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2024-2025 Student Financial Aid Handbook

Introduction

The Office of Student Financial Services (OSFS) consists of the Office of Student Finance, Student Insurance Services, and Office of Financial Aid & Literacy. 

The mission of the OSFS at Rosalind Franklin University of Medicine and Science is to keep students' financial needs central while providing precise and accurate financial information. We seek a culture of care by providing individualized guidance and support for each student through resources that provide increased opportunities for access and affordability for health professions students. We also support the mission of Rosalind Franklin University of Medicine and Science. All information in this handbook is subject to revision. Information contained herein supersedes that previously published and is subject to change.

Consumer Information

Under the 2008 Higher Education Opportunity Act (HEOA), Rosalind Franklin University of Medicine and Science is required to make available certain information to current and prospective students, employees, and the general public. For your convenience, this information can be found at: https://www.rosalindfranklin.edu/about/facts-figures/consumer-information/. You may also visit the U.S. Department of Education: Higher Education Opportunity Act of 2008 for additional information.

Privacy Information

All documents submitted on behalf of a student are strictly confidential. No information is released to anyone, including parents, spouses, faculty members, or program directors, without written permission from the student. Thus, according to federal guidelines, financial aid administrators are not allowed to discuss the specifics of a student's financial aid or academic file with anyone other than the student. Students who wish to grant permission to specific persons must complete an Authorization to Release Information form.

Student Rights and Responsibilities

Students have the right to know:

  • The cost of attendance and how financial need is determined.
  • The criteria used to determine financial aid eligibility.
  • The type and the amount of assistance you will receive.
  • The terms and conditions of all awards made.
  • The school's refund policy.
  • The satisfactory academic policy for financial aid eligibility.

Students are responsible to:

  • Provide complete and true information on all of your loan documents.
  • You must provide complete and true information on all of your loan documents.
  • You must notify your lender if you change schools, name, address or telephone number, social security number, or enrollment status.
  • You must repay your loan on time and in full even if you do not graduate or complete your program of study, are unable to secure employment, or are dissatisfied with the education you received.

Cost of Attendance

The Cost of Attendance (COA) determines your maximum financial aid. The COA is an estimate of allowable expenses (tuition, fees, books, course materials, supplies, equipment, transportation, and living expenses) for the approximate academic year that which students are enrolled. Total aid from combined sources, including Federal Direct Unsubsidized Stafford and Grad PLUS loans, scholarships, and Federal Work-Study cannot exceed the school-approved COA.

The COA is designed to support the student attending school, not extended family, except as noted under Budget Adjustment Allowances. COA is reviewed annually and updated with estimated information in April of each year; information is not finalized until the May Board of Trustees meeting. Note: tuition and fees are subject to change without notice.

Financial Aid Eligibility

Federal Financial Aid

Federal Direct Loan and Federal Work-Study eligibility are based on the cost of attendance, assistance from other sources, as well as, the following requirements:

  • Demonstrate financial need for need-based federal student aid programs;
  • Be a U.S. citizen or an eligible noncitizen;
  • Have a valid Social Security number (except students from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau);
  • Be enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program;
  • Be enrolled at least half-time (4.5 credits) to be eligible for Direct Loan Program funds;
  • Maintain satisfactory academic progress in college or career school;
  • Show you’re qualified to obtain a college or career school education.

Types of Funding

Federal Direct Student Loans

For most student borrowers, the Federal programs provide the most appealing choice for loan options. The Federal programs offer: 

  • Cancellation and forgiveness options
  • Low-interest rates with fixed interest caps
  • Deferment options
  • Income-based repayment options
William D. Ford Federal Direct Unsubsidized Loans

With some fees and a percentage of interest accruing while in school, the Federal Direct Unsubsidized Stafford Loan is guaranteed by the Federal Government. First-time borrowers must complete and sign a new Master Promissory Note (MPN) in order to receive the loan, and borrowers are required to complete Entrance Loan Counseling.

William D. Ford Federal Direct Graduate PLUS Loan

Approval for a Federal Direct Grad PLUS Loan is contingent upon your credit rating. To apply for the Direct Grad PLUS loan you must complete the following steps at studentaid.gov:

  • Apply for a PLUS Loan – A successful credit check required
  • Direct Graduate PLUS Master Promissory Note
  • Direct Graduate PLUS Entrance Counseling

A loan request may be denied if there is an adverse credit rating. If this happens, we recommend you contact the Direct Loan Servicing Center at 1-800-557-7394 or go to their website to confirm why the loan was denied and explore the appeal process. There is also the option to reapply for the loan with an eligible endorser. Note: Beginning on March 29, 2015, students who obtain a Direct Grad PLUS loan after documenting extenuating circumstances or obtaining an eligible endorser (cosigner) will be required to complete special Grad PLUS loan counseling. This additional loan counseling is in addition to the Grad PLUS loan entrance counseling.

Private/Alternative Loans

The Private/Alternative Loans are a non-Federal loan program that provides specialized student loans for International students (who have a credit-worthy, U.S. citizen cosigner), as well as U.S. citizens, nationals, and permanent residents who decided not to borrow from the Federal loan program.

Federal Work-Study

The Federal Work-Study program provides jobs for students with financial need, allowing them to earn money to help pay for educational expenses. Students are paid directly on a bi-weekly basis from RFU.

Applicants must demonstrate financial need on their FAFSA and submit all financial aid information required by the OSFS. The Federal Work-Study Interest Form is available through the OSFS. All applications, payroll, timekeeping procedures, and job assignments are handled through the specific supervisor or department for which a student works.

