Return of Funds Policy
Students who withdraw from school and who have received federal funds may have to repay a portion of those funds back to the federal aid programs. The portion of funds that must be returned is calculated by dividing the number of calendar days attended by the number of calendar days in the term. The return of funds will be calculated through 60% of the term, which is approximately the first 70 calendar days or approximately the first 10 weeks of the term.
Example: The term is 116 calendar days in length and the student decides to withdraw on the 21st calendar day of the term. The student has earned 18.1% of the funds received and must repay 81.9% of the funds. If the student received $2,600 the student would have to repay $2,129.40
The impact this federal regulation will have on students who withdraw from school is that they will have to repay, at the time of withdrawal, a portion of the funds they received for the term of attendance.
Students who owe a repayment of funds: (1) will not be entitled to enroll in subsequent terms, (2) will not be eligible to receive additional federal funds, and (3) will have a hold put on their grade transcripts until their account is paid in full. In addition, these students may have their account reported to the US Department of Education for further action.
If you want more information as to how withdrawing will impact you, please contact the Financial Aid Director.
Student who receive institutional funds (scholarships) may have to repay a portion of those funds based upon the return of funds formula.