Disclosures & Policies
MNU shall not assign any first-time borrower's education loans, through award packaging or other methods, to a particular lender. Nor shall the University refuse to certify, or delay certification of, any loan based on the borrower's selection of a particular lender or guaranty agency.
No officer, employee, or agent of MidAmerica Nazarene University shall solicit or accept any "gift" from a lender, guarantor, or servicer of education loans. "Gift" includes any gratuity, favor, discount, entertainment, hospitality, loan or other item having monetary value of more than a de minimus amount. This prohibition also applies to gifts to family members of the above individuals when the gift was given with the knowledge and acquiescence of such individual, and the individual has reason to believe the gift was given because of such individual's official position.
MidAmerica Nazarene University will not enter into any "revenue-sharing arrangement" with any lender. A "revenue-sharing arrangement" is an arrangement whereby the University recommends to students and family a lender of educational loans, and then in exchange, the lender pays a fee or provides other material benefits, including revenue or profit-sharing, to the University, or an officer, employee or agent of the University.
No officer or employee of MidAmerica Nazarene University who is employed in the financial aid office or otherwise has responsibilities with respect to education loans, or an agent who has responsibilities with respect to education loans, shall accept from any lender or affiliate of any lender any fee, payment or other financial benefit (including the opportunity to purchase stock) as compensation for any type of consulting arrangement or other contract to provide services to a lender or on behalf of a lender relating to education loans.
MidAmerica Nazarene University shall not request or accept from any lender any assistance with call center staffing or financial aid office staffing. However, this prohibition does not preclude requesting or accepting assistance from a lender related to: (1) professional development training for financial aid administrators, (2) providing educational counseling, financial literacy or debt management materials to borrowers that identify the lender who assisted in preparing or providing the materials, or (3) staffing services on a short term, nonrecurring basis to assist MNU with financial aid-related functions during emergencies.
No employee who is employed in MidAmerica Nazarene University’s financial aid office, or who otherwise has responsibilities with respect to education loans or other student financial aid of the University, and who serves on an advisory board, commission, or group of lenders or guarantors, shall be permitted to receive anything of value from the lender, guarantor, or group of lenders or guarantors, except for reimbursement for reasonable expenses incurred in serving on such advisory board, commission, or group.
The National Student Loan Data System (NSLDS) is the central database used by the U.S. Department of Education for student aid. Loan and enrollment information will be submitted to NSLDS, and that information will be accessible by guaranty agencies, lenders and schools authorized to be users of the data system. Students may log into NSLDS to get information on the history of your Pell Grant, Perkins Loan, and Federal Direct Loans, including loan servicer information and reported enrollment information.
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The Office of Student Financial Aid Services uses a standard academic year for students enrolled in our traditional program. This year spans two enrollment terms (semesters). The terms total at least 30 weeks of instruction. A full-time student is expected to complete at least 24 credit hours during an academic year.
Full-time status is defined as taking 12 or more credits in a semester. Three-quarter-time status is defined as taking less than 9 credit hours in a semester. One-half-time status is defined as 6 credit hours a semester. Only the Federal Pell Grant is available for qualified students taking fewer than 6 credit hours a semester.
Verification is a procedure in which some students are requested to document certain data elements on the FAFSA—including but not limited to income and family size. Primary documents collected are the IRS transcripts for the student and the parents if the student is a dependent. A verification worksheet must also be completed.
MidAmerica Nazarene verifies all students who are selected by the Department of Education and may use its discretion in selecting students for verification. If selected for verification, no Federal financial aid funds will be credited to a student’s account until the verification process is complete.
In order to maintain eligibility for financial aid, a student must make adequate academic progress toward his or her degree. Eligibility for federal financial aid is terminated if a student takes longer than 150% of the time established to complete his/her course of study. Students must successfully complete 66.67% of attempted cumulative credits.
For students transferring to MNU, the total number of credit hours accepted by MNU will be included in the number of attempted and completed credit hours in calculations for Satisfactory Academic Progress.
All undergraduates must achieve the following cumulative grade point average (GPA) to maintain financial aid Satisfactory Academic Progress. These cumulative GPA requirements are monitored at the end of each semester.
See the entire Satisfactory Academic Process Policy.
- Students owing the University at the end of a semester will not be permitted to enroll for another semester without making satisfactory financial arrangements with the Bursar.
- Transcripts will not be released until all accounts have been paid in full and Perkins loan payments are current. When clearing a past due student account to receive a transcript, payment must be made by cashier’s check, credit card or personal money order if immediate clearance is needed. If payment is made by personal check, a waiting period of 15 days is necessary for the check to clear the bank.
- Graduating students must have their accounts paid in full before participating in graduation exercises and receiving diplomas.
- All financial aid must be applied to the account balance before the student receives credit balances.
- Institutional scholarships must be applied to tuition, fees and residential charges. After these charges are paid, any excess amount will be returned to the scholarship fund. Cash refunds can only be created by outside funded scholarships or loans.