Financial Consequences of Withdrawing
Per federal guidelines, the Financial Aid Office is required to reassess the financial aid awards of any student that withdraws throughout the duration of the semester. If the student withdraws prior to completing 60% of the semester, eligibility for Title IV, state and institutional scholarships will be reevaluated. Students can estimate the amount of aid they will be able to retain by taking the number of completed days in the semester divided by the total number of days in the semester. If this percentage is less than 60%, this is the amount of aid that can be retained. If the percentage is greater than 60%, all aid for the semester can be retained by the student. If the student received more aid than they earned (completed less than 60% of the semester) the university must return unearned aid on behalf of the student.
Funds to be returned are allocated in the following order:
- Unsubsidized Direct Loans (Other than PLUS Loans)
- Subsidized Direct Loans
- Federal Perkins Loans
- Direct PLUS Loans
- Federal Pell Grants for which a Return of funds is required
- Federal Supplemental Opportunity Grants for which a Return of funds is required
- TEACH Grants for which a Return is required
- Iraq and Afghanistan Service Grant for which a Return is required
- Other assistance for which a Return of funds is required
Charges are prorated on a different scale than aid. Students may end up owing a larger bill to the university based on prorating aid. The dates and percentages of charges can be viewed in our Withdrawal & Refund Policy document.