Terms & Conditions of Financial Aid 2025-2026

1. Payment of Financial Aid
2. Eligibility for Financial Aid
3. Verification Students
4. Enrollment Status
5. Return of Title IV Funds:  Official or Unofficial Total Withdrawal from Classes
6. Repeated Coursework
7. Satisfactory Academic Progress
8. Taxable Financial Aid
9. Payment of Costs Not Covered by Financial Aid
10. Types of Financial Aid
11. Consumer Information
12. Financial Aid Awarding/Financial Aid Offers (Award Letters)
13. Spring/Summer Financial Aid
14. Bookstore Funds
15. Refunds
16. Important Dates

I. Payment of Financial Aid

Saginaw Valley State University (SVSU) will credit financial aid funds to the student account to pay tuition, fees and on-campus room and board. The student’s signature on the Financial Aid Offer (Award Letter) authorizes SVSU to retain funds on their account to cover other charges such as books, late fees, telephone charges, and fines. This authorization may be canceled or modified in writing by the student (or parent in the case of a parent PLUS loan) and submitted to the Office of the Controller. A cancellation or modification is not retroactive. Disbursements may occur up to 10 days prior to the enrollment period or within 14 days of the disbursement of funds to the student's account. 

II. Eligibility for Financial Aid

Federal financial aid, allocated through the Free Application for Federal Student Aid (FAFSA), encompasses various forms of aid, such as the Pell Grant, Supplemental Educational Opportunity Grant (SEOG), federal work-study, and Direct Federal Loans. The Pell Grant, for instance, hinges on financial details provided by the student and/or their parent(s), including income, assets, and family size, which generates a Student Aid Index (SAI). This SAI determines Pell Grant eligibility, alongside meeting other criteria. Additionally, the SAI influences eligibility for SEOG. At SVSU, this grant is disbursed on a first-come, first-served basis, prioritizing students with the lowest SAI.

Should the U.S. Department of Education revise a student's SAI (based on internal recalculations or student/parent changes), adjustments ripple through various aid categories, including Pell Grant, SEOG, federal work-study, Direct Federal Subsidized Loans, institutional aid (that may utilize SAI for allocation), the Saginaw Valley Opportunity Grant (SVOG), as well as any state aid, such as the Michigan Achievement Scholarship. These adjustments may involve reductions, increases, or cancellations depending on recalculated SAI values.

Some financial aid awards may be based on the annual completion of the FAFSA. Financial aid awards may be made under the assumption that a past award may be renewed, while other awards may not be renewed. If the award is not renewed, the award package for that academic year may be revised. Most financial aid awards are made for the Fall and Winter semesters, and Spring/Summer semester awards are based on the student’s eligibility for financial aid. If a student is interested in financial aid for the Spring/Summer semester, they will need to complete a form available online at the financial aid forms page or from the Campus Financial Services Center (CFSC) at the beginning of the winter term.

If a student has used their maximum Pell Grant, Direct Federal Loans, or other federal funds for the academic year, they may not be eligible for additional federal funds until the next academic year.

The student’s COA is determined by SVSU and can be viewed on the Cost of Attendance page. Students cannot exceed their COA when receiving any awards (scholarships, grants, loans, work-study) from any source. All awards must be reported to the Office of Scholarships and Financial Aid (OSFA). If a student receives a Direct-to-Consumer Loan (alternative or private loans that are disbursed directly to the student), federal law requires that the loan must be reported to the OSFA.

Federal financial aid is available at one institution during an enrollment period. If a student plans to attend another institution concurrently, they must notify the OSFA prior to enrollment. Students cannot receive federal funds such as Direct Federal Loans or Pell Grant from more than one institution during the same enrollment period. Students who are awarded funds at two institutions during the same enrollment period, semester or term, may be required to return funds awarded to them.

In the event of federal or state reductions in funding, awards may be reduced, and a student may be billed for the reduction.

Awards may be canceled or reduced if the student becomes eligible for additional scholarships and financial aid, or if they default on any (private or federal) student loans.

