Federal Funds, Repayment
Students who are withdrawing from the University and who have Federal Financial Aid must meet with their financial aid counselor prior to withdrawing.
Students who completely withdraw from the University during the course of a semester are required to return a percentage of their Federal Student Financial Aid. All types of Federal Financial Aid are included in the repayment, including: Pell Grants, Supplemental Grants, Perkins Loans, and Direct Loans. The amount of repayment is based on the percentage of the semester completed. For example, if a student withdraws after completing 40% of the semester (calculated using calendar days), the student must return 60% of his or her Federal Student Aid. Students who withdraw, or cease attending, after completing 60% of the semester are not required to return aid. (However, they will still face suspension from financial aid for failing to complete the required number of credits.) If the student is eligible for a refund of tuition and fees, according to the University refund policy, the refund will be applied to the Federal Financial Aid obligation. A refund may or may not completely repay the obligation. Either way, the student will not be allowed to register for future classes, nor be eligible for future financial aid, until the debt is repaid.
For example, suppose a student has Federal Aid in the following amounts:
| Pell Grant |
|
$1,500 |
|
| Perkins Loan |
|
1,200 |
|
| Direct Loan |
|
2,750 |
|
| |
|
|
|
| Total |
|
$5,450 |
|
If the semester has 115 calendar days and the student completely withdraws from the University on day 20, the repayment would be calculated as follows: 115/20 = 17% of the semester completed, and 83% not completed. Therefore, 83% of the Federal Aid must be repaid (i.e., $5,450 x 83% = $4,523.50).
Students who receive all Fs for the semester must document participation in an academic activity (including attending class, taking exams, turning in assignments, etc.) past 60 percent of the semester or will have to repay 50% of the federal funds received.
Note: If a tuition refund is given by the Registration Office, the refund will reduce the amount of Federal Aid that must be repaid.
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