Return of Federal or State Funds
When a student receives federal student aid funds and subsequently withdraws from the University, a portion of these funds may have to be returned to the federal government. The return amount is based upon the percentage of assistance earned up to the date of withdrawal within the enrollment period. No return is required after the 60 percent point in time. Repayment to federal student aid funds will be made in the following order: Unsubsidized Federal Direct Loan, Subsidized Federal Direct Loan, Federal PLUS Loan, Federal Pell Grant, Federal SEOG, TEACH Grant, and other federal funds. If it is determined that the student must return funds that were received directly, the student may set up a repayment plan through the Department of Student Financial Services. The University will apply this policy to all federal-student-aid recipients.
Return of state aid funds is calculated independently of the federal funds, according to state guidelines. The repayment schedule during the first week of the semester is 70 percent, 60 percent the second week, 40 percent the third week, 20 percent the fourth week, and no return is required the fifth week and thereafter.