Consumer Information

I understand the financial aid office reserves the right to review or modify my award in determination of my eligibility at any time due to changes in my status, inaccuracies in information in my records, or because of availability of funds. I understand that any form of aid offered through the college is made in good faith. Aid, however, may be canceled or reduced if funds become unavailable.

I understand that I must notify the financial aid office of any changes in my status with respect to the receipt of additional educational funding from other sources. This includes scholarships, tuition waivers, agency benefits and third-party payments. I must notify (in writing) the University Registrar or local campus official of any changes in name or address, enrollment status or major program of study. I understand these changes may result in an adjustment to my financial aid award.

I understand that I am required to be enrolled in an eligible degree, diploma, or certificate program offered by the college. I also understand I must be enrolled for a minimum number of credits required for the degree in order to receive financial aid funding. Financial aid may be reduced based on the number of credits for which I am enrolled.

I understand that I must maintain satisfactory academic progress as defined in the financial aid Satisfactory Academic Progress policy.

I understand if I receive an overpayment of funds, withdraw, drop or stop attending class I may be subject to repayment of financial aid funds. A portion of the tuition refund will be returned to the appropriate financial aid fund or to the lender if funds were received through the Federal Stafford Loan programs. I understand I am responsible for reading and understanding the financial aid Policy on Return of Title IV Funds.

I also understand and agree that the college has the option of withholding grade reports and transcripts if any repayment remains unpaid.

Typically, student aid disbursements are credited to student accounts by the Business Office in the third week of each semester. Understand that in order for these funds to post to your account you must continue to meet all of the eligibility requirements (i.e. enrolled for the number of credit hours required for your degree upon which your award was determined, maintain Satisfactory Academic Progress, etc.) Additionally, you may need to sign a Promissory Note before loan funds will be sent to the university. The Business Office will process, and make available to you, any subsequent credit balance on your account within 14 calendar days.

In the event that a student's application for financial aid is not completed prior to the start of the term, disbursements will be scheduled shortly after the date on which the Financial Aid Award letter is developed and mailed to the student. In this case the actual disbursement date may well be beyond the second or third week of the semester depending upon when the application for financial aid was completed.

Deferment of fees may be arranged with the Business Office for Stafford and PLUS loans that have been processed; however, students should arrive with sufficient funds to cover the cost of their books and personal expenses for the first 30 days of the semester.

When does payment begin?

• For Subsidized Stafford Loans, repayment of principal and interest begins six months after you leave school or fall below half-time hours.
• For Unsubsidized Stafford Loans, repayment of principal begins six months after you leave school or fall below half-time hours. Interest begins accruing immediately.
• For PLUS Loans, repayment begins immediately after disbursement of funds. Parents must check with their lender to obtain information on repayment procedures.

A financial aid consortium agreement is an arrangement between two schools that participate in the federal student aid programs. If a student enrolled at one of the schools wants to take classes at the other school, a consortium agreement is necessary to determine how that student's aid will be processed. The following definitions are important to understand regarding consortium agreements:

• Home school: The school where the student is enrolled in a degree program.
• Host school: The school where the student is taking part of his or her program requirements.

The home school typically processes aid and assumes responsibility for compliance with governing federal regulations. When the student aid funds arrive at the home school they are forwarded to the host school.

Webster University will participate in financial aid consortium agreements as the host school but two conditions must be met in order for us to participate as the home school. Those conditions are:

1. The coursework is required for the student's degree program and there are no other substitutes.
2. The coursework is not offered by Webster University.

Webster University students that wish to study at another eligible institution should submit a letter of appeal requesting a consortium agreement to their Financial Aid Counselor. This appeal should demonstrate that the conditions cited above have been satisfied. In the event that the conditions listed above cannot be met, students may wish to contact their Financial Aid Counselor for information on private loans that do not require school certification as an alternative to a consortium agreement.