Students that are awarded need-based awards such as SVOG, SEOG, federal work-study, need-based private scholarships, Direct Federal Subsidized Loans will have their awards reduced or canceled if they exceed their financial need upon receipt of any additional awards that puts them over financial need.  Federal work-study and Direct Federal Subsidized Loans will be reduced or canceled first before need-based grants (SVOG, SEOG, etc.) and need-based scholarships are reduced or canceled.

A student will be required to reimburse SVSU if they receive federal, state or institutional financial aid under the following situations:

1. providing fraudulent information,
2. failing to maintain Satisfactory Academic Progress (SAP) in prior semesters,
3. dropping classes with a complete refund, and/or
4. not carrying the minimum number of credits for eligibility.  

III. Verification Students

Students are chosen for a process called verification by the federal processor or the university. Students who are selected for verification AFTER receiving a Financial Aid Offer (Award Letter) with federal, state and institutional funds (i.e., Pell Grant, SEOG, SVOG, Federal Direct Loan(s) and/or other awards) must complete the verification process to remain eligible for any awarded funds. Awards such as the Pell Grant, SEOG, SVOG, Federal Direct Loans and/or other selected awards will be removed temporarily until the verification process is completed. After completion of the verification process, awards may be reduced because of a change in the student’s SAI. Any reduced awards could cause the student to owe a balance to the university. 

IV. Enrollment Status

A student’s Financial Aid Award is initially packaged based on full time enrollment for the Fall and Winter semesters. If a student’s enrollment status will be less than full time, they are to complete a Budget Enrollment Change Form for that academic year and submit it to the Campus Financial Services Center (CFSC). Awarding for the Spring/Summer semester is done separately as indicated in Section II: Eligibility for Financial Aid. If the award package is initially created after classes begin, the package may be based on the actual enrollment status. Financial aid awards such as the Pell Grant, SEOG, SVOG, Michigan Competitive Scholarship, TEACH Grant, SVSU Scholarships and/or other awards will be adjusted based on the number of credit hours for which a student is enrolled on the last day to drop classes with a refund.

A student may be required to repay all or part of the aid received if they drop classes during the refund period. The refund period dates can be found in the Important Dates for each semester. Financial aid adjustments, however, will not change the enrollment status appearing on a Financial Aid Offer (Award Letter). Before dropping any classes, please check with CFSC to see how aid will be affected.

Students must also notify the Office of the Registrar if they are withdrawing from any course. Students must follow the withdrawal procedures posted on the Registrar's Office Website. Students who are receiving any type of financial aid and who are considering withdrawing from one or more classes should review the Satisfactory Academic Progress policy (SAP). Receiving financial aid for credits a student will not complete can impact their future eligibility for institutional, state, federal, and some third-party awards.

V. Return of Title IV Funds:  Official or Unofficial Total Withdrawal from Classes

If a student receives federal Title IV financial aid and totally withdraws from all classes, federal regulations require SVSU to calculate the amount of federal financial aid the student did not "earn," from the date of last attendance within the course and return the funds to the federal government. This is called the Return of Title IV Funds (R2T4) calculation. Federal Title IV aid includes Pell Grant, SEOG, Iraq & Afghanistan Service Grants, TEACH Grant, Federal Direct Loans, and Federal Direct PLUS Loans. In most cases of early withdrawal from classes, the student will owe a balance of funds to SVSU, the federal government, or both. Loan money owed to the government is repaid according to the terms of the promissory note.

The amount of funds that are "unearned" and to be returned to the federal government is determined by a federal calculation and must be done within 30 days of the determination of the withdrawal. The calculation uses the total number of calendar days a student has attended divided by the total number of days in the semester (not including scheduled breaks of five or more days) to determine the percentage of the semester the student has attended. If it is determined that the student has attended 30% of the semester, the student has then earned 30% of his/her federal aid that was disbursed. Any unearned aid will be returned to the federal government.  When the school returns the aid, this creates a deficit on the student's account at SVSU and the OFSA will notify a student whether they owe money back to the school or to the government. If the student does not have any credit balance on their account, this will become a balance owing to SVSU.  SVSU must return any "unearned" funds to the federal government within 45 days, with the student responsible for repaying those funds within the 45-day period.  If it is not repaid within 45 days, the student will be reported as having received an overpayment and will not be eligible for federal Title IV funds at any school until this is repaid. Students do not have to repay a grant overpayment if the original amount of the overpayment is $50 or less.

