Although the university must return the unearned portion of your financial aid to the federal government, you are responsible to repay the university any funds that are returned after you pickup your check from the business office. This could result in your owing aid funds to the university, the government, or both. The university must calculate and return unearned Title IV funds no later than 30 days after the date of withdrawal or when a student stops attending class.
Repayment to Federal Programs
Federal regulation requires that the following federal Title IV aid programs offered to students be subject to the repayment calculation in the following order if a student withdraws before completing at least 60% of the term:
- Federal Stafford Unsubsidized Loans
- Federal Stafford Subsidized Loans
- Perkins Loan
- Federal PLUS Loans
- Federal Pell Grant
- Other Grants (SMART, ACG, TEACH)
- Supplemental Educational Opportunity Grant (SEOG)
