Return of Title IV Funds Policy

Withdrawals

The financial aid office recalculates federal* financial aid eligibility for students who withdraw, drop out, are dismissed or take a leave of absence (and do not return) prior to completing 60 percent of a semester. The designated office the student should notify when withdrawing is the registrar’s office or the branch coordinator.

Recalculation 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 toward institutional charges

When aid is returned, the student may owe an outstanding balance to the university.  The student should contact the financial services office to make arrangement to pay the balance.

*  Federal financial aid includes, but is not limited to, the Federal Pell Grant, SEOG Grant, Perkins Loan, Direct Student Loan and Direct Parent PLUS Loan.