Please note that students must meet eligibility requirements of federal aid for the funds to be counted in the calculation. For example, first-time, first-year borrowers must complete 30 days of the semester to be eligible for any Direct Federal Loan funds. If 30 days have not been completed, the student is not entitled to any portion.

If a student did not receive all the funds that they earned, it may be due to a post-withdrawal disbursement. If the post-withdrawal disbursement includes loan funds, SVSU must get the student’s permission before it can disburse the funds. The student may choose to decline some or all the loan funds so that they don’t incur additional debt, and/or SVSU may automatically use all or a portion of the post-withdrawal disbursement of grant funds for tuition, fees, and room and board charges (if contracted with SVSU). SVSU needs a student’s permission to use the post-withdrawal grant disbursement for all other school charges. However, it may be in the student’s best interest to allow SVSU to keep the funds to reduce their debt at the institution.

Official Withdrawal

Students are strongly encouraged to contact CFSC prior to dropping or withdrawing from any classes. The CFSC staff can help clarify any questions about withdrawing from courses.

The requirements for Title IV program funds when withdrawing is separate from any refund policy that SVSU may have. Therefore, a student may still owe funds to SVSU to cover unpaid institutional charges. SVSU may also charge for any Title IV program funds that the school was required to return. To learn more about SVSU's refund policy, please contact CFSC at cfsc@svsu.edu, W 131-A, or (989) 964-4900.

Students must notify the Office of the Registrar if they are withdrawing from any course. Students must follow the withdrawal procedures posted on the website of the Registrar's Office. The date used in the R2T4 calculation is the date a student completely withdrew from all courses. This would be the date they dropped their last remaining course if they dropped courses on multiple occasions.  If they never attended any of these classes, those classes cannot be counted toward federal financial aid, and their aid may be reduced prior to the R2T4 calculation.

Questions about Title IV program funds, please call the Federal Student Aid Information Center at 1-800-4-FEDAID (1-800-433-3243). TTY users may call 1-800-730-8913. Information is also available online at www.studentaid.gov.

Unofficial Withdrawals

Students who fail their courses or otherwise do not complete at least one course per semester will be reviewed at the end of each term. The date used in the R2T4 calculation for "unofficial withdrawals" is the date reported by the instructor as the last date of academically related activity.  SVSU will determine if such student “earned” a failing grade or received failing grade for attendance issues. The student's last date of attendance or the last date of any academically related activity (exam, paper, quiz, etc.) will be reported on the grade roster for each class given a failing grade. If it is determined, by these dates, that a student has stopped attending all the courses that he/she is registered for before the semester is complete; the student will be required to return their "unearned" federal Title IV assistance to the university which will then be refunded to the federal government (see examples above). Again, it is when a student has attended classes that a student has "earned" all or a portion of his/her federal aid, but, if a student has continued to attend at least one course past 60% of the semester and given a failing grade, then the student has "earned" all their federal funds. If a student completes the entire semester and earns a failing grade, no action is necessary.  If the student never attended one of the classes, that class cannot be counted toward federal financial aid, in which aid may be reduced.

VI. Repeated Coursework

Students who repeat coursework previously taken in a program cannot receive federal aid for a class they have passed two times or more with a grade of a “C” or better.  Students are responsible for contacting CFSC before enrolling in a repeated course they have passed twice with a grade of a “C” or better, to ensure their federal aid is adjusted.  After the add/drop period of each semester, the OSFA will adjust federal aid for a student who has repeated a course more than twice with a grade of a “C” or better.  Adjusted federal aid could cause a student to owe a balance.

VII. Satisfactory Academic Progress

Satisfactory Academic Progress (SAP) must be maintained while receiving any federal, state, and institutional financial aid from SVSU. Included in financial aid are scholarships, grants, loans, and work-study. Failure to satisfy the requirements of the SAP policy will result in loss of financial aid. There are three measurements for SAP:

• Qualitative requirement: SVSU cumulative grade point average (GPA)
• Quantitative requirement: Cumulative credit hours that must be completed
• Maximum time frame: Maximum number of credit hours to complete a program

It is important for students to have a thorough understanding of the SAP policy. A detailed explanation of this policy is available on our website on the Satisfactory Academic Progress Policy page or from CFSC.

