Return of Financial Aid Refunds
If you withdraw from the University before 60% of the semester has been completed, you and the University may be required to repay a portion of the financial aid refunds awarded to you.
When you withdraw completely from the University before finishing the semester, federal regulations require that the University determine whether a portion of your federal financial aid (other than work-study) must be returned. The amount of aid you may keep when you withdraw is in direct proportion to the length of time you remained enrolled during the semester.
If you were enrolled for 20% of the semester before you withdraw, 80% of your federal financial aid must be returned to the aid programs. If you stay through 50% of the semester, 50% of your aid must be returned. Once you complete at least 60% of the semester, however, you may keep 100% of the aid you received.
This means that if you withdraw before you have completed at least 60% of the semester, you may owe a repayment after you withdraw. You will be billed for any balance owed as a result of returning the financial aid funds. The University will notify you of the dollar amount you owe.
Examples of how the refund calculations are done are available in Blugold Central, Vicki Lord Larson 1108. Actual calculations for required repayment will also be done by a member of Blugold Central.
Email Blugold Central if you have any questions.