Applying for Financial Aid

You are encouraged to start the financial aid application process as early as possible. Your financial aid will only be processed if you are formally admitted to an academic program at RFU. 

  1. Create a Federal Student Aid (FSA) ID to gain access to the U.S. Department of Education's online systems.
  2. Submit the upcoming academic year Free Application for Federal Student Aid (FAFSA). The RFU school code is 001659.
  3. Verify Information on the Student Aid Report (SAR) to ensure accuracy and to make corrections as needed.
  4. Once the FAFSA is received, OSFS will begin reviewing and evaluating the student's financial aid eligibility and processing a financial aid award package.
  5. Once processed, financial aid awards are viewable through the Self-Service portal under the My Awards screen. Students may accept, reject, or modify all or a portion of their federal financial aid eligibility for the academic year. Students will be emailed their award notification to their RFU email address. 
    • New summer and continuing students will begin to receive their award notifications in late April.
    • New fall students will begin to receive their award notifications in early July. 
  6. All first-time borrowers who accept Federal Direct Unsubsidized Student Loans or Federal Direct Graduate PLUS Student Loans must complete the required Master Promissory Note(s) and Entrance Counseling before the OSFS can disburse those funds.

Federal Student Loan Repayment

You are required to being repayment of your Federal student loans 6 months after you cease enrollment, regardless of the reason you left school. Private loans may be different, check with your lender to see your repayment terms and conditions. 

Exit Counseling

Student loan exit counseling is required before you withdraw, graduate, or drop below half-time attendance (even if you plan to transfer to another school). All students taking out Direct Unsubsidized Loans or Direct Grad PLUS Loans are required to complete exit counseling. It is intended to help you understand your rights and responsibilities as a student loan borrower and provide useful tips and information to help you manage your loans. In addition to a required online session at studentaid.gov, Mandatory RFU Exit Counseling Sessions are scheduled to review repayment options and assist in critical decision-making.

Federal Student Loan Servicers

It is important that you identify your Federal Loan Servicer(s). Keep in mind that the company that actually services your student loans is probably different than your lender.

After a lender disburses the loan, a servicer oversees the administration of the loan. Servicer(s) also handle most activities that occur during repayment, such as making payments, updating your contact information, processing forms for deferment and forbearance, and providing tax forms with information for deducting student loan interest. The servicer(s) of your loans can change. To stay informed about these types of changes, be sure to open and read all communications you receive about your student loans, and if you have questions, call the loan servicer immediately.

Visit the Federal Student Aid Dashboard on studentaid.gov to view information about all of the federal student loans you have received and to find contact information for the loan servicer or lender for your loans. You will need your FSA ID and password to access your information.

Leave of Absence

RFU expects students to maintain continuous enrollment in an academic program with the exception of scheduled breaks. However, at times it may be necessary or desirable for a student to take a leave of absence. All leave of absence requests must be approved by the appropriate dean or dean’s designee. 

To read more about the policy, visit the Academic Catalog. 

Satisfactory Academic Progress

Satisfactory Academic Progress is based on students being actively engaged in the satisfactory completion of all curricular requirements. Students will be considered to be making satisfactory progress while undertaking the remediation or while enrolled in a repeat course or clerkship.

Students who fail to meet SAP standards and lose their financial aid eligibility may appeal that standard(s) result(s) based on: injury or illness, the death of a relative, or other extenuating circumstances. If an appeal is not complete within 30 days of the SAP failure notification, it will be denied. Students should not assume that a SAP Appeal will be approved. A student who enrolls for classes before the SAP Appeal is approved remains responsible for paying all charges without financial aid.

To read more about the policy, visit the Academic Catalog. 

Tuition and Fee Payment

Tuition and fees are billed quarterly and due the first week of each academic term. E-billing notifications are generated three weeks prior to the billing due date. Billing statements can be accessed by students via Self-Service and will include charges and anticipated financial assistance as of the statement date. For a list of the current deadlines and due dates please refer to the Academic Calendar.

RFU Payment Plan

The RFU Payment Plan allows you to divide your educational expenses into 3 convenient monthly payments per quarter. Participants are billed in equal monthly installments once the RFU Payment Plan enrollment has been completed.

For more information, please visit the RFU Payment Plan website page.

Return of Title IV Funds

Federal law and regulations require Rosalind Franklin University to calculate a return of Title IV funds for any student who withdraws, takes a leave of absence, or does not complete an enrollment period or payment period, and who has received financial aid through the federal Title IV programs. This calculation is performed using a specific formula required by the U.S.  Department of Education. 

Title IV programs include Direct Unsubsidized loans and Graduate PLUS loans. Title IV funds are awarded to a student under the assumption that the student will attend school for the entire enrollment period or payment period for which the aid is awarded. When a student withdraws or takes a leave of absence the student may no longer be eligible for the full amount of Title IV funds received. The return of Title IV funds calculation is based on the percentage of the enrollment period or payment period completed and the amount of Title IV aid disbursed. The return of Title IV funds calculation is separate and different from the calculation for refund of Tuition and Fees. 

For more information, please visit the Return of Title IV Funds & Tuition Refund Policy page.

Tuition Refund Policy

When a student withdraws from a program, a refund of tuition may be granted based on the official withdrawal date.

  • Withdrawal before the end of the 1st week of classes - 100% tuition refund
  • Withdrawal before the end of the 2nd week of classes - 75% tuition refund
  • Withdrawal before the end of the 3rd week of classes - 50% tuition refund
  • Withdrawal before the end of the 4th week of classes - 25% tuition refund
  • Withdrawal any time after the 4th week of classes - no tuition refund

For more information, please visit the Return of Title IV Funds & Tuition Refund Policy page.