VIII. Taxable Financial Aid

Portions of scholarship and fellowship grants may be considered taxable by the Internal Revenue Service (IRS). Contact a tax preparer or the IRS for further information. 

IX. Payment of Costs Not Covered by Financial Aid

It is the student’s responsibility to pay any balance due by the published deadline(s). Inquire with CFSC about payment options.  Payments can be made at CFSC, Wickes Hall 131-A or via Self-Service, at my.svsu.edu.

X. Types of Financial Aid

Grants and Scholarships

Grants and scholarships are considered gift aid that does not need to be paid back.  Examples of grants are Pell Grant, FSOG and the TEACH GRANT from the Department of Education.  Scholarships from the State of Michigan would be Michigan Achievement Scholarship, Michigan Competitive Scholarship, MI Future Educators Fellowship/Stipend. SVSU is also a TIP Phase II school.  SVSU offers grants and scholarships to students including SVOG, academic scholarships and donor funded scholarships. These gift aid funds are also available from community foundations and other private entities (which may go through a process called third party billing).

Michigan Competitive Scholarship

Further information about the Michigan Competitive Scholarship is available by calling 1-888-447-2687. Or by visiting www.michigan.gov/mistudentaid

Michigan Achievement Scholarship

Please Click Here to see the complete eligibility requirements.

MI Future Educator Fellowship

Please Click Here to see the complete eligibility requirements.

MI Future Educator Stipend

Please Click Here to see the complete eligibility requirements.

Teach Grant

Please click here to see the complete eligibility requirements.

SVOG

Please click here to see complete eligibility requirements.

Third-Party Billing

Third-party billing happens when a company, organization, etc. pays for all or part of a student's tuition and/or other fees. The company is billed for the amount they have agreed to pay on behalf of the student. A contractual agreement is required for this interaction and is done through CFSC.

When a student provides the required documentation to SVSU to authorize the University to bill the designated third-party, they agree that:

• The University will bill the designated third-party once the registration add/drop period of the semester concludes,
• If the designated third-party refuses to pay the amount billed, the balance owed will become the student's responsibility to pay no matter what the circumstance, and
• The student understands that a delinquent balance will prevent the student from registering for a future semester or adjusting their current schedule.

Federal Work-Study

Employment awards are not included when offsetting university charges. If a student is awarded Federal work-study and is interested in on-campus employment, they must go to our Career Services Office website and apply for a job online. Student Employment awards are earned wages, subject to a minimum of half-time enrollment status and job availability. If hired, the student will be paid biweekly for work performed. If a student is not placed in an on-campus job, they will not earn their award.  Students interested in on-campus employment and have not received a work-study award, apply for a job at the website above. For more information click here.

Pell Grant

For more information click here

Federal Direct Loans

For more information click here

Per federal regulation, Federal Direct Subsidized and Unsubsidized annual loan limits must be prorated for undergraduate borrowers if the student’s remaining period of study is shorter than an academic year (e.g., a student graduating after fall term).  The annual loan limit for each loan type is multiplied by the number credits for the semester ÷ 24 (the number of credits to be full time in an academic year).  Loan proration does not pertain to graduate or professional students.

Teacher Certification students are undergraduate students for the purpose of federal loan awarding. A student cannot receive a graduate loan in a Teacher Certification program but may be eligible for undergraduate loans. If a student’s academic program has changed from graduate to Teacher Certification and they have been awarded a graduate loan, they must contact CFSC to have the loan adjusted to an undergraduate loan, if eligible. In most cases, adjusting the loan will result in a reduced amount. The OSFA has the right to adjust any graduate level loans to undergraduate loans for students that have had those loans incorrectly awarded, which may result in a balance owed to the university.

Direct Parent Loan for Undergraduate Students (PLUS)

The Parent (PLUS) Loan is taken out by parents of dependent undergraduate students (students who must provide parental information on their FAFSA).  The student must file a FAFSA, be enrolled at least half-time (minimum 6 credits) and meet SVSU’s Satisfactory Academic Progress policy.  The parent must be the biological or adoptive parent of the student and must not have an adverse credit history, as PLUS Loans are subject to a credit check.  Parents may borrow up to the amount of the student’s Cost of Attendance minus other financial assistance that the student receives. 

