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Students receiving federal
financial aid who withdraw from all of their classes during the first 60% of a
term, will be required to repay a portion of the federal grants that they have
received. That is because a student must "earn" their financial aid. Financial
aid is "earned" for each day you are enrolled in the semester.
For example, if you enroll in the Fall semester on August 20 and withdraw from
all of your classes on October 22, you will have "earned" 63 days worth of
financial aid eligibility. The amount you have to repay will depend on the
number of days you were enrolled compared to the number of days in the
semester. Because there are 121 days in the Fall semester, you would have only
earned 52% of the aid you received (63 days/121 days in the term = 52%). If
you had received a $1500 Pell Grant award for the semester, you would have
only earned $780 of the Pell Grant ($1500 x 52% = $780). Because you have
received $720 more financial aid than you "earned" ($1500 - $780 = $720), you
will be required to repay half of the amount you did not earn. The amount you
would be required to pay back in this case would be no more than $360.
Students who stay in classes until 60% of the term is completed won't owe
anything back to the federal government. For the Fall of 2007, that means you
must be enrolled and attending classes until October 31, 2007 to be eligible
for all the financial aid you received. If you drop all of your classes before
October 31, 2007 you will be billed for a portion of the Pell Grant and/or SEOG grant that you received in the Fall. For the Spring of 2008 that means
you must be enrolled and attending classes until April 9, 2008 to be eligible
for all the financial aid you received. If you drop all of your classes before
April 9, 2008 you will be billed for a portion of the Pell Grant and/or SEOG
grant that you received in the Spring.
Please note: If you fail all of your classes in a term, you will have only
earned 50% of the Pell and/or SEOG that you received and you will be billed
for the amount you did not earn. This rule applies even if you were enrolled
in classes for the whole term.
If you are required to repay funds to the federal government, you will be
billed and you will have 45 days to repay the funds in full. You will be ineligible for any further financial aid at
any college in the United States until you have repaid the funds in full.
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