Returning Financial Aid
Refunding Aid After Withdrawal
You may find it necessary to withdraw from all classes during a semester. If you withdraw from the University, you may be eligible to receive a refund of tuition and course fees depending upon when you withdraw. If you received financial aid, the Office of Financial Aid, as well as yourself, may be required to return to the federal government, all or a portion of the aid that was disbursed to you and/or your student account.
If you are a financial aid recipient, the refund will be returned to the grant, loan source, or scholarship from which you received funds. This situation could result in you owing the aid funds to the University, the government, or both. If your circumstances require you to withdraw from all classes, you are encouraged to contact your academic advisor and a One Stop Student Services Counselor in 23 Solon Campus Center so your decision will be based on a clear understanding of the consequences of withdrawing from all classes.
Return of Title IV Federal Financial Aid
The federal formula requires a return of Title IV aid if you received federal assistance in the form of a Pell Grant, Supplemental Educational Opportunity Grant (SEOG), Federal Perkins Loan, Federal Direct Subsidized/Unsubsidized Loan or Federal Direct PLUS Loan and withdrew on or before completing 60 percent of the semester. The federal government mandates that if you withdraw from all classes, you may only keep the financial aid you have "earned" up to the time of withdrawal. The Title IV funds that were disbursed in excess of the earned amount must be returned to the federal government by the University and/or you. If you received a credit balance refund check for financial aid that was credited earlier in the semester (which was to be used for personal expenses or non-University housing expenses), you may be required to return a portion of those funds to the University. This portion represents funds that were intended to pay your education-related expenses through the end of the semester. The amount to be returned to the University will be calculated from the date on which you officially withdrew. If any funds are to be returned after the return of Title IV aid, they will be used to repay University's funds, state funds, and other private sources. If an unpaid balance(s) exists, then all aid sources will be repaid before any funds are returned to you.
Determining Aid Earned
To determine the amount of aid you earned up to the time of withdrawal, the Office of Financial Aid will divide the number of calendar days you attended classes by the total number of calendar days in the semester (less any scheduled break of 5 days or more). The resulting percentage is then multiplied by the total federal funds that were disbursed (either to your University student account or directly by check or electronic deposit) for the semester. This calculation determines the amount of aid that you are allowed to keep. The unearned amount of aid must be returned to the federal government. The One Stop Student Services will notify you if you are required to return funds.
Returned Title IV Aid Allocation
Funds that are returned to the federal government are used to reduce the outstanding balances in individual federal programs. Financial aid returned by you and/or your parent or the University must be allocated in the following order:
- Federal Unsubsidized Direct Loan
- Federal Subsidized Direct Loan
- Federal Perkins Loan
- Federal Direct PLUS (Parent) Loan
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grant (FSEOG)
- Federal TEACH Grant
- Other state, private or institutional aid The student