larkin University, you’ll need to complete the counseling session before any loan funds can be disbursed. This is a one-time requirement.
4. Direct Unsubsidized Loan Agreement Master Promissory Note (MPN). You may be eligible to borrow up to $20,500 each academic year through the Federal Direct Unsubsidized Loan program. College of Pharmacy students may also be eligible to add $12,500 in unsubsidized loans per academic year. These loans have a fixed interest rate of 8.08% that begins accruing as soon as the funds are disbursed, and a loan fee of 1.057% is deducted at disbursement. No credit check is required, and you won’t need to make payments while you’re enrolled at least half-time.
If you are borrowing a Federal Direct Unsubsidized Loan for the first time at Larkin University, you must complete a Loan Agreement for an Unsubsidized Loan (MPN) online at studentaid.gov. Your MPN must be on file with the U.S. Department of Education before your loan can be disbursed.
The Direct PLUS Loan accrues interest from the date of disbursement at a fixed rate of 9.08%, with a federal loan fee of 4.228% deducted at disbursement. While the loan enters repayment immediately after full disbursement, no payments are required as long as you remain enrolled at least half-time.
5. Direct PLUS Loan Agreement (MPN) In addition to the Federal Direct Unsubsidized Loan, Larkin University students who need to borrow more per academic year may be eligible for additional funding through the Federal Direct PLUS Loan Program. This program allows you to borrow up to your cost of attendance, minus any other financial aid received.
- To apply for a Federal Direct PLUS Loan for Graduate/Professional Students, you must complete a Grad PLUS Master Promissory Note (MPN) online at studentaid.gov. Your MPN must be on file with the U.S. Department of Education before your loan can be disbursed. Approval for this loan is subject to a credit check based on criteria set by the U.S. Department of Education.
- If your application is declined due to adverse credit, you may be given the option to appeal the credit decision or apply with an endorser. Should your loan be approved, with a successful appeal or obtaining a credit-worthy endorser, you will be required to complete a PLUS Credit Counseling session at studentaid.gov prior to your loan being disbursed.
*Rates and Fees are subject to change. For more information on the Federal Direct Student Loan Programs please visit studentaid.gov.
Please be sure to read all documents carefully and complete each item. Incomplete applications will delay the processing of your Financial Aid file.
Additional Documentation
In addition to the requirements listed above, you may need to submit additional documentation, such as proof of U.S. citizenship or permanent residency, income verification, a valid driver’s license or Social Security card, proof of Selective Service registration, and/or proof of non-default status. Be sure to carefully review your Student Aid Report (SAR) to determine if any additional documents are required. Should your SAR report indicate you need to submit additional documents, please be sure to gather all that information to be prepared to submit when indicated by the Office of Financial Aid and Student Access (OFASA).
Your financial aid file can only be processed once you have submitted all required documents. It is important that you submit all required documents in a timely manner to the Office of Financial Aid and Student Access (OFASA) to avoid any unnecessary delays.
Physician Assistant Program
The OFASA provides support to students who need financial assistance to pay tuition and living expenses while attending school.
Larkin University is currently provisionally approved by the U.S. Department of Education to participate in federal Title IV student aid loan programs. At the time of approval, the programs included were the Master of Biomedical Sciences and the Doctor of Pharmacy (PharmD).
At this stage, no additional programs can be added to our Title IV eligibility until the university undergoes a re-evaluation. Once Larkin University is eligible to reapply, we will request to add the Physician Assistant (PA) program. Once approved, PA students will become eligible to apply for federal student aid. Until that approval is received, students in the PA program may explore private student loan options to assist with educational expenses. Students can also explore scholarships offered through LU and outside of LU.
Private Student Loans are applied for on an annual basis, at the beginning of the academic year. Private Student Loans are based on the creditworthiness of the borrower. You can increase your chances of getting approved and receiving a lower interest rate by applying with a credit worthy co-borrower. To learn more of the loan options offered by our lenders Click Here
- Complete Borrowing Essentials, which provides an interactive overview of some basic information about borrowing money to pay for school. Click Here
- Review your credit score. A good credit score means you are more likely to be approved for the student loan, and at a lower interest rate. Click Here to learn more.
- Understanding your rights and responsibilities is extremely important when considering Private Student Loans. Choose the loan that is most suitable for you by considering each lender’s terms and conditions. To learn more of the loan options offered by our lenders and to apply Click Here
Direct and indirect cost
In accordance with 34 CFR § 668.2, the Cost of Attendance (COA) includes an allowance for reasonable living expenses incurred by the student during the period of enrollment. Living expense budgets are developed using data from the most recent Consumer Expenditure Survey (CES) published by the U.S. Bureau of Labor Statistics. Based on this methodology, LU includes an estimated twelve-month indirect cost allowance of $36,180.
