Federal Financial Aid Refund / Repayment
Federal Refund and Repayment calculations must be performed if you receive Title IV (Pell, FSEOG, and Stafford Loans) and officially withdraw from all units, drop out of all units, are expelled, take an unapproved leave of absence, or fail to return from an approved leave of absence prior to the 60% date of the term. If you fail to attend any registered classes, your financial aid will be reduced to reflect the new enrollment status. All unearned aid must be returned to the federal aid programs as determined by the Financial Aid Office.
Once you have maintained enrollment for at least 60% of the payment period (term), you have earned 100% of the Title IV funds disbursed. Therefore, it is in your best interest to maintain attendance and complete at least one class each term that you receive federal aid to avoid repayment of funds. (Different requirements apply to maintain Financial Aid Satisfactory Progress, please refer to policy.)
How the calculation works
- Number of days attended ÷ days in semester = % of semester completed
- Total $$ disbursed X %completed = Earned $$
- Total $$ disbursed - earned $$ = $$ to be returned
Once it is determined that you owe money back to any of the federal aid programs, you will be ineligible to receive further federal aid until this debt is cleared.