Any student who receives Federal Financial Aid (Title IV aid) and withdraws from all classes may be required to return Federal Financial Aid. Students who completed greater than 60% of the term are considered to have fully earned their financial aid. However, students who did not attend classes until the 60% point of the term, have unearned financial aid that will need to be returned to the Department of Education. The percent of the semester completed and correspondingly the percentage of aid earned, is calculated by taking the calendar days attended by the student, divided by the total number of calendar days in the term. For students who have unearned financial aid, that financial aid will be returned in the following order:
- Unsubsidized Direct Loan
- Subsidized Direct Loan
- Federal PLUS Loans
- Federal Pell Grants
- Federal Supplemental Educational Opportunity Grants (FSEOG)
- Iraq and Afghanistan Service Grants
When the student officially withdraws from all courses after the semester begins, the Financial Aid Office will use the withdrawal date to determine the portion of the Federal Title IV aid earned (or could have been earned) to be used to pay institutional charges (such as tuition and fees). Depending on the time of the semester, students who totally withdraw from all classes may be eligible for a refund of tuition and fees, per the college’s tuition refund policy.
A student is said to be officially withdrawn if they stop attending and receive failing grades in all credits. For a student who has been determined to have unofficially withdrawn, the date of withdrawal for purposes of the Return of Title IV refund calculation is deemed to be the last date of attendance recorded by the faculty at grading.
Federal regulation requires the college to calculate the Return to Title IV refunds within 45 days of determining an official or unofficial withdrawal date.