Students that wish to take coursework at an institution that does not participate in the federal student aid programs will need to work out arrangements with several offices to do so. Federal regulations require:

• that the university establish a contractual relationship with the ineligible school.
• that the credits earned at the ineligible school or study abroad program must be acceptable toward graduation at the home school.
• that no more than 25% of the degree program can be taken at the ineligible school without written confirmation from the home school's accrediting agency that the arrangement meets its standards for contracting out educational services.
• that the student be enrolled at the home school.
• that the home school approve the program of study abroad for academic credit.

Students that wish to study abroad at a school that is ineligible for federal student aid should plan for this well ahead of the term they wish to do so. Private loans that do not require school certification are another option to consider as a funding source for Study Abroad in the event that the requirements cited above cannot be fulfilled.

• Student Employment paperwork must be submitted on or before the start date for the student employee (per federal regulations).
• If incomplete paperwork is submitted, the supervisor and the student will be notified immediately, The student employee's work schedule must be suspended until the paperwork is complete and the student has access to MyWebster.
• No student employee may begin work until they have access to MyWebster.
• Timecards must be finalized and approved by supervisors in MyWebster ON TIME according to the Payroll Schedule. Please be aware that there are early deadlines around holiday breaks.
• International students are subject to the same deadlines with the exception of their Social Security number. International Students may begin working once they have applied for their Social Security card and received the SSA formal letter.
• If an undergraduate student plans to work during the summer, they must be registered for Fall classes.
• Students may work up to 37.5 hours per week during the summer (combination of ALL their student employment positions). If they are enrolled in summer classes, they may only work 20 hours.
• Overtime (more than 37.5 hrs. per week) is NOT authorized for student employees.
• An undergraduate student may earn their Federal Work-Study award if they have remaining funds until June 30. If they have already earned their full award, they must be switched to your department's budget.
• Student workers are not allowed to work in any Student Employment capacity after the last day of their graduating semester unless they are enrolled for classes in a degree seeking program the following semester. In the event that the student is continuing at Webster University in this manner, the student can be employed as a student worker on budget funding as long as they meet all of the other necessary requirements.
• Student employees are not exempt from FICA withholdings during the summer. They will be charged all Federal, State, Local (if applicable), Social Security, and Medicare taxes.
• If you want your Graduate Assistant to work over the summer as an institutional (“Budget”) student employee, please complete an Employee Record Form to place your Graduate Student on Leave of Absence and submit the form to Human Resources by May 1. Please submit an Authorization Form to Student Employment to move them to an hourly institutional (“Budget”) student employment position.
• Student Employment is only available to current students at the St Louis campus, In addition, all paperwork is to be completed in person between student and supervisor.

Failure to comply with these policies and procedures may result in disciplinary action. Further explanation and additional Student Employment policies can be found in the Student Employment Supervisor Manual.

Terms of Employment

Student Employment provides temporary, part-time employment. The Federal Work-Study award is given to meet educational expenses including tuition and fees and cannot provide a sole source of financial support. If you find that you are unable to meet your educational and living expenses, contact your Financial Aid Counselor for possible alternatives. You may contact the Career Planning and Development Center for assistance with permanent employment off-campus.

When you are hired, your supervisor should fully explain the job duties, starting pay rate, student rights and responsibilities, and departmental policies. You should arrange a satisfactory work schedule with your supervisor. If you have Federal Work-Study be sure to consistently work the number of hours that will allow you to earn your entire Federal Work-Study award. Student employees are not entitled to paid vacations, holidays, sick pay, closure pay, or paid leave of absence. Students are paid only for time worked, and changes in work schedule due to illness, vacations, exam schedules, or course requirements should be arranged in advance with the supervisor.

All applicants for loans must file the Free Application for Federal Student Aid (FAFSA). To apply, they must also complete the Webster Application for Financial Aid and complete Loan Entrance Counseling. Loans cannot be processed until we have received the results of your FAFSA from the federal processor and that information has been reviewed

NOTE: Students must be enrolled at least half-time to receive loans. For fall semester (August through December) and spring semester (January through May), half-time is six or more credit hours for undergraduates; five credit hours or more for graduate or professional students. For summer sessions, half-time is three credit hours or more for both undergraduates and graduate students. For students attending only eight-week or nine-week classes, half-time is three credit hours in each eight- or nine-week session.

