Return of Federal Title IV Funds
The Financial Aid Office recalculates federal financial aid* eligibility for any student who completely withdraws, stops attending classes, or is dismissed during the semester, prior to 60% of the semester being completed. Recalculation is based on the percent of earned federal financial aid using the following formula:
% earned = number of days completed up to the 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 = amount of Federal Title IV Aid disbursed minus Federal Title IV aid earned
When federal financial aid is returned, the student may owe money to Âé¶¹´«Ã½Ó³» and may also owe funds to the federal government. Students should contact the Business Office regarding any money owed to Âé¶¹´«Ã½Ó³».
Federal financial aid for this calculation at Âé¶¹´«Ã½Ó³» includes Federal Pell Grant, FSEOG, Federal Direct Student Loans and Federal PLUS Loans.
Withdrawal date is defined as the actual date the student began the withdrawal process and Âé¶¹´«Ã½Ó³» was notified by the student regarding the student's last date of recorded attendance or the midpoint of the semester for a student who leaves without notifying Âé¶¹´«Ã½Ó³».
For students who receive all F's or a combination of F's and W's, the Financial Aid Office will confirm the last date a student attended and will return funds if the last date of attendance is prior to the 60% point of the semester. The return of funds in this case would occur after the semester is over and students will be notified via e-mail if they have had a recalculation performed, and if so, will be billed by the Business Office.
