If you withdraw from the University during the period of your award or if your registration is canceled, all or a portion of the funds you received must be repaid. The refund will be prorated according to your date of withdrawal, course load reduction, or canceled registration. Student aid funds credited to your student account will be adjusted. There will likely be an outstanding balance on your student account that you will be obligated to pay. If you withdraw, drop to less than half-time status, or cancel enrollment during the first semester of an award, your second semester aid will be canceled. You must reapply for financial aid for the spring semester. Also, if your hours decrease below half-time and you have a loan for this or a previous enrollment period, you must sign a repayment agreement at the time of withdrawal. You must come to the Office of Scholarships and Student Aid before withdrawal or a change of status to discuss the effects of your decision and to make arrangements for loan repayment.
Please read the following Official Return of Title IV Aid policy carefully: In the event that a student who received Federal Title IV funds completely withdraws, is expelled, drops out, or otherwise fails to complete a period of enrollment for which charges are incurred, the University will first determine whether:
Unearned Title IV funds, other than Federal College Work Study, must be returned to the appropriate financial aid program. A student “earns” Title IV funds in direct proportion to the length of time he or she remains enrolled. The percentage of time during the period that the student remained enrolled is the percentage of aid that the student earned. For example, if a student remains enrolled in 50 out of 100 calendar days for a semester, that student has earned 50% of his or her aid. Therefore, using this example, 50% of the aid must be returned to the appropriate aid program(s). A student who remains enrolled for at least 60% of the semester earns all of his or her aid for that semester.
A student who abandons (drops out) his/her classes without officially notifying the University will have a portion of aid cancelled and returned to the appropriate program. The midpoint of the semester will be used as the withdrawal date for students who fail to provide official notification. If a student is able to document classroom-related activity subsequent to the midpoint of the semester, then a later date may be used in the calculation.
According to Federal Guidelines, the responsibility for repaying unearned aid may be shared by the University and the student in proportion to the aid each is assumed to possess. The college share is the lesser of: a) the amount of unearned aid or b) institutional charges multiplied by the percentage of aid that was unearned. The student’s share is the difference between the total unearned amount and the institution’s share.
Unearned Title IV aid will result in a reduction to each aid program in the following order:
Reductions in aid from the above programs may create a balance that will be due from the student to the University. The student’s share of a grant will be reduced to half per federal law. The student’s share of a returned loan will be paid according to the terms of the promissory note.