|Withdrawal Date||% Refund|
|Withdrawal First Week of Classes||100% refund|
|Second Week of Classes||75% refund|
|Third Week of Classes||50% refund|
|Fourth Week & Thereafter||0% refund|
**Above applies only to Fall and Spring terms.
Return of Title IV Funds Policy
The Office of Financial Aid is required by federal statute to recalculate federal financial aid eligibility for students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60% of a payment period or term. This recalculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula:
Percentage of payment period or term completed = the number of days completed up to the final day of attendance divided by the total days in the payment period or term. Any break of five days or more is not counted as part of the days in the term. The result is the percentage of earned aid.
Funds are returned to the appropriate federal program(s) based on the percentage of unearned aid using the following formula:
Aid to be returned = [100% of the aid that could be disbursed minus the percentage of earned aid] multiplied by the total amount of aid that could have been disbursed during the payment period or term.
If a student earned less aid than was actually disbursed, the institution is required to return a portion of the funds and the student would be required to return a portion of the funds. As a result of the funds that must be returned, the student may owe a debit balance to the institution.
If a student earned more aid than was disbursed to him/her, the institution would owe the student a post-withdrawal disbursement which must be paid within 180 days of the student's withdrawal.
The institution must return the amount of Title IV funds for which it is responsible no later than 45 days after the date of the determination of the date of the student's withdrawal.
Financial Aid Disbursement
The process of disbursing financial aid to student accounts begins after the drop/add date published each semester. Before aid is disbursed, the Office of Financial Aid is required to adjust awards and the cost of attendance if the student dropped or added credits during the registration period. Additionally, awards may be adjusted if there were changes to the students’ on-campus housing status and after the third week’s attendance has been submitted by all instructors. Upon final review of attendance by the Office of Financial Aid, awards will be disbursed.
Awards for students selected for “verification” that are incomplete or missing documents will not be disbursed until all documents have been received, reviewed and completed. Verification is processed on a rolling basis and according to the date all documents are received by the Office of Financial Aid.
Students accepting Direct Stafford Subsidized and/or Unsubsidized loans are required to complete the Entrance Counseling and Master Promissory Note (MPN) if they are first time borrowers. Loan funds will not be disbursed until all federal requirements are met. The Entrance Counseling and MPN can be completed electronically at www.studentloans.gov.
Students attending the full academic year
All financial aid funds are disbursed in two payments to the student's account. If the student is attending both Fall and Spring semesters their funds will be disbursed accordingly within each term.
Students attending only one semester
For students attending only one semester funds must still be disbursed in two payments, however the first disbursement will be after the start of the semester and the second will follow approximately at the midpoint of the semester.
For the full financial aid site, please click here.