Graduate Financial Services
Graduate Financial Services: Policies
In order to ensure your understanding of our policies and procedures,
we have provided brief overviews of what you need to know.
If a student must withdraw from the College before the completion of studies, he/she is first required to consult with Student Financial Services, and submit a withdrawal form for approval. Please note that the effective date of withdrawal will be according to the date the student notifies the Registrar.
Please be aware that withdrawal from the program will affect a student’s eligibility for financial aid, loan deferments and scholarships/grants. Until the Registrar's office is notified, absences continue to accumulate. Students should refer to the College refund policy listed in the student handbook.
Credit refunds will be processed within 14 business days from the date of the financial aid disbursement. Students must have a credit on their account (over and above tuition, and fees for the current term) in order for the stipend to be processed.
To be making satisfactory academic progress at Nyack, students must maintain a 2.5 G.P.A. Satisfactory academic progress includes both a qualitative (grade point average) and quantitative (number of credit hours completed) measure of the student's progress plus a maximum time frame to not exceed 150% of the program measured in academic terms and credit hours attempted. The Studen Financial Services/Registrar Offices will assess the student academic progress at the end of every term for all federal and institutional aid programs.
Financial Aid Probation
The first time a student does not meet the standards of satisfactory progress at the end of the following academic term, they will automatically be placed on financial aid warning status for the following term. Federal financial aid may still be received during the warning period. At the end of the warning term, the student must again be making satisfactory academic progress or financial aid will be terminated for any subsequent terms until the student has reestablished financial aid eligibility.
Any student who is denied Federal financial aid at the end of the one term warning period and who can prove special circumstances (i.e. serious injury or illness, death in the family, or other situations causing physical or psychological stress) is allowed to appeal their case. An appeal letter may be submitted with supporting documentation, if required, to the Office of Student Financial Services to request a waiver of the SAP standards for a semester. If the appeal is approved, the student must determine and complete a specific academic plan. At this time, the student will be placed on a one term financial aid probation and the SAP standards are suspended for that student during the probation term.