Terms and Conditions

The Terms and Conditions are published to help OUWB medical students understand the information related to financial assistance and to communicate the operational regulations to which OUWB Financial Services must adhere. Students are responsible for the information contained in the Terms and Conditions for OUWB Financial Services and are therefore expected to read this information in its entirety. Students are required to access their Oakland University email and eBill through MySAIL regularly for important financial information and messages. Students are able to assign Proxy access on MySAIL and Authorized User access on eBill by logging in to their respective accounts so parents, spouses, and others can access select information.

Estimating Educational Expenses

See Cost of Attendance to estimate the expenses associated with investing in a medical school education.

Awarding Financial Assistance

Students must be admitted and enrolled at OUWB to receive financial aid. Federal student loan eligibility requires annual completion of a FAFSA. Current students who receive a need-based institutional award are strongly encouraged to complete a FAFSA each year. 

Applying early and accurately ensures fullest consideration for financial aid. Financial aid offers are contingent upon federal, state, institutional, and other appropriations/funding availability. In the event of reductions in funding and availability, OUWB reserves the right to reduce or cancel your offer. 

Situations which may require a financial aid adjustment or cancellation include.

  • Other awards or resources are received
  • Total financial aid awards exceed the student’s Cost of Attendance (COA)
  • Failure to meet Satisfactory Academic Progress (SAP) requirements
  • Unsatisfied financial aid requirements
  • Lack of enrollment
  • Failure to maintain financial aid eligibility
  • Changes in enrollment or housing status
  • Student drops, withdraws, or is administratively withdrawn from all courses
  • Incorrect or fraudulent information is provided
  • Financial aid is received at another institution during same enrollment period
  • Federal loan default, or pending refund of federal loan funds at another post-secondary institution

Federal Direct Loans may be prorated/reduced if the remaining period of study is less than a full academic year.

Accepting and Applying for Federal Student Loans

All students who choose to borrow are strongly encouraged to borrow only what is needed and to use the OUWB Student Loan Planner each year to assist in aligning borrowing decisions with budgeted needs.

All students offered Federal Direct Unsubsidized Loan eligibility who choose to borrow, must complete the following steps: 

All students offered Federal Graduate PLUS Loan eligibility who choose to borrow, must complete the following steps:

It is strongly recommended that students observe the following priority dates for all loan acceptance and application requirements to help ensure timely processing of financial aid funds: 

  • June 1 – M3 & M4
  • July 1  – M1 & M2
Revising Financial Assistance

Students are able to make revisions to their financial aid awards prior to and throughout the academic year. Students wishing to revise their currently accepted student loan amounts, housing plans, or incorporate an outside scholarship or resource should contact OUWB Financial Services as soon as they become aware of the change.

For example, accepted student loans may be decreased prior to disbursement and up to 30 days after receiving an email notification of disbursement through the school’s revision process. If a student loan borrower wishes to decrease their loan after this point, they should contact OUWB Financial Services to discuss their options. Students are responsible for paying any balance resulting from decreasing student loans to Oakland University as soon as possible and by applicable payment deadlines.

Loan increases may be submitted throughout the semester provided there is remaining eligibility. It is recommended that loan increase revisions be submitted at least two weeks prior to the last day of class for the semester to allow adequate time for processing. 

The university makes every effort to maintain accuracy, however, in the event an error is made, the error will be corrected. In the event of an overpayment, the student will be billed for any excess amount received.

Financial Aid Disbursement

Financial aid awards are paid each semester by crediting the student account up to 10 days before the first date of the semester provided all financial aid requirements are satisfied.  If financial aid requirements are satisfied after the date financial aid is scheduled to be paid, financial aid will disburse within 24-72 hours after the requirement status reflects as satisfied on MySAIL.  

Disbursement criteria include, but are not limited to:

  • Requirement status reflects satisfied on MySAIL
  • Student is registered in an adequate number of credits (minimum 9) to receive awards on the disbursement date 
  • Fulfill on campus housing status requirements (if applicable)
  • Complete/sign all applicable entrance counseling and promissory notes (if applicable)
  • Enrollment in a qualifying degree program

If the student receives a disbursement from a Federal Direct Loan or Federal PLUS Loan the student may cancel or reduce their loan(s) by submitting a Revision Form to Financial Services within 30 days of receiving an email notification of disbursement.  Loans will be canceled or reduced and the student will be billed for the amount owed to Oakland University.  Notifications received after 30 days will not be processed.

Financial Aid Refunds

If financial aid exceeds allowable charges (i.e., tuition, on-campus housing), the student will receive a refund to pay other education-related expenses. Refunds are either direct-deposited or mailed to the student as a check within 14 days after the date financial aid was disbursed to the student account. If any charges are incurred on the account after financial aid has been refunded, it is the student’s responsibility to pay the additional charges.