The COA may also include an allowance for loan origination fees for students who borrow Federal Direct Unsubsidized Loans and/or Federal Direct Graduate PLUS Loans, as permitted under federal regulations. This allowance is calculated using the applicable federal loan fee percentages and is based on the student’s total direct and indirect costs. The estimated loan origination fee allowance varies by term and generally results in additional loan eligibility ranging from $800 to $1,800 per term.
All Cost of Attendance components are reviewed annually and are subject to change to ensure continued compliance with federal regulations and to reflect updates to institutional costs and applicable economic data.
Student’s requesting funds for indirect costs, will be receiving a stipend by term (from the LU Bursar’s Office) based on the amount borrowed. The indirect cost requested, will be divided by the OSFS, equally by term, not to exceed the max allowed per term. Stipends will be made available within 14 days of the scheduled disbursement date (when funds are sent to the university by the lender). For an accurate disbursement date, please visit your lender’s website and review your account details once your loan is processed by the university. For more information on the process of stipend checks, please contact the LU Bursar’s Office.
Satisfactory Academic Progress (SAP)
Federal regulations require institutions participating in Title IV federal financial aid programs to establish, publish, and consistently apply standards of Satisfactory Academic Progress (SAP). Larkin University has developed this SAP policy to ensure that students are progressing successfully toward completion of their academic programs.
This policy applies to all students enrolled in the following programs:
- Doctor of Pharmacy (PharmD) – 141-credit pathway and 166-credit pathway
- Master of Science, Physician Assistant Studies (MPAS) – 128 credits
- Master of Science, Biomedical Sciences (MBS) – 33 credits
SAP is evaluated at the end of each academic term (semester) for all students, regardless of whether federal aid was received during that term. Students will be notified in writing if they
fail to meet SAP standards.
To maintain SAP, students must meet all three of the following standards:
- Qualitative Standard – Cumulative Grade Point Average (CGPA)
Students must maintain the minimum cumulative GPA required by their program and the University:
- Doctor of Pharmacy (PharmD): 2.0 cumulative GPA
- Physician Assistant Studies (MPAS): 2.50 cumulative GPA
- Biomedical Sciences (MBS): 2.0 cumulative GPA
Programs may enforce stricter academic standards. When differences exist, the more stringent standard applies.
- Quantitative Standard – Pace of Progression
Students must successfully complete at least 67% of all attempted credits.
- Pace Formula:
Completed Credits ÷ Attempted Credits = Pace %
Attempted credits include all courses for which the student is registered after the add/drop period, including withdrawals, failures, and repeated courses. Completed credits are those in which a passing grade is earned.
- Maximum Time Frame (MTF)
Students must complete their program within 150% of the published program length, measured in attempted credits.
Program | Published Credits | Maximum Attempted Credits |
PharmD (141-credit pathway) | 141 | 212 |
PharmD (166-credit pathway) | 166 | 249 |
MPAS | 128 | 192 |
MS Biomedical Sciences | 33 | 50 |
All attempted credits count toward the maximum timeframe, including failed, withdrawn, repeated, and transfer credits.
Good Standing: Students who meet all SAP standards are in good standing and remain eligible for federal and institutional financial aid.
Financial Aid Warning: A student who fails to meet either the GPA or pace requirement for the first time will be placed on Financial Aid Warning for the next term of enrollment.
- Warning status is granted automatically.
- Students may continue to receive financial aid during the warning term.
- Students are strongly encouraged to utilize academic support services.
If SAP standards are met by the end of the warning term, the student returns to good standing.
Financial Aid Suspension (Ineligible Status): A student who fails to meet SAP standards after a warning term becomes financial aid ineligible and may appeal this decision with OFASA.
A student will be placed on Financial Aid Suspension if:
- They fail to meet SAP standards after a warning term and do not submit or are denied an appeal,
- They fail to meet the conditions of their warning term or an academic plan, or
- They exceed the maximum timeframe for their program.
Students on financial aid suspension are not eligible for federal or institutional aid.
Financial Aid Probation: A student who fails to meet SAP standards after a warning term becomes financial aid ineligible unless they successfully appeal to OFASA and are placed on Financial Aid Probation with an approved Academic Plan designed to ensure future compliance. During probation, students may receive financial aid for one term, contingent upon meeting the terms of their appeal and/or academic plan.
