Financial Policies

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At Midway University we do everything possible to make the university experience achievable and affordable.  The tuition and fees paid by the student are only a small part of the actual cost of a degree. At Midway University, an education is made possible by responsible use of endowment income and substantial gifts and grants to the operating funds of the University from churches, alumni, and friends of the University. Due to numerous financial aid programs available through the state and federal governments as well as institutional programs, students find that an education at an independent university is well within their means.

This catalog contains statements about expenses and financial assistance. The University reserves the right to make necessary changes in the tuition charges, fees, and other expenses of the University as dictated by circumstances, sound business practices, and educational philosophy.

Information on financial policies can be found on the Midway University website. A hard copy of all information will be provided upon request to the Financial Aid Office or the Business Office.

Determination of Financial Eligibility

For need-based aid, students must complete and file the FAFSA (Free Application for Federal Student Aid) FAFSA as soon as possible after October 1 of each year. Students are strongly encouraged to file the FAFSA online at www.fafsa.ed.gov. The information provided is used to compute a family’s Expected Family Contribution (EFC). A formula developed by the U.S. Department of Education is used for the calculation. From the information supplied, Midway University will be able to calculate eligibility for state, federal, and University need-based programs.

How to Apply

Apply as early as possible after October 1 each year.  IMPORTANT NOTE: Some types of aid are awarded on a first-come, first-served basis, and funds can be exhausted by mid-October. Because previously filed tax information is being used, file the FAFSA in early October for the best chance of receiving the most aid. Students will be considered for every federal, state, and institutional aid program available by following these steps:

Step One

Complete the FAFSA as soon as possible after October 1 of each year. The application can be completed on the FAFSA website at www.fafsa.ed.gov. This application will determine eligibility for the Federal Pell Grant, other federal and state grants, federal loan programs, and aid awarded through Midway University.

Step Two

If you reside in a state other than Kentucky, complete the FAFSA and check with your guidance counselor about how to apply for your home state grant program.

Step Three

Remember to list Midway University on your FAFSA so that your information is sent to us. The Federal School Code for Midway University is 001975.

Step Four 

If you provide a valid email address, you’ll receive an email from noreply@FAFSA.gov with instructions on how to access an online copy of your SAR within 3-5 days. 

If you don't provide a valid email address on your FAFSA form, you will receive either a SAR or a SAR Acknowledgement via postal mail within 7-10 days. Review the SAR to make certain the information provided is accurate.  Corrections can be made online at www.fafsa.ed.gov, or on the paper SAR and returned to the Department of Education.   If you used estimated IRS tax data, make any necessary corrections to the FAFSA after you have filed your Federal Tax Return. The best way to update tax information is through the online IRS Data Retrieval Tool on the FAFSA, which allows you to transfer income tax information directly from the IRS into your FAFSA. 

Step Five

Provide any additional requested information in a timely manner. If your FAFSA is selected for the verification process, you will be directed to the KHEAA Verify online system to complete this process, which may include providing information on your household, income taxes, assets and other FAFSA data.  If you and your family experienced any unusual circumstance which had an impact on your financial situation such as divorce, death of a parent, or loss of employment, please notify the Financial Aid Office, as you may qualify for review process called professional judgment.

Step Six

When your financial aid file is complete and your admission to the University is finalized, you will receive an email from faid@midway.edu notifying you that your award offer is available. Your award offer will include information on all types and amounts of financial aid for which you are eligible and will include instructions for any additional steps you have to take to receive your awards.

Financial Aid Packaging and Eligibility Requirements

A student’s financial aid is awarded on a semester basis. To be considered for financial aid, a student:

  • Must be enrolled as a regular student in an eligible program taking credits for a degree or other approved course of study.
  • Must maintain satisfactory progress while enrolled as a regular student and be in good academic standing.

Any financial aid package is subject to revision (even during the academic year) for any of the following reasons:

  • A change in the student’s enrollment status
  • A change in regulations governing federal or state programs which requires an adjustment to be made
  • Reduced funding levels in federal or state programs
  • The student receives additional assistance from a source not listed on the most recent award offer
  • The Financial Aid Office discovers an error, clerical or other, on the award offer
  • The student fails to complete required financial aid paperwork for federal, state, and institutional aid

Financial Aid Disbursement and Credit Checks 

Federal, state, and institutional financial aid is disbursed to the student’s account after enrollment for the semester is verified during the add/drop period.  For Direct Loan purposes, a student must accept the loan funding through the Student Self Service Portal and complete all necessary counseling and promissory note requirements communicated by the Financial Aid Office before funds are disbursed to the student account.  When financial aid disbursement creates a credit on the student account, the student typically can expect a credit balance check to be sent to BankMobile, the University’s provider for credit balance refunds, no later than 14 days as required by federal regulations.  Students will receive a welcome kit from BankMobile when they enroll in classes.  Students should choose their refund preference through the BankMobile website, which allows them to direct their refunds to go to an existing bank account, or they can open a BankMobile Vibe account, which has a monthly fee of $2.99. (Please see the BankMobile Vibe website for details.) If no preference is chosen, after 21 days a check will be mailed from BankMobile to the address they have on file.  All students should be aware of the refund policy as described in this section.

