Return of Title IV Funds Policy
Withdrawals and the Return of Title IV Funds
Drury University encourages all students to carefully consider the financial and academic ramifications of withdrawing from any coursework. Federal financial aid regulations require the Financial Aid Office to perform a Return to Title IV recalculation for federal* financial aid eligibility for students who withdraw, drop out, are dismissed, fail to begin enrollment in, or take a leave of absence (and do not return) prior to completing 60 percent of a semester. Students who have completed 60% of the semester have earned their full federal aid eligibility for that term, but a Return to Title IV calculation will still be processed to determine the student’s eligibility for a post-withdrawal disbursement.
If a student wishes to withdraw from a course or courses, the student should contact the Registrar’s Office or the branch campus coordinator. Failure to begin attendance in a course does not constitute a formal withdrawal from a course, and students may still incur charges for that course if it is not formally dropped. If the Financial Aid Office becomes aware that a student does not begin attendance in a course in which he or she is enrolled, financial aid eligibility will be recalculated according to actual enrollment. The student will not be formally withdrawn from the course unless he or she follows the appropriate steps to do so.
If a student officially withdraws from Drury University, the student’s withdrawal date will be determined by the later of: a. the date the student initiated the withdrawal, or b. the date the student provided official notification to the institution of the intention to withdraw. The institution’s determination of the date that the student has withdrawn is the date that the student officially withdraws.
If a student unofficially withdraws (ceases attending), the student’s withdrawal date will be determined by the date of the student’s last attendance at an academically related activity. Faculty members report students who cease attending classes, as well as the last date of attendance at an academically related activity, for the purpose of unofficial withdrawals. Students who attend a sufficient number of academically related activities to earn a grade of F in a course will not be considered unofficial withdraws. If a student is administratively withdrawn, or withdraws due to circumstances beyond the student’s control, the date of the action or circumstance will be used.
The institution’s determination of the date that the student has withdrawn is the date that the school becomes aware the student has ceased attendance.
A student who previously indicated an intent to withdraw may rescind that intention in writing. However, students who unofficially withdraw during a semester will be subject to a Return to Title IV calculation. Any unearned funds that were disbursed must be returned within 30 days, and the student will probably owe a balance to Drury. If a student is determined to be eligible for additional aid at the time of unofficial withdrawal, Drury University will process a post-withdrawal disbursement, in accordance with United States Department of Education regulations.
Recalculation of federal aid is based on the percent of earned aid using the following formula:
- Percent earned = Number of days completed up to withdrawal date divided by total days in the semester
Federal financial aid is returned to the federal government based on the percent of unearned aid using the following formula:
- Aid to be returned = (100% minus percent earned) times the amount of aid disbursed
Aid will be returned in the following order: Unsubsidized Loans, Subsidized Loans, Perkins Loan, Direct PLUS Loans, Pell Grant, FSEOG, TEACH Grant, Iraq Afghanistan Service Grant; or as required by the United States Department of Education. Funds will be returned as soon as possible but no later than 45 days after the date of the institution’s determination that the student withdrew.
When aid is returned, the student may owe an outstanding balance to the university. The student should contact the Financial Services Office to make arrangements to pay the balance.
*Federal financial aid includes, but is not limited to, the Federal Pell Grant, Iraq Afghanistan Service Grant, SEOG Grant, Perkins Loan, Direct Student Loan and Direct Parent PLUS Loan.