Students may appeal loss of financial aid eligibility based on extenuating circumstances, such as:
- Serious illness or injury
- Death of a close family member
- Significant personal or family emergency
- Other documented extraordinary circumstances
Appeals must be submitted in writing to the OFASA and must include:
- A detailed explanation of the circumstances,
- Supporting documentation,
- A statement outlining what has changed that will allow the student to meet SAP standards, and
- An academic Plan. An academic plan is a structured agreement between the student, the program, and the University that outlines specific academic requirements and milestones. Students must strictly adhere to the academic plan. Failure to meet any condition will result in immediate financial aid ineligibility.
Withdrawals (W): Count as attempted but not completed credits.
Incomplete (I): Count as attempted credits until resolved.
Failures (F): Count as attempted but not completed credits.
Repeated Courses: Count as attempted credits each time taken; only the highest grade counts toward GPA where permitted by policy.
Return of Federal Financial Aid (R2T4)
If you receive federal financial aid and withdraw from Larkin University before completing the academic term, federal regulations require the University to determine how much of your aid you earned. This process is called Return to Title IV (R2T4).
Federal aid is awarded based on the assumption that students will attend for the entire payment period (such as a semester). When a student withdraws early, Larkin University must calculate the portion of aid earned up to the withdrawal date.
Who This Applies To
This policy applies to graduate students receiving federal student loans, including:
- Federal Direct Unsubsidized Loan
- Federal Direct Graduate PLUS Loan
These are the federal aid programs currently awarded to graduate students at Larkin University.
How Earned Aid Is Calculated
The amount of financial aid you earn is based on how much of the academic term you completed before withdrawing.
The calculation is determined by the percentage of the term completed:
Number of calendar days attended ÷ Total calendar days in the term
- Scheduled breaks of five or more consecutive days are excluded.
- If you complete 60% or less of the term, the aid you earned is calculated proportionally.
- If you complete more than 60% of the term, you are considered to have earned 100% of your federal aid for that period.
Withdrawal Types
Official Withdrawal: Occurs when a student formally notifies the Registrar’s Office of their intent to withdraw from the University.
Unofficial Withdrawal: Occurs when a student stops attending classes without formally withdrawing. In these cases, the University will determine the withdrawal date based on the last documented academically related activity, such as attending class, submitting coursework, or participating in an academic activity.
If Unearned Aid Must Be Returned
If the R2T4 calculation shows that you received more financial aid than you earned, the University must return the unearned portion to the U.S. Department of Education.
Federal funds are returned in the following order:
- Federal Direct Unsubsidized Loan
- Federal Direct Graduate PLUS Loan
This return must occur within 45 days of the date the University determines the student withdrew.
Post-Withdrawal Disbursements
In some cases, a student may have earned more financial aid than was disbursed before withdrawing.
If this occurs, the student may be eligible for a Post-Withdrawal Disbursement. The Financial Aid Office will notify the student and provide the option to accept or decline the loan funds. Loan funds cannot be disbursed without the student’s authorization.
Student Responsibility
Returning federal financial aid may result in a balance owed to the University. Students remain responsible for any remaining institutional charges after federal funds are returned.
The University’s institutional tuition refund policy is separate from the federal Return to Title IV calculation and does not determine how much federal aid was earned.
Questions
If you are considering withdrawing, we strongly encourage you to contact the Larkin University Office of Financial Aid and Student Access (OFASA) before making your decision to understand how it may impact your financial aid eligibility.
In line with federal regulations, students who graduate or drop below half-time enrollment and have received federal student loans are required to complete Federal Student Loan Exit Counseling. If this requirement is not fulfilled, a hold may be placed on your account, which could delay graduation or the release of official transcripts. If you did not take out federal loans while attending Larkin University, this counseling is not required.
You can complete this federal requirement online by visiting the U.S. Department of Education’s website at studentaid.gov and selecting “Exit Counseling.”
To complete the session, you’ll need:
Your Federal Student Aid (FSAID) login
Contact information for three personal references with U.S. addresses and phone numbers
Your employer’s name, address, and phone number (if available)
The session typically takes 15 to 30 minutes, and you’ll have the option to print a certificate of completion for your records.
Exit Counseling will provide important information on loan repayment options, deferments, forbearance, loan consolidation, and the consequences of loan default. For additional details, you can visit studentaid.gov or contact your loan servicer directly.
To view your federal loan history and servicer contact information, log into your account at studentaid.gov.