Direct Subsidized Stafford Loans

Direct Subsidized Stafford Loans are need-based loans and are available to eligible undergraduate students. Repayment of principal is postponed while the student is in school and during a six month grace period after the student leaves school or drops below half time status. These loans are made by a lender, such as a bank, credit union, or savings and loan association; are insured by a state or nonprofit guarantee agency; and are reinsured by the federal government.
The federal government pays (subsidizes) interest on the borrower's behalf:

• while s/he is in school;
• in her/his grace period;
• during authorized periods of deferment of repayment.

Direct Unsubsidized Stafford Loans

Direct Unsubsidized Stafford Loans are non need-based loans and are available to eligible undergraduate and graduate students. Repayment of principal is postponed while the student is in school and during a six month grace period after the student leaves school or drops below half time status. The interest on Unsubsidized Stafford Loans while the student is in school however is the borrower's responsibility to repay. These loans are made by a lender, such as a bank, credit union, or savings and loan association; are insured by a state or nonprofit guarantee agency; and are reinsured by the federal government. Additionally, these loans:

• are available to students who do not qualify, in whole or in part, for Subsidized Stafford Loans;
• have terms that are the same as the terms for subsidized loans, except that the federal government DOES NOT pay any interest on the borrower's behalf;
• may either accrue interest while the student is in school and then be added to the loan balance, or the borrower may begin making interest payments after the first loan check is disbursed;
• accrue interest during the borrower's grace period and during authorized periods of deferment of repayment.

Direct PLUS Loans

Parent PLUS (Parent Loans for Undergraduate Students) Loans enable parents to borrow up to the student's cost of attendance minus other aid for each dependent student who is enrolled at least half-time.

• Subsidized Stafford Loan eligibility for the student must be used when calculating PLUS eligibility, regardless of whether the student applies for the Stafford Loan.
• PLUS loans do NOT require that the student have demonstrated financial need. However, the combination of PLUS loans and any other aid may not exceed the cost of education for the term of the loan.

Graduate PLUS Loans allow graduate students to borrow funds up to the student's cost of attendance.

Private Education Loans

Private Education Loans are not state, federal, or institutional aid programs. Instead they are loan programs specifically tailored for educational expenses by private lenders. Since these programs are created by the lenders themselves, there are often different terms and conditions for receiving them. Interest rates, fees, and maximum loan amounts are among the many factors that may vary from lender to lender. We strongly encourage students and parents to borrow first from the Federal Loan Programs. With the use of a survey process, we developed a recommended lender list, allowing our students and parents to compare Private Alternative Education Loan Lenders.

• Lenders to consider

How Do I Apply for Federal Loans?

The student must:

1. File the Free Application for Federal Student Aid (FAFSA)
2. Submit the Webster Financial Aid Application
3. Complete the appropriate loan application

Additional Information

A common Loan Application is used for Direct Stafford Loans (subsidized and unsubsidized). This single form allows you to apply for both subsidized and unsubsidized loan programs on one application.

Loan funds are delivered by means of paper checks or Electronic Funds Transfer (EFT). EFT allows your lender to deposit your student loan funds directly to a student account. Be sure to mark the EFT box on your Stafford Loan application. Not all lenders participate in EFT.

Because of changes in Federal regulations, loan eligibility may change during the academic year. It is critical that you enroll for the period(s) specified on your form and loan applications. IF YOU APPLY FOR A PARTICULAR LOAN PERIOD AND THEN DO NOT ENROLL AS INDICATED FOR THAT PERIOD, YOUR LOAN ELIGIBILITY WILL BE AFFECTED. ANY UNDISBURSED AMOUNTS MUST BE CANCELED, AND DUE TO THE CANCELLATION PROCESS, ANY SUBSEQUENT APPLICATIONS CAN BE DELAYED SEVERAL WEEKS. DO NOT APPLY FOR A PARTICULAR LOAN PERIOD IF YOU HAVE ANY DOUBTS ABOUT BEING ENROLLED AS ANTICIPATED.

We cannot process an application showing a break in the loan period, for example, summer and spring on the same application. Loan periods must be consecutive in order to process on one application.