Financial Aid - Title IV Policy for Withdrawals
Under Federal Financial Aid rules, the College recalculates Federal* financial aid eligibility for students who withdraw, are dismissed, or take a leave of absence prior to completing 60% of a semester. Recalculation is based on the percent of earned aid using the following formula:
Percent earned = Number of days completed up to the withdrawal date** / total days in the semester (including weekends and breaks under five days).
Federal financial aid is returned to the Federal government based on the percent of unearned aid using the following formula:
Aid to be returned = (100% – percent earned) X the amount of aid disbursed toward institutional charges.
When financial aid is returned, the student may still owe a balance to the College. The student must contact the Student Service Center to make arrangements to pay the balance.
* Federal financial aid includes Federal Pell Grant, SEOG, Perkins Loan, Direct Student Loan-subsidized and unsubsidized, and Direct PLUS Loan.
** Withdrawal date is defined as the actual date the student began the institution’s withdrawal process, indicated their intent to withdraw, or the midpoint of the semester for a student who leaves without notifying the College.
If a student begins attendance, has not officially withdrawn, and fails to earn a passing grade in any registered courses, the institution must assume, for Federal* Aid purposes, that the student has unofficially withdrawn, unless the institution can document that the student completed the period. Recalculation of federal aid eligibility is required using the last documented date of attendance or the 50% point of the semester if the last date of attendance is not available.