If you borrowed a private loan while attending Larkin University, please reach out directly to your lender for details about repayment plans and any available incentives.
Federal Financial Aid
Scholarships
Credit Reports and Information
Loan Repayment and Calculators
Important Loan Terms You Should Know
Interest which accrues on the loan and is payable by the borrower or, in the case of subsidized Federal Stafford Loans, by the federal government, during in‑school, grace, and deferment periods.
The APR is the overall cost of borrowing money, expressed as an annual percentage of the loan balance. The APR calculates the combined impact of the interest rate, loan fees, capitalization of interest (the addition of unpaid interest to the principal) and other repayment terms.
Capitalization is the practice of adding unpaid interest charges to the principal balance of an education loan, thereby increasing the size and cost of the loan. Interest is then charged on the new balance, including both the unpaid principal and the accrued interest. Interest can be capitalized monthly, quarterly, annually or when the loan enters repayment. Capitalization causes interest to be charged on top of interest.
A consolidation loan combines one or more eligible federal educational loans into a single new loan.
A signer in addition to the principal signer for borrowers who do not meet the minimum credit requirements. The cosigner assumes liability for repayment of a loan in the event the principal signer does not repay the loan.
An agency, such as Equifax, Transunion, or Experian, that compiles, maintains, and distributes credit and personal information to creditors.
A summary of your credit history. It is maintained by an authorized consumer reporting agency and sent to potential creditors, when requested.
Default is the failure to repay your loan according to the terms. It may lead to legal action to recover the money and can negatively affect your credit rating. Private student loans are considered to be in default after 120 days of nonpayment, while federal education loans are considered to be in default after 360 days of nonpayment.
A deferment is a postponement of payment on a federal loan that is allowed under certain conditions and during which the government pays the interest on any subsidized loans. The borrower is responsible for the interest on any unsubsidized loans during a deferment. The economic hardship deferment has a three-year limit. Deferments during the in-school period are unlimited.
Interest that accrues, but on which payment is delayed until a later date. Such deferred (accrued) interest may be capitalized.
A statement of the actual loan costs, including the interest rate and any additional fees, which is presented to the borrower at the time the loan is made.
A signer in addition to the principal signer for Federal PLUS Loans for those borrowers who do not meet the minimum credit requirements. The endorser signs a promissory note and agrees to repay the loan in the event that the borrower does not.
A forbearance is a period during which your monthly loan payments are temporarily suspended or reduced. Interest continues to accrue and will be capitalized if unpaid by the borrower. You may qualify for a forbearance if you are willing but unable to make loan payments due to certain types of financial hardships.
A period of time that begins when you graduate, leave school, or your enrollment status drops below halftime, whichever comes first, and ends when your first loan payment is due. Interest continues to be deferred on subsidized loans during the grace period.
Interest is a periodic fee for borrowing money, expressed as a percentage of the loan balance. Interest rates are either variable (the rate can change) or fixed (the rate will not change). The interest rate on a variable rate loan can reset (change) annually, quarterly or monthly.
Loans are borrowed funds that must be repaid over time, usually with interest.
Loan fees are one-time charges to originate or guarantee a loan, expressed as a percentage of the loan balance, and typically deducted prior to loan disbursement.
The academic year or portion thereof for which the student loan applicant is enrolled and is seeking one or more loans. Loan period typically coincides with the beginning and ending of a term or academic year.
The legally binding contract between the borrower and the lender of a Federal Loan. By signing the MPN, the borrower agrees to all terms and conditions, including the responsibility to repay all borrowed funds along with any interest and fees that are charged. Unlike other promissory notes where only one loan can be borrowed per signed note, the MPN allows a school to make multiple Federal Loans to a borrower using the single note.
The principal is the full amount borrowed. During repayment, it refers to the portion of the original loan amount still owed (not including interest or fees).
Companies that specialize in handling billing, collections, deferments, etc., for student loans.
The specific conditions of a loan, including the requirements governing receipt and repayment of a loan.
An unsubsidized loan is a loan for which the government does not pay the interest. The borrower is responsible for the interest on an unsubsidized loan from the date the loan is disbursed, even while the student is still in school. Students may avoid paying the interest while they are in school by capitalizing the interest, which adds the interest to the loan balance. These loans are not based on financial need or income. Examples of unsubsidized loans include the unsubsidized Stafford loan and the PLUS loans.
CONTACT US
OFASA
Phone: (305) 760-7513
Email: OFASA@larkin.edu
Hours: By Appointment
Federal Student Aid School Code: 043064
