Financial Aid

Image9BTitle IV Federal Refund Policy

All students attending the University on financial aid who withdraw completely from all classes are covered by one uniform federal refund schedule.  Starting in the Fall 2000 semester, if a student completely withdraws from school, he or she will be required to return the unused portion of all federal financial aid funds granted for that semester/term.

The unused portion to be returned is based on the number of calendar days completed in the period of enrollment (excluding scheduled breaks of five or more days, and days a student was on approved leave of absence). For example, if a student has attended 30 percent of the semester, 70 percent of the funds must be returned.  Once a student has attended 60 percent of the semester/term, he or she is considered to have earned the full amount of financial aid and is not required to return the funds.

Prior to this new policy, the Federal Pro-Rata refund policy for first-time students and the Federal Refund policy for continuing students, was used, and no repayment of funds was required beyond a tuition and room and board (on-campus) refund.  Students are now required to repay all financial aid, including money given to help with books and living expenses (including off-campus housing).

Students receiving federal financial aid who are considering a withdrawal are required to go to the University's Financial Aid office and discuss their options with a counselor.

The following schedule, for illustrative purposes, uses standard periods of enrollment of 15, 10 and eight weeks.  Actual calculations will be based on the exact number days in the semester/term attended.  This schedule shows the percentage of Title IV aid that would be returned to the respective federal program funds.  If the total amount of aid to be returned exceeds the amount to be returned by the University (based on the unearned percentage of tuition and other charges), the student is responsible for returning the balance from Title IV funds disbursed to him or her.  On the other hand, some students may receive a post-withdrawal disbursement if the percentage of aid earned shows they attended long enough to earn the aid and aid was not disbursed.

Refund Schedule

Withdrawal Period

15 week term

10 week term

8 week term

Prior to start of term

100%

100%

100%

First Week

93.3%

90.0%

87.5%

Second Week

86.5%

80.0%

75.0%

Third Week

79.8%

70.0%

62.5%

Fourth Week

73.1%

60.0%

50.0%

Fifth Week

66.3%

No refund

No refund

Sixth Week

59.6%

No refund

No refund

Seventh Week

52.9%

No refund

No refund

Eighth Week

46.2%

No refund

No refund

Ninth Week

No refund

No refund

No refund

NOTE:  Students (or parents for a PLUS loan) must also return unearned aid for which the student is responsible by repaying this aid to the following sources, in order, up to the total net amount disbursed from each source, after subtracting the amount the University will return.  Amounts to be returned to federal grants are reduced by 50%: Unsubsidized Stafford Loan; Subsidized Stafford Loan; Perkins Loan; PLUS Loan; Pell Grant; FSEOG and other Title IV programs.