Return of Funds Due to Withdrawal
As part of the withdrawal process, students are required to secure approval from the Financial Assistance Office. As required by federal regulations, the Financial Assistance Office will determine if the student must repay all or part of the aid awarded.
Calculation of repayment is made at the time of withdrawal by determining the amount of aid the student was awarded, the amount of awarded aid the student earned, and ultimately the awarded aid the student did not earn that must be returned to the aid program(s).
The following steps are used to calculate the amount that must be returned to the aid program(s):
- Determination of the withdrawal date.
- Determination of the amount of aid the student earned. This is done by multiplying the % of the period of enrollment that has been completed (or 100% once the student completes 60% of the enrollment period) x the aid that was disbursed and/or could have been disbursed as of the date of withdrawal.
- Determination of the amount of aid the student did not earn. This is done by subtracting the "earned amount" from the aid disbursed as of the date of withdrawal.
- Determination of the amount of aid the University must return. This is the amount that is equal to the total institutional charges for the payment period x the % of the aid that was unearned.
- Determination of the amount of aid the student must return. This is the amount that is equal to the aid received by the student for non-institutional expenses x the % of the aid that was unearned.
Special rules that apply to the return of the unearned aid include:
- The University must return the amount of unearned aid that is equal to the total institutional charge for the payment period x the % of the aid that was unearned.
- In order to satisfy the amount the University must return to the aid programs, a combination of the following resources may be used aid not yet disbursed to the student, the student's refund as determined by the official refund schedule as posted in the University Bulletin, and an additional amount to be repaid by the student.
- The student must return the balance of the unearned aid less the amount the University returned.
- The student's share of loans to be returned may be repaid in accordance with the terms of the loan.
- The student's share of the grants to be returned is divided in half.
- Excess funds will be returned in the following order: Unsubsidized Federal Stafford Loan Program; Subsidized Federal Stafford Loan Program; Federal Perkins Loan Program; Federal PLUS Program; Federal Pell Grant Program; Federal SEOG Program; Other Title IV Aid; Other State Aid; and Miscellaneous Aid.
The policy to return funds due to withdrawal may be modified at any time without prior notice in order to comply with state and federal guidelines