Repayment begins after the PLUS Loan is fully disbursed, but the parent has the option of deferring repayment while their student is enrolled at least half-time and for an additional 6 months after the student graduates, leaves school, or drops below half-time enrollment.

Parent borrowers can apply online beginning May 1 or later at studentaid.gov and must log in with THEIR Federal Student Aid (FSA) ID.

A parent who applies for a Direct PLUS and is notified that they are denied (adverse credit history) will be given information about obtaining an endorser (co-signer) or submitting documentation of extenuating circumstances. If a denied parent borrower cannot obtain an endorser or submit documentation of extenuating circumstances, their student can be awarded an additional unsubsidized loan. 

However, the amount of the unsubsidized loan is limited to $4,000 (for freshman and sophomores) or $5,000 (for juniors and seniors) for the academic year.

For more information click here

Private Loans

Loans offered by financial institutions other than the federal government. SVSU does not endorse or recommend specific loan providers.  Students are advised to take care when applying for an outside loan.  Terms and conditions as well as requirements vary by providers.  Loan amounts must fit within a student’s COA.

Students can research private loan options on reputable sites, such as FinAid.org.

Academic Scholarships

Please click here for more information

Donor Funded Scholarships

Scholarships are awarded through the Foundation Office, students must apply yearly using the online application.  Requirements vary based on donor preferences.  Please click here for more information.

SVSU Cardinals Commitment Award

The Cardinal Commitment assures qualifying students that SVSU will provide additional funding if tuition costs exceed awarded grants and scholarships. Please click here for more information.

Athletic Awards

Please contact the Athletic Department for more information. NCAA, athletic conferences and institutional rules apply.

XI.  Consumer Information

SVSU is required by federal law to provide consumer information which includes information on the institution, financial assistance, completion or graduation rates, information about student’s rights under the Family Education Rights and Privacy Act (FERPA) and information about athletic program participation rates and financial support. To obtain a paper copy of all or parts of the consumer information, please contact CFSC, Wickes Hall, Room 131-A or call (989) 964-4900.  To view this information online, go to the Consumer Information page.

XII.  Financial Aid Awarding/Financial Aid Offer (Award Letters)

By accepting and signing the Financial Aid Offer (Award Letter), the student certifies that they will use federal, state, institutional, and all other funds to pay for educational costs only while attending SVSU.

Financial aid awards may be based on the annual completion of the FAFSA. Some awards may not be renewable.

Students must be accepted to an eligible degree program (Teacher Certification program is an eligible program) to be eligible to receive federal aid. Most certificate programs are not eligible for federal aid at SVSU.

If a student’s housing arrangement has changed (living on-campus, living off-campus and living with Parent), they are to complete a Housing Plan Change Form and the student’s COA will be adjusted accordingly.

In the event of federal or state reductions in funding, awards may be reduced, and the student may be billed for the reduction.

If federal, state and institutional funds are disbursed and refunded to the student before the start of the semester and the student does not attend class, funds will be reduced or canceled which will cause a balance owing.

Students may not exceed their COA or financial need. Receipt of external and internal scholarships and financial aid may affect a student’s award package in the following order: Federal Parent Loans, Direct Federal Loans, Federal Work-Study, SVSU Controlled Funds (SEOG and Hoern), SVOG, Donor Funded Scholarships.

SVSU reserves the right to correct any clerical errors.

Outside sources of financial aid (for example employer, scholarships obtained through a community or high school) must be reported to the OSFA. These funds may be reported in the student’s mySVSU portal.  Funds must be received by SVSU for funds to be applied to the student’s account. If a student receives a Donor Funded Scholarship, a copy of the student's transcript and general student information may be provided to the donor. If a student receives any grant, scholarship, or loan under the following situations, the student must reimburse SVSU:

• If the student obtained financial aid after providing fraudulent information.
• If the student did not maintain SAP in prior semesters.
• If the student dropped classes with a complete refund or did not carry the minimum number of credits required for eligibility.

