Financial Clearance
Policy
Students enrolled in courses at Mount Saint Mary’s University are required to clear their total account balance by the Financial Clearance Deadline. The Financial Clearance Deadline occurs 30 days prior to the start of each term (semester). In order to avoid any restrictions and fees, total account balances must be cleared no later than the add/drop deadline of each semester.
Clearing a balance requires that any balance resulting from registration is fully covered by financial aid (inclusive of student and/or parent loans), paid in full via direct payment, or enrolled in an official payment plan offered through MSMU payment plan partners. It is the student’s responsibility to thoroughly review their account statement after registering for courses, complete all financial aid requirements, and clear their balance by the Financial Clearance Deadline.
Students are responsible for reviewing their e-statement on Self-Service and taking any necessary steps to ensure financial clearance by the deadline, which is 30 days prior to the start of each academic term (semester). Please refer to the published Academic Calendar for start/end dates as well as add/drop dates of each term (semester).Financial clearance will be granted to students who have met all their financial obligations. (If a student has enrolled in a payment plan, they are considered cleared, unless they default on payments.) To get clarification on clearance or deadlines, please contact the Student Accounts department.
The day after the Add/Drop Deadline of the term (semester), any student with a balance that is not enrolled in a payment plan or covered with anticipated financial aid will have a restrictive hold placed and a late clearance fee assessed.
Registration Holds
A student with outstanding balances or unresolved financial issues will have a registration hold placed on their account the day after the Add/Drop Deadline of each term (semester). A registration hold prevents a student from registering for classes, adding/dropping courses, and receiving a diploma.
A balance less than $1500 will not result in a registration hold until after the semester concludes. At the end of the semester, if the balance isn’t paid in full, a registration hold will be added.
Late Fees
An unresolved balance will be considered past due the day after the Add/Drop Deadline, and late fees will be assessed. The Add/Drop Deadlines are determined by Academic Affairs and published on the Academic Calendar.
Late Fee Assessment:
- $0-$1500 – No Late Clearance Fee
- $1501 - over - $ 250 Late Fee
Financial Aid and Scholarships
Students receiving financial aid (including loans, grants, and scholarships) must ensure that all required documents are submitted and all requirements are met to receive those funds.
Any discrepancies in financial aid award disbursement or loss of eligibility for financial aid should be resolved promptly with the Financial Aid Office.
Students are responsible for balances created from the loss or reduction of financial aid awards. If a student has been deemed not meeting Satisfactory Academic Progress (SAP) by the Financial Aid Office, they lose their financial aid eligibility for any future terms (semesters). It is the student’s responsibility to promptly submit an appeal and all necessary documentation to seek reinstatement of aid. If the appeal isn’t submitted or isn't approved, the student will be restricted from continuing to the next term (semester), unless they can provide evidence of an approved institutional loan for the full amount of all tuition and fees, or they pay the total balance for all tuition and fees in full prior to the start of the term (semester).
Sponsorship
If a student is anticipating receiving tuition discounts, waivers, or sponsorship, the relevant form and verification documents must be submitted to the Student Accounts Department via the Student Forms section of myMSMU/Student Services page prior to the start of the term (semester), in order to avoid a restrictive hold and late fee.
Withdrawal and Refunds
Students who withdraw from courses or the University may be eligible for a full or partial refund of tuition and fees according to the University’s refund policy.
Students should review the University’s academic calendar for withdrawal deadlines and the MSMU website for the tuition refund policy schedules prior to dropping their course(s) to ensure they understand all financial implications.
Communication
Students’ MSMU email will be the official method of communication from the University with regards to financial clearance and outstanding obligations. Notifications will be emailed to the student’s MSMU email with reminders of unresolved balances, restrictive holds, payment instructions, and any applicable consequences of non-payment. Students should review their e-statement on Self-Service prior to and throughout the term (semester).
Administrative Drop
An unresolved balance may result in the student being dropped from currently registered courses and will be prevented from registering in future courses.
An Unsatisfactory Academic Progress (SAP termination) status with the Financial Aid Office at the end of the term (semester) that has not been appealed and aid reinstated, will result in the student being dropped from currently registered courses and prevented from registering in future courses. If a student can demonstrate the availability of funds to pay the full tuition without any financial aid, the restrictive hold will be removed and their courses will not be dropped. The student MUST pay their tuition and fees in full prior to the start of the term (semester).
It is the student’s sole responsibility to resolve any pending financial aid issues and resolve unpaid balances prior to the end of each term (semester). A final notification will be sent via email one week prior to the start of the next term (semester), informing the student of the administrative drop of their registered courses for the upcoming term (s) (semester(s)). There is no guarantee the student will be able to re-register in any dropped courses after resolving any outstanding balance(s) and obtaining financial clearance.