Advanced Academic Study Loan Policy - Faculty

The Advanced Academic Study Loan Policy grants assistance for advance degrees to full-time faculty. The assistance is not guaranteed and is based on the needs of the institution and available funds.

Faculty requesting a loan from the University to pursue further study must meet the following criteria:

• Faculty be under full-time contract with AHU.
• If approved, commit to full-time employment with AdventHealth University for the amount of years under the amortization table.

Approval Process

• Interested faculty must first discuss their professional development plan with their program chair.
• Complete the Academic Study Application and Loan Agreement form, along with with their rationale for the program they are selecting.
• Have their program chair sign the form.
• The program chair will forward to the appropriate academic administration personnel to take to President's Council for decision.
• Academic administration personnel will communicate the decision to the employee.

The typical loan will be granted as follows:

• Bachelor’s Degree - $10,000
• Master’s Degree - $15,000
• Doctoral Degree - $25,000

Under special circumstance, the University may agree to lend additional amounts.

Reimbursement

Reimbursement for tuition must be submitted with a grade report and receipts reflecting expenses on an expense report. If the educational institution is being paid directly, submit the grade report and invoice from the educational institution on a payment authorization voucher (PAV).

Reimbursement for expenses paid directly to the employee or the educational institution will not exceed 1/3 of the total granted for Doctoral degree or ½ for Masters and Bachelor degrees for any given academic year.

Grades

To receive reimbursement undergraduate students must have a grade of “C” or higher and graduate students must have a grade of “B” or higher.

Amortization

Repayment of the loan is the responsibility of the employee. He or she agrees to immediately repay AHU if:

• The degree is not completed in the agreed upon time frame.
• The employee ceases full-time employment at AHU.
• The employee is terminated from employment at AHU.

The academic degree loan can be amortized through years of full-time employment following completion of the degree. Amortization will be calculated as follows:

• Bachelor’s Degree – Three Years
• Master’s Degree – Five Years
• Doctoral Degree – Seven Years

Local arrangement and their amortization, which vary from the amounts identified above, will be negotiated between the employee and administration.

Employees that matriculate into the MHA campus or online program at AHU will be exempt from paying tuition and fees during their enrollment and loan forgiveness will be based on the amortization schedule above.

If AHU should terminate an employee because of financial constraints or program phase-outs due to no fault of the employee, and if undue financial hardship, such as prolonged, forced unemployment, is thus placed upon the employee, AHU agrees to consider the specific situation and negotiate a reasonable settlement with the employee. However, should AHU terminate the employment of the employee for cause, he or she agrees to reimburse AHU the unamortized balance of the loan upon termination.