The awards listed on the Financial Aid Award Offer (Award Letter) are awarded under the assumption that a student is maintaining SAP, and that any awards will be canceled if the student does not maintain SAP. Awards may be canceled or reduced if the student becomes eligible for different forms of aid. Awards may be made under the assumption that a past award may be renewed. If an award is not renewed, the student's package may be revised. Athletic awards and other merit-based awards may be approximate until the exact charges are determined.

XIII.  Spring/Summer Financial Aid

Students may see if they are eligible for a Federal Pell Grant, TEACH or Federal Direct Loans for the Spring/Summer Sessions.  Please complete a Spring/Summer Financial Aid Request Form. Forms are completed on a first-come, first-served basis and should be available beginning the winter semester.

Students can apply for a loan after the semester begins, but they still must adhere to all payment deadlines.

To receive a late loan for the Spring session only, the student must submit the form by June 1.

To receive a late loan for the Spring and Summer sessions or the summer session only, the student must submit the form by August 1.

Students must be enrolled at least half time to be eligible for a Federal Loan - 6 credits for undergraduate and 5 credits for graduate students. Students may take a combination of this amount between the spring and summer sessions.

Students must be enrolled for the specific number of credits that they listed, for both spring and/or summer sessions, on their Spring/Summer Financial Aid Request Form before the funds can be disbursed. If a student needs to change their intended enrollment status, please complete a Budget/Enrollment Change Form. A change in enrollment status often results in a change to financial aid awards.

The Consolidated Appropriations Act of 2017 allows students to potentially utilize more than 100% of a Federal Pell Grant award in an academic year. That means, even if the student attended full time for the Fall and Winter semesters, they may be eligible for Federal Pell Grant funds during the Spring/Summer semester. This program is commonly referred to as "Year-Round Pell".

It is important to note that if a student is utilizing the Year-Round Pell Award the student will be awarded up to their enrollment intensity for the spring and summer combined enrollment.  Please note the following census date applies:

1) If the student is only attending Spring, only the Spring Census Date applies.
2) If the student is only attending Summer, only the Summer Census Date applies.
3) If the student is attending Spring AND Summer, both the Spring AND Summer FA Census Dates apply.

If a student drops classes, it will affect their Pell award amount and the timing of their Pell Disbursement.

XIV. Bookstore Funds

If students have excess grants, scholarships, and other awards, they will have up to $1,600 per semester available at the bookstore starting the week before classes.  Not all funds will be available the week before classes; students may have other circumstances that will not allow the funds to transfer. Please contact CFSC with any questions.

Students must have excess aid, above and beyond their costs for tuition, fees, and/or housing, to have funds available at the bookstore.

Loans must be eligible to be disbursed before the funds can be available at the bookstore. Check the mySVSU portal to confirm these funds are available by going to Student Finance --> My Bookstore Available Funds.

If a grant, scholarship, or other award pays specifically for all or a portion of a student’s books, funds will be available for them at the bookstore beginning the week before classes.

The Bookstore Funds are only available in the bookstore from the week before classes begin until four weeks into the semester, or until a refund has been processed, unless posted otherwise. Please note, once a refund begins to process, bookstore funds from excess aid will no longer be available.

XV.  Refunds

Fall/Winter Refund Checks
Loan refund checks will begin to be disbursed during the first week of classes for fall and winter semesters. Check the mySVSU portal to see account activity. If a student has a credit that results from their loan disbursement, they should expect a refund. If the credit is a result of a parent plus loan, the parent should expect the refund, mailed to the home address.  Credits on a student’s account will be refunded according to the University’s refund policy. Students can monitor Self-Service to see when CFSC has disbursed their refund to them via voucher or direct deposit to their chosen bank account. Some conditions do apply. Contact CFSC with any questions.

Excess federal funds are refunded within two weeks of being transmitted to the student account.

Spring/Summer Refund Checks
Loan refund checks will begin to be disbursed the first week of the Spring session for students enrolled in the Spring session only or both the Spring and Summer sessions. Students enrolled for the summer session only will not have their loans disbursed until after the summer session begins.

Excess scholarships, grants and all other aid are disbursed after the summer refund period (the point in which students can no longer drop a class and receive a refund. See the Registration page for details, which is typically two weeks into the semester.

XVI.  Important Dates

To access the important dates to remember (classes begin, payment due date, etc.) CLICK HERE.