Financial Facts
Federal Refund Policy: The Financial Aid Office is required by federal statute to determine how much financial aid was earned by students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60% of a payment period or term. For a student who withdraws after the 60% point-in-time, there are no unearned funds. However, a school must still complete a Return calculation in order to determine whether the student is eligible for a post-withdrawal disbursement. The calculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula: Percentage of payment period or term completed is the number of days completed up to the withdrawal date divided by the total days in the payment period or term. (Any break of five days or more is not counted as part of the days in the term.) This percentage is also the percentage of earned aid. Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula: Aid to be returned is (100% of the aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period or term. If a student earned less aid than was disbursed, the institution would be required to return a portion of the funds and the student would be required to return a portion of the funds. Keep in mind that when Title IV funds are returned, the student borrower may owe a debit balance to the institution. If a student earned more aid than was disbursed to him/her, the institution would owe the student a post-withdrawal disbursement which must be paid within 120 days of the student’s withdrawal. The institution must return the amount of Title IV funds for which it is responsible no later than 45 days after the date of the determination of the date of the student’s withdrawal. Refunds are allocated in the following order: • Unsubsidized Federal Stafford Loans • Subsidized Federal Stafford Loans • Unsubsidized Direct Stafford Loans (other than PLUS loans) • Subsidized Direct Stafford Loans • Federal Perkins Loans • Federal Parent (PLUS) Loans • Direct PLUS Loans • Federal Pell Grants for which a Return of funds is required • Federal Supplemental Opportunity Grants for which a Return of funds is required • Other assistance under this Title for which a Return of funds is required (e.g., LEAP)
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Payment
Payment Due Dates Semester bills are due one week before the start of the semester.
Payment Options: The following payment options are available for those who qualify: • Check, Cashier’s Check, or Money Order • Cash payments under $1,000 • E-check and Credit Card Payment (on-line only)* • Loans (on behalf of the financial aid process) * E-Check and Credit Card payments can be made on GUXpress using the Student Account Center or at www.gannon.edu/ epayment. There is no charge for E-Check transactions. A 2.65% service fee is assessed on credit card transactions. Cards accepted: VISA, MasterCard, Discover and American Express.
Semester Payment Plan This plan enables you to defer up to $2,500 per semester. There is a $30 per semester processing fee. For a balance greater than $2,500, a down payment of the difference between the total due and $2,500 is required. For a balance less than $2,500, a 25% down payment is required. In either case, a signed Semester Payment Agreement is required, which is available on GUXpress on the Student Account Center or in Gannon’s Cashier Office. The balance deferred plus the $30 processing fee will be divided into three equal payments and will be due the 20th of the month.
Company Reimbursement A student who receives 100% reimbursement must make a $100 down payment per term. A student who receives partial reimbursement must pay tuition or fees not covered by their employer. In both cases, payment must be made by the time the semester bill is due. The balance is deferred until 30 days from the last day of the semester. Any student who fails to make payment in full by this date will be liable for a $50 late fee. Employer or grade delays will have no effect on the final payment date. The Company Reimbursement Agreement is limited to credit courses. Application fees and late fees cannot be deferred. These fees, if applicable, are payable at the time charged. Books cannot be deferred. It is the student’s responsibility to provide the employer with grades and/or other necessary paperwork to obtain reimbursement. It is the student’s responsibility to make payment of the semester balance to Gannon. Students should also ensure that the conditions of reimbursement are stated clearly and completely on the reimbursement form by their employer. Application forms for the Company Reimbursement Agreement are available on GUXpress in the Student Account Center or in the Office of Graduate Admissions. This is an agreement between the student and Gannon University.
