Return to: Financial Aid
- Direct Loan Maximums
- Federal Direct Loan Disclosure Statement and Right-to-Cancel Period
New students: Award notifications will be made by e-mail to students with completed financial aid files. However, Walden cannot disburse the student’s financial aid until all official transcripts are received by the Office of Admissions.
Current students: If a student is beginning a new Walden program within a term or payment period after completing a Walden program, financial aid for the new program cannot be disbursed until the student’s degree/certificate is conferred by the Office of the Registrar.
The Office of Financial Aid will continue to accept applications, offer awards, and process disbursements in the last 30 days of the term or payment period, but cannot be held responsible if funds are not able to disburse for the term or payment period. Delays outside of the control of the Office of Financial Aid can occur. For example, a student may not be able to obtain third-party documentation, such as Selective Service status information letters, overlapping financial aid forms, official transcripts, and Graduate PLUS endorsers in a timely manner.
The myFinAid Web portal is the student’s 24/7 source for financial aid information for students who complete the FAFSA. The Office of Financial Aid will notify the student by e-mail when updates, including award notifications and changes, are made to financial aid information on myFinAid; however, financial aid recipients are responsible for checking their myFinAid page periodically for any updates. Students may contact the Office of Financial Aid via e-mail (email@example.com) or telephone 1-800-925-3368.
Students who complete the FAFSA will receive a Student Aid Report (SAR). Students should read the SAR carefully as it contains important information about the student’s eligibility.
Financial Aid Disbursement Process and Requests for Excess Funds for Course-Based Programs
Most financial aid is disbursed in three equal payments over the award period. Students in good standing may have any excess balance in their student account returned to them to pay for indirect education expenses. Any time financial aid proceeds credited to a student’s account exceed direct charges, the bursar’s office will automatically forward the credit balance directly to the student, no later than 14 calendar days after the credit balance occurs.
If students are not subject to Adequate Academic Progress (AAP) as first-time undergraduate students, they receive Pell Grants, and their financial aid will create a credit balance; they may request book vouchers here: https://inside.waldenu.edu/c/Student_Faculty/OnlineForm_BookLoan.aspx
Students are responsible for payment of tuition and fees incurred after a full credit balance refund has been released (e.g., added courses and residencies fees). Credit balance refund distributions are made in accordance with applicable federal guidelines. Any outstanding debt to the university as a result of a required credit balance refund is the responsibility of the student.
Unless students are subject to the Adequate Academic Progress (AAP) process, financial aid generally begins disbursing on day 12 of the term and refunds are released to eligible students by day 26 of the term (14 days after funds have disbursed to the student’s account). Students must participate in their online coursework to establish eligibility and remain eligible for federal aid. Failure to participate in academically related activity will result in loss of eligibility for all or part of the term. If two sequential courses make up the quarter or semester and the student does not register for the first half of the quarter or semester, federal aid cannot disburse until day 12 of the second half of the term. Disbursements may be delayed if the student is subject to a Satisfactory Academic Progress review for a prior term.
Refund Policy for Minnesota GI Bill® Program (MN OHE GI Bill®)
Minnesota GI Bill® (MGIB) financial aid recipients who do not complete the required MGIB period of instruction may not be entitled to keep the full amount of MGIB financial aid disbursed to them.
Financial Aid Disbursement Process and Requests for Excess Funds for Tempo Learning® Programs
Walden’s financial aid academic year for federal student aid in Tempo Learning® Programs is defined as follows:
|MS in Early Childhood Studies
|Graduate Certificate in Early Childhood Administration
|Master of Business Administration
|Master of Healthcare Administration
The academic year is also the loan period. The loan period is then divided into two equal payment periods. The first payment period ends when the student successfully completes half the credit equivalencies and half the weeks in the academic year. The second payment period ends when the student completes the remaining credit equivalencies and weeks in the academic year.
The loan amount for the loan period is divided equally between the two payment periods. Each payment period is then broken into two disbursements designed to align with the student’s 3-month subscription periods. Therefore, in most cases, financial aid is disbursed in four equal payments over the award year.
All disbursements require that the student has submitted an academic plan by day 14 of each 3-month subscription period which confirms that they will attempt the full-time credit equivalency for that period. All disbursements also require the student to meet all federal financial aid eligibility requirements and all Satisfactory Academic Progress requirements.
Disbursements at the start of the payment period (with the exception of the first disbursement of the program) require that the student has earned half the semester credit equivalencies and has completed half the weeks in their financial aid academic year. Disbursements at the midpoint of the payment period require that the student has completed half the weeks in the payment period.
This disbursement schedule is designed to align with the student’s subscription billing period, but it’s important to note that a student’s pace or transfer from a prior school may result in payment periods and disbursement dates that do not fully align with the subscription billing periods.
If a student’s remaining credit equivalencies at the start of an academic year are less than the defined credits in an academic year for their program, it is possible for the academic year to be less than 52 weeks.
Likewise, if a student transfers to Walden with an overlapping enrollment from a prior school, this could also result in an academic year to be less than 52 weeks. Consequently, there may only be one payment period or one disbursement in the payment period. In these cases, the disbursement dates may not align with the subscription billing due dates.
Students in good standing may have any excess balance in their account returned to them to pay for indirect education expenses. Any time financial aid proceeds credited to a student’s account exceed direct charges, the Office of the Bursar will automatically forward the credit balance directly to the student, no later than 14 calendar days after the credit balance occurs.
Students are responsible for payment of tuition and fees incurred after a full credit balance refund has been released. Credit balance refund distributions are made in accordance with applicable federal guidelines. Any outstanding debt to the university as a result of a required credit balance refund is the responsibility of the student.