Direct Deposit for Financial Aid Refunds

Students are strongly encouraged to enroll in direct deposit, the cost-free, fastest, most secure way to receive a refund.  View instructions to enroll in direct deposit through MySAIL. Direct deposit refunds are typically processed within 5-7 business days of financial aid disbursement.

Purchasing Books with a Refund

If the student is planning to purchase books with a financial aid refund, it is important for the student to expect the refund only after all financial aid requirements have been met and institutional tuition and on-campus housing charges have been paid.  Students submitting documents late need to allow adequate time for processing.  Oakland University does not use vouchers for purchasing books.  Students who do not receive a financial aid refund must be prepared to pay for books out of pocket. 

Return of Federal Title IV Funds

Federal law requires Oakland University (OU) to determine the amount of Title IV program assistance a student has earned if all courses are withdrawn during the semester. Actions which result in all courses being withdrawn include: taking a Leave of Absence (LOA), Withdrawing from the Program, being placed on Suspension, and being Dismissed from the Program. Applicable Title IV programs that are covered by law include: Direct Unsubsidized Loans and Direct Graduate PLUS Loans.

Though a student’s aid is typically posted to a student’s account at the start of each semester, students earn the funds as they complete the semester.  If a student withdraws from all courses during the semester, the amount of Title IV program assistance that the student earned up to that point is determined by a specific formula. If the student received less assistance than the amount the student earned, the student may be able to receive those additional funds. If the student received more assistance than the amount earned, the excess funds must be returned by OU and/or the student.

The amount of assistance that a student has earned is determined on a pro rata basis. For example, if a student completed 30% of the semester, the student earns 30% of the assistance that the student was originally scheduled to receive. Once the student has completed more than 60% of the semester, the student earns all the assistance that was scheduled to be received for that semester.

If the student did not receive all of the funds that were earned, the student may be due a post-withdrawal disbursement. If the student’s post-withdrawal disbursement includes loan funds, Oakland University must obtain the student’s permission before it can disburse them. The student may choose to decline some or all of the loan funds so that the student doesn’t incur additional debt. OU may automatically use all or a portion of the student’s post-withdrawal disbursement of grant funds for tuition, fees, and on-campus room and board charges. OU needs the student’s permission to use the post-withdrawal grant disbursement for all other school charges. If the student does not give their permission, the student will be offered the funds. However, it may be in the student’s best interest to allow OU to keep the funds to reduce the student’s debt at OU.

There are some Title IV funds that a student was scheduled to receive that cannot be disbursed once the student has withdrawn all courses because of other eligibility requirements.

If the student received excess Title IV program funds that must be returned, OU must return a portion of the excess equal to the lesser of:

  1. the student’s institutional charges multiplied by the unearned percentage of the student’s funds, or
  2. the entire amount of excess funds.

OU must return this amount even if it didn’t keep this amount of the student’s Title IV program funds.

If OU is not required to return all of the excess funds, the student must return the remaining amount.

For any loan funds that the student must return, the student repays in accordance with the terms of the promissory note. That is, the student makes scheduled payments to the holder of the loan over a period of time.

The requirements for Title IV program funds when all courses are withdrawn for a semester are separate from OUWB’s Tuition Refund and Scholarship Return. Therefore, the student may still owe funds to OU to cover unpaid institutional charges. OU will also charge the student for any Title IV program funds that OU was required to return.  

Withdrawing from courses may impact future financial aid eligibility. Students should familiarize themselves with the Satisfactory Academic Progress for Maintaining Financial Aid Eligibility Policy.

Students are strongly encouraged to contact the OUWB Financial Services prior to withdrawing from or stop attending classes to obtain information on the effects on financial aid.


Non-attendance does not relieve students of financial responsibility for the courses in which they have enrolled or their housing contract.

Special Circumstances

OUWB recognizes students and their families may experience extenuating financial circumstances which the Free Application for Federal Student Aid (FAFSA) is unable to take into consideration when applying for financial aid. OUWB Financial Services may review certain types of circumstances on a case-by-case basis to determine if financial aid eligibility is impacted. Special circumstances can include:

  • Significant, involuntary change in family financial situation such as student, spouse, or parent job layoff or position termination
  • Marital separation, pending divorce or divorce (parties must live in separate residences) after filing the FAFSA
  • Death of a parent or spouse after filing the FAFSA
  • Dependent care expenses related to the student’s education
  • Uninsured medical and dental expenses 
  • Emergency vehicle repairs  

Students requesting consideration for an extenuating circumstance must:

  • Submit a FAFSA for the academic year for which they are requesting consideration
  • Have received an initial financial aid offer notification
  • Be able to provide supporting documentation to substantiate the unique financial situation

To request consideration for a special circumstance, students must first contact OUWB Financial Services to determine if the circumstance is eligible for consideration. Submitting a special circumstance appeal does not guarantee an approval.

See also: Student Emergency Relief Fund

Contact Financial Services

We may be contacted directly at [email protected] or by phone at (248) 370-3611.