Repayment of Financial Aid
Date of Record - 10th Day of Each Semester at 4:00 pm
Financial Aid award packages are based on a student's enrollment status. Students' enrollment statuses are reviewed prior to the first disbursement of each semester, and as of each semester's 'Date of Record'. If a student's enrollment status has changed between the first financial aid disbursement of the semester, and the Date of Record (10th day of the Semester at 4:00 pm), the student's Financial Aid Award Package will be Readjusted and Locked In, based on the enrollment status as of the Date of Record.
- After the Date of Record, students' aid packages may be adjusted if classes are cancelled or if students drop classes that have not started - Students in these situations may owe a Financial Aid Repayment
- Financial aid will NOT be adjusted for classes added AFTER the Date of Record
- If a student's Financial Aid was disbursed before new classes were added, the student is responsible for the cost of the additional classes
- 2011-2012 Dates of Record - 4:00 pm:
- Fall 2011 Semester - September 6, 2011
- Spring 2012 Semester - January 27, 2012
- Summer 2012 Semester - June 15, 2012
*Developmental Coursework - If referred by a counselor, developmental coursework may be added to a student's credit load for financial aid purposes if the student maintains at least six regular college credits. Dropping or being dropped from a credit course (s) MAY require repayments of ALL or a portion of financial aid.
*If a refund is generated from withdrawing or dropping one or more classes, a No Refunds Hold will be placed on the student's account until Financial Aid can be re-evaluated (may take up to 30 days to process).
*Students who have received student loans, and are dropping below 6 regular college credits, must complete Exit Loan Counseling.
*Students must maintain Satisfactory Academic Progress to remain eligible for financial aid.
Note: Students are not eligible to receive Financial Aid if they do not attend classes!
Types of Withdrawals
- Total Withdrawal
- Unofficial Withdrawal
*Students who are considering withdrawing from your All of classes, must contact Registration AND Financial Aid to be advised on how this will affect you. (Consequences from withdrawing are evaluated differently in Registration and Financial Aid)
Total Withdrawal
Federal law states that if students receive federal aid and withdraw or drop ALL classes before completing 60% of the semester, students may have to return a portion of the federal aid received. Federal law also states that once students have completed 60% of the semester, they have earned 100% of their aid. (Refer to the Return of Title IV Funds Calculation below)
*Students must maintain Satisfactory Academic Progress to remain eligible for financial aid.
*If a refund is generated from withdrawing or dropping one or more classes, a No Refunds Hold will be placed on the student's account until Financial Aid can be re-evaluated (may take up to 30 days to process).
The Return of Title IV Funds Calculation
A student's Federal Financial Aid (below) will be re-evaluated to determine the amount of financial aid a student has earned and how much unearned aid is required to be returned to the appropriate agencies. This includes Federal Financial Aid that was originally used to pay tuition. The total amount required to be returned will be adjusted on the student's account. If the student has a pending refund, it will be used to offset the amount the student is responsible to repay, if any. The Cashier's Office will send a statement to reflect the adjustment and, and any balance owed.
Calculation
The calculation for determining the percentage of 'Earned' and 'Unearned' Financial Aid is based on the total number of days completed (up to the withdrawal date) divided by the total number of days in the semester.
The impact on a student's financial aid will depend on several factors:
- Date of Withdrawal - (defined as the actual date the withdrawal process began, or the student's last date of attendance)
- Total Amount of Tuition and Fees
- Amount of Federal Financial Aid Awarded (Disbursed & Not Disbursed)
Federal Financial Aid Includes:
- Unsubsidized Stafford Loan
- Subsidized Stafford Loan
- PLUS Loan
- Pell Grant
- FSEOG
Unofficial Withdrawal
If a student received All "F" grades, and an instructor indicated the student ceased attendance during the term, the student will be considered an "unofficial withdrawal" and a "Return of Title IV Funds Calculation" will be processed by Financial Aid, using 50% completion of the semester for the calculation. Students may be required to repay at least 50% of the institutional costs.
If a student received an "F" in a class, and an instructor indicated the student never attended, the student's aid package may be revised. The student may owe a repayment.
