Due to recently enacted Federal Regulations effective July 1, 2011, our Financial Aid Return of Aid Policy has changed. Effective Fall 2011:
If you withdraw from school whether officially (you complete the withdrawal form or drop all classes on the web) or unofficially (you stop attending classes) and have been awarded and/or paid Title IV Federal Aid, you are subject to a Return of Title IV Aid calculation. This calculation determines how much aid must be returned to the federal programs in the event of a complete official or unofficial withdrawal prior to completing 60% of the term (see example below).
The calculation determines the amount of federal aid that is considered to be earned and the amount that is be returned to the Federal programs. State and/or Institutional Aid may also be subject to return based on withdrawal date. The earned/ unearned amounts are calculated based on the percent of the term completed. The length of the term is defined as the first day of all classes through the last day of all classes (not including a break of 5 days or more and finals week).
Students who have been award aid that has not disbursed will also be reviewed to determine if they are eligible for a post-withdrawal disbursement. Withdrawn students who have been selected for verification but have not provided the documents necessary for disbursement may be eligible for a post-withdrawal disbursement. Their account will be reviewed and they will be offered a post-withdrawal disbursement if eligible and given 14 – 30 days to return the requested documentation. Students will only be eligible for the percentage of “earned” aid at the time of withdrawal.
A student may be subject to a Return of Title IV Aid calculation if they are enrolled for the entire term and only complete one or more classes that end in the first eight (8) weeks.