Withdrawal Policy: Financial Aid
Students who receive federal Title IV financial aid are required to return the portion of unearned federal aid if they withdraw from school, do not register, or otherwise fail to complete the period of enrollment for which the Title IV aid was provided as in the case of Leave of Absence.
Title IV funds include
- Federal Stafford
- PLUS Loans
- Perkins Loans
The return of funds does not apply to any student whose date of withdrawal is beyond the 60 percent enrollment period for which the student has been charged. The date of withdrawal establishes the last date of last date of attendance. The date of withdrawal is determined either by the date the student initiated their school’s withdrawal process, or the last date of recorded attendance. Based on last date of attendance, Title IV funds are “pro-rated."
Financial aid is returned to the program from which it was disbursed based on the percentage of unearned aid. A rough overview of how financial aid returns are calculated is provided. We encourage students to discuss the financial aid impact of any withdrawal or leave of absence with a financial aid counselor.
Pro-rating financial aid: How unearned financial aid is determined
For students who have withdrawn prior to completion of 60 percent of the term a calculation will determine the unearned percentage of aid:
- Percentage Earned Aid = (# calendar days completed) ÷ (# calendar days in the enrollment period) x 100
- 100% – (% Earned Aid) = (% Unearned Aid)
- (%Unearned Aid) x Amount of Aid disbursed = Amount to be returned.