Return of Federal Financial Aid when Withdrawing
Students receiving financial aid must follow official withdrawal procedures. Students may be required to repay a portion of aid funds used at the time they withdraw, or receive a late disbursement for time in attendance.
To comply with this policy, an aid recipient must:
- Follow official school withdrawal procedures, which are found in the college catalog.
- After obtaining "instructors' signatures" and "last date(s) of attendance" on the drop card, the card must be taken to the Financial Aid Office for a staff signature. The "last date of attendance" will be used to calculate the repayment/refund amount of aid due. Repayment/refund pertains only to students completely withdrawing from all classes or to those who have been paid incorrectly.
- The school will calculate:
- the total amount of aid that the student received from the Pell Grant program, SEOG, and any other federal funds;
- the total amount of the same aid that was used for tuition, fees, books, and supplies (charged to the student's account);
- the total number of days the student attended classes, and compare this number to the total days in the semester. This calculation will give the College the percentage of the semester completed by the student. If the student has completed at least 60 percent of the semester, no further action is taken and the student will not be required to repay funds. The 60% dates for each semester are available on myKnightLife.
- The school will apply the percentage of the semester completed to the amount of aid the student received to determine the amount of aid they are eligible to have for the days enrolled. If the student used more aid than he/she was eligible to receive, according to the days in attendance, the student must repay to the school an amount equal to "funds overspent x 50 percent. *NOTE: If the student owes a repayment on federal funds, the money must be repaid in full to the school within 45 days, or the student will be ineligible for further aid. The student's account can be referred to the U.S. Department of Education for collection and can result in garnishment of wages and/or tax refunds.
If the student used less aid than he/she was entitled to receive according to the days in attendance, the school owes the student a "post-withdrawal disbursement." The school will notify the student of the amount and date of availability of the funds. Students must claim the funds within 14 days or the disbursement will be voided. A mathematical example showing the application of this policy is available upon request from the Financial Aid Office.
Reminder: Students who do not complete at least 67% of their classes each term will be placed on Financial Aid Warning for the following term and risk termination from receiving financial aid in subsequent terms. (See Standards of Academic Progress)