Return of Title IV (Federal) Funds Policy

The Financial Aid Office recalculates federal* financial aid eligibility for a student who withdraws, drops out, is dismissed or takes a leave of absence prior to completing 60 percent of a term.

Recalculation is based on the percent of earned aid using the following formula: Percent earned equals the number of days completed up to the withdrawal date,† divided by the total days in the term.

Federal financial aid is returned based on the percentage of unearned aid using the following formula: Aid to be returned equals 100 percent, minus the percent earned, multiplied by the amount of aid disbursed toward institutional charges.

When aid is returned, the student may owe a debit balance to the University. The student should contact the Bursar’s Office to make arrangements to pay the balance.

Students will be sent a notice regarding the amount of aid they are eligible to keep. If aid has not been disbursed at the time of withdrawal, the student must notify the Financial Aid Office in writing if they wish to accept the post-withdrawal disbursement of any loan funds. Students have 21 days from the date of the notice to accept a post-withdrawal disbursement.

*Federal financial aid includes the Pell Grant, SEOG Grant, TEACH Grant, Perkins Loan and Student Loans (Stafford, PLUS and Grad PLUS).

†Withdrawal date is defined as the date on which the student began the institution’s withdrawal process, the student’s last date of recorded attendance, or the midpoint of the semester for a student who stops attending classes without officially notifying the Academic Advising Office.