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Once a beneficiary receives a scholarship whether prior to or after having been approved for tuition funding from the SLB, he/she is required to inform the Bureau of the scholarship in writing requesting a waiver. A copy of the scholarship offer letter must also be submitted. The SLB waiver policy as it relates to scholarships allows for the following:
That the approved tuition loan from the SLB be reduced by 30% of the scholarship, or up to $100,000.00.
Where the value of the scholarship is $100,000.00 or less, the student will be allowed to get a loan for the full tuition cost.
Notwithstanding the above, a student may opt to receive a tuition loan that is less than the amount authorized by policy.
Where the scholarship amount exceeds the tuition cost by 50% or more, no loan will be granted by the SLB.
Where the scholarship is for non-tuition, school-related expenses, the SLB loan will be granted for the full tuition amount.
Students who are awarded a scholarship waiver can also be eligible for Grant in Aid consideration.
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Friday July 1, 2016