[Oasfaa] Loan question

[Kandi Molder]

I was in a Program Integrity Session with Jamie Malone, a training officer for ED, and she made reference to this.  We had never done this.  So, I wanted to make certain I understood her correctly.  I emailed her and this was her response.

“A student may borrow a full annual loan limit in one semester if that semester's cost of attendance is high enough to allow it, when taking into account other aid he receives for the semester.”

We have done it a few times since that point but only in unique situations. I have them sign stating that they understand they are using their annual loan limit and are not eligible for any additional loans from any school until after July 1.

I hope this helps.

[OWU Email Signiture_Financial Aid]

Kandi Molder

Director of Financial Aid
Oklahoma Wesleyan University
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From: oasfaa-bounces at lists.onenet.net [mailto:oasfaa-bounces at lists.onenet.net] On Behalf Of Schmerer, Mendy M. (HSC)
Sent: Tuesday, November 26, 2013 8:49 AM
To: Jonna Raney; oasfaa at lists.onenet.net
Subject: Re: [Oasfaa] Loan question

In Volume 3, Chapter 1, page 18, check out the “special rule” in regard to your cohort default rate and the way your academic periods are structured.  In that first sentence, it does address what you may do, but again, it depends on the term structure.

Even if you can do it, how does she intend to pay for the rest of the year?  We all know the “I’ll figure that out later” response isn’t good enough!  I’d be pretty hesitant to allow her to do this too.

Mendy Schmerer
Assistant Director
Office of Student Financial Aid
University of Oklahoma Health Sciences Center
1106 N. Stonewall, Rm 301
Oklahoma City, OK  73117
(405) 271-2118, x 48817 (p)
(405) 271-5446 (f)
Mendy-Schmerer at ouhsc.edu<mailto:Mendy-Schmerer at ouhsc.edu>
http://www.ouhsc.edu/financialservices/SFA/

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From: oasfaa-bounces at lists.onenet.net<mailto:oasfaa-bounces at lists.onenet.net> [mailto:oasfaa-bounces at lists.onenet.net] On Behalf Of Jonna Raney
Sent: Tuesday, November 26, 2013 8:32 AM
To: oasfaa at lists.onenet.net<mailto:oasfaa at lists.onenet.net>
Subject: [Oasfaa] Loan question

I have a student who owes a large fall balance. She has requested to use her full Stafford Elig for fall only. I've explained the ramifications of doing that (no loan elig for remainder of year) but since she is not graduating in December, technically, she can do that, right? We don't do this normally, but if I say no, am I denying her funds for which she has requested and is eligible?

Thanks in advance for your help. Come on Thanksgiving break!

Jonna

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