enrolled. If a student withdraws prior to completing 60% of a term (Fall Semester on or after October 30, 2012 and Spring Semester on or after March 25, 2013), a prorated portion of his/her federal financial aid dollars must be considered “unearned” and returned to the federal programs. Unearned financial aid dollars returned to the federal programs could cause students to owe the University a significant amount upon withdrawal.
Federal fund returned are distributed to the programs as follows: Unsubsidized Federal Direct Stafford Loans Subsidized Federal Direct Stafford Loans Federal Direct PLUS Loans Federal Perkins Loans Federal Pell Grants Federal Supