December Graduation

December Graduation

December Graduation

Federal regulations require schools to prorate federal loans of undergraduate seniors whose final period of enrollment is less than a full academic year. Typically, this rule impacts seniors who are graduating in December. 

  • Loans offered on your award letter are calculated based on a project full-year enrollment period (fall and spring).
  • Once we are notified of your intent to graduate via the graduation application, we have to prorate your loans based on your enrollment. This usually happens after your fall loans have paid to your account and refunds are distributed. Our proration may result in a balance due back to Rowan.
  • Private and Parent PLUS Loans may be available to supplement the reduced loan amounts.

Loan Proration Formula:

 This image shows the formula for calculating loan proration. The number of credits the student is taking divided by the annual full-time credit amount (24) multiplied by the students annual allotment of loans. Seniors are offered $7,500). Number of credits divided by 24 times $7,500 would be the amount of loans a student could get once loans are prorated.


Sally is a dependent, undergraduate, senior graduating in December. She is enrolled in 9 credits for the fall semester. As a dependent senior, Sally is able to borrow $7,500 in Federal Direct Loans for the entire year. Since Sally is graduating in December, her loans will be prorated.

(9 fall credits÷24 annual credits) x $7,500 annual loan amount = $2,812 is available to Sally for her fall semester.