Terms and Conditions
Disbursement and Payment of Student Bills
The expected scheduled dates of disbursements are: Fall 2013 – September 10-13, 2013; Spring 2014 – January 28-31, 2014. Funds are not released unless a student’s financial aid file is complete and the student is enrolled in the appropriate number of units. Incomplete financial aid files create delays in disbursement of funds and in some cases may result in cancellation of some or all of a student’s aid.
Students will receive a refund check if there is a credit balance after financial aid funds are applied to their student bill. Refund checks normally become available by 10 but no later than 14 business days from the time the live credit balance occurs. If you have any questions about receiving your refund check, please check your MyMenlo account or contact the Student Accounts Office at 650.543.3781.
Budgeting and Short Term Book Loans
Because refund checks become available later in the semester, it is important to budget accordingly and make sure you have set aside some of your personal funds at the beginning of the semester to purchase books, supplies and meet other living expenses. During the first two weeks of each semester, Menlo College book loans are available for those students who will receive aid funds in excess of their school charges at the Student Accounts Office. (Note: One way to receive financial aid in excess of direct costs is to have your parent apply, and be approved, for a PLUS loan amount that will exceed your school charges.) If you are approved for a book loan, when you purchase your books at the campus bookstore, the charges are applied to your student bill at the Student Accounts Office. When the excess financial aid is credited to your student billing account, it will pay your book charges.
Our Consumer Information Disclosure contains detailed facts and information about financial aid or general information on Menlo College.
Changes of Status
Housing Status: If there is a change in your housing status (for example, if you move from on- to off-campus housing, or from on-campus to living with parent/relative), you are responsible for notifying our office immediately. Changes in housing status may affect your award package.
Enrollment Status: Your award package is based on enrolling and completing a certain number of units, which in most cases is full-time (12 units or more per semester). If you drop to below 12 units (for example, from 12 to 6 units, which is half-time status), some or all of your aid may be pro-rated or cancelled, depending on the regulations and policies governing the particular aid program. Before you decide to change your enrollment status, please be sure that you contact the Office of Financial Aid to determine how it will affect your award package and, if applicable, subsequent renewal of your Menlo Merit Scholarship.
Withdrawals: If you completely withdraw from the college during a semester, the school is required to use a specific formula established by the federal government to calculate the amount of student aid that you have “earned” up to the point of your withdrawal. If you receive more aid than what you earned, the excess funds will need to be returned. This may sometimes create a balance owed to the school. The Office of Financial Aid will notify you if any financial aid funds will need to be returned. In addition, if you borrowed federal loans while attending Menlo, you will be required to complete Exit Loan Counseling online at www.studentloans.gov. This counseling will ensure that you understand your rights and obligations of borrowing through the direct student loan program.
Satisfactory Academic Progress
In accordance with federal guidelines, satisfactory academic progress for financial aid purposes is maintained by completing a minimum of 67% of all attempted classes and by maintaining a minimum cumulative GPA of 2.00 at Menlo College. Please note that if a full-time student only completes 67% of his or her attempted classes, it will take 6 years to complete a bachelor’s degree, and there can be limitations on what, if any, financial aid funds an undergraduate student can continue to receive after 4 years of enrollment.
The Office of Financial Aid reviews the academic progress of financial aid recipients at the end of every semester. Students who fail to maintain satisfactory academic progress will be placed on financial aid probation for one semester. Students can receive financial aid during the probationary semester. At the end of the probationary semester, students who do not meet satisfactory academic progress will be ineligible for future financial aid until the minimum requirements are again met. Students will be notified in writing if they are on financial aid probation and if they become ineligible for financial aid.
There are a few circumstances in which students may have a case to appeal. For more information, refer to the financial aid section of the Menlo College catalog or contact the Office of Financial Aid.
Renewing Financial Aid from year to year
Remain in Good Academic Standing
- Achieve at least a 2.00 minimum Cumulative Grade Point Average (GPA)
- Maintain a cumulative Completion Rate of at least 67% (earned units/attempted units)
- Earn at least 24 units each academic year
Complete any required SERV hours
- If you receive a Valedictorian, President’s, Dean’s or Leadership scholarship you are required to complete at least 30 hours of community service each year through the SERV office in Student Affairs
- Renew the FAFSA (Free Application for Federal Student Aid) by March 2 of each school year to ensure your consideration for other financial aid such as Pell Grant, Menlo Grant and Federal Direct Loans at www.fafsa.gov.
- Check your Menlo email frequently for correspondence from our office on scholarship opportunities and renewal notifications.