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Refund/Repayment

Fall, Spring, or 10 Week Summer Semester
Percentage of Fees Refunded
Prior to the first class day
100%
During the first five class days
80%
During the second five class days
70%
During the third five class days
50%
During the fourth five class days
25%
During the fifth five class days
0%
5-Week Summer Term
Percentage of Fees Refunded
Prior to the first class day
100%
During the first, second, or third class day
80%
During the fourth, fifth, or sixth class day
50%
During the seventh class day and following
0%

Return of Funds Due to Withdrawal

A student who receives financial aid and withdraws from the University may be required to repay all or part of the aid awarded. An application for withdrawal from the University must be initiated in the Registrar's Office by the last day for withdrawals as posted on the University calendar. A student is not officially withdrawn until the withdrawal form has been completed, the approval of each of the appropriate University offices has been received, and the form has been returned for approval to the Registrar's Office. As part of this withdrawal process, students are required to secure approval from the Financial Aid Office. In addition, students receiving all F’s, incompletes or a combination of the two will be considered withdrawn at the 50% point of the semester as prescribed by the Department of Education. As required by federal regulations, the Financial Aid Office will determine if the student must repay all or part of the aid awarded. Calculation of repayment is made at the time of withdrawal by determining the amount of aid the student was awarded, the amount of awarded aid the student earned, and ultimately the amount of awarded aid the student did not earn that must be returned to the aid program(s). The institution will return the amount of Title IV funds for which it is responsible no later than 30 days after the date of the determination of the date of the student’s withdrawal. If the student earned more aid than was disbursed to him/her the institution would owe the student a post-withdrawal disbursement and would therefore mail the student a check for the determined amount within 120 days of the student’s withdrawal date.

 

The following steps are used to calculate the amount that must be returned to the aid programs(s):

  1. Determination of the withdrawal date.
  2. Determination of the amount of aid the student earned. This is done by multiplying the % of the period of enrollment that has been completed (or 100% once the student completes 60% of the enrollment period) x the aid that was disbursed and/or could have been disbursed as of the date of withdrawal.
  3. Determination of the amount of aid the student did not earn. This is done by subtracting the "earned amount" from the aid disbursed as of the date of withdrawal.
  4. Determination of the amount of aid the University must return. This is the amount that is equal to the total institutional charges for the payment period x the % of the aid that was unearned.
  5. Determination of the amount of aid the student must return. This is the amount that is equal to the aid received by the student for non-institutional expenses x the % of the aid that was unearned.

Special rules that apply to the return of the unearned aid include:

  1. The University must return the amount of unearned aid that is equal to the total institutional charges for the payment period x the % of the aid that was unearned.
  2. In order to satisfy the amount the University must return to the aid programs, a combination of the following resources may be used - aid not yet disbursed to the student, the student's refund as determined by the official refund schedule as posted in the University Catalog, and an additional amount to be repaid by the student.
  3. The student must return the balance of the unearned aid less the amount the University returned.
  4. The student's share of loans to be returned may be repaid in accordance with the terms of the loan.
  5. The student's share of the grants to be returned is divided in half.
  6. Excess funds will be returned in the following order: Unsubsidized Federal Stafford Loan Program; Subsidized Federal Stafford Loan Program; Federal PLUS Program; Federal Pell Grant Program; ACG Grant Program, National Smart Grant Program, Federal SEOG Program; Other Title IV Aid; Other State Aid; and Miscellaneous Aid.


The policy to return funds due to withdrawal may be modified at any time without prior notice in order to comply with state and federal guidelines.

Due to federal regulations, institutions are required to complete a refund calculation for financial aid recipients who fail to earn a passing grade in all of their classes for the semester/term. These students are considered by the Federal Government to have “unofficially withdrawn” from the University. The refund will be calculated as withdrawn at the 50% point of the semester as prescribed by the U.S. Department of Education unless other documentation is provided.