Financial Aid Return of Funds Policy 

Financial aid funds are awarded to a student under the assumption that the student will attend school for the entire period for which the assistance is awarded. When a student withdraws or ceases to attend, the student may no longer be eligible for the full amount of federal Title IV, state and institutional funds the student originally received. Midway University’s refund and withdrawal policy is listed in the Midway University catalog. Midway University handles all returns of federal and state financial aid in accordance with federal and state regulations.

IMPORTANT NOTE: Midway University may charge the student for any Title IV or state aid program funds that the University is required to return on the student’s behalf. Therefore, the student may owe a balance to Midway University to cover unpaid institutional costs due to loss of financial aid through the withdrawal calculation described below:

Returns of funds due to withdrawal will be determined using the following principles:

Federal Title IV Aid

  1. Midway University follows all federal Title IV regulations governing return of funds. This process is referred to as an R2T4 calculation. The Title IV programs that are covered by this regulation are Federal Pell grants, Federal Direct Loans, Direct PLUS Loans, Federal Supplemental Educational Opportunity Grants (FSEOG), and TEACH Grants.
  2. The percentage of Title IV aid required to be returned is based on the percentage of time remaining in the semester as of the student’s date of withdrawal. The amount of assistance that a student has earned is determined on a prorated basis. The University must determine the treatment of the student’s Title IV program assistance on a payment period basis. The percent of the payment period represents the percentage of aid earned by the student. Up through the sixty percent (60%) point in each payment period, a prorated schedule is used to determine the amount of Title IV funds the student has earned at the time of the withdrawal based on the percentage of the term completed. After the 60% point in the payment period, a student has earned 100% of the Title IV funds.
  3. In instances where a student does not officially withdraw from the university but ceases attending all classes, an Administrative Withdraw may be performed by the Registrar. In these cases, the student’s Last Date of Attendance (LDA) will be used to calculate the percentage of earned aid.
  4. Both Midway University and the student may be required to return unearned Title IV funds to the federal government, and the student will receive written notification from the Financial Aid Office within thirty (30) days of determination of withdrawal regarding repayment responsibilities of the school and the student.
  5. Funds will be returned first to the Title IV loan programs and then to the Title IV grant programs in the following order:
    • Unsubsidized Direct Loan
    • Subsidized Direct Loan
    • Direct PLUS loan
    • Teach Grant
    • Federal Supplemental Educational Opportunity Grant (FSEOG)
    • PELL grant
  6. If a student did not receive all eligible Title IV aid before withdrawing during a term, the student may qualify for a post-withdrawal disbursement; the Financial Aid Office will notify the student in writing within thirty (30) days of determination of withdrawal regarding post-withdrawal disbursement eligibility and requirements.

State Aid

  1. With the exception of KEES (see 2.), state financial aid will be earned in the same percentage of term completed used for the federal return of funds calculation. After the 60% point in the payment period, the student has earned 100% of state funds. Up through the 60% point, the percentage earned will be applied to the total amount of state funds for which the student is eligible, and the unearned portion of state funding will be returned for each program:
    • College Access Program (CAP) grant
    • Kentucky Tuition Grant (KTG)
    • KHEAA Teacher Scholarship
    • National Guard Tuition Assistance
    • Early Childhood Development Scholarship
    • Go Higher Grant
    • Mary Jo Young Scholarship
  2. For purposes of KEES, the institution will return 100% of the award up to the date upon which the student is entitled to a full tuition refund in each term, as published in the University refund and withdrawal schedule. On and beyond the date upon which a student is no longer eligible for any tuition refund from the University, KEES will be retained at 100%.

Institutional Aid

Institutional refunds will align with the University’s refund and withdrawal schedule such that the percentage of tuition for which a student is liable will equal the percentage of each institutional award the student is eligible to retain (e.g., A student eligible for a 50% tuition refund and responsible for 50% tuition payment will receive a 50% reduction in the institutional award and retain 50% of the award). If an institutional award creates a credit on the account after a Return to Title IV and state withdrawal calculation is performed, the institutional award may be reduced to eliminate the credit at the University’s discretion.

External/Outside Aid

All external sources of funding will be handled in accordance with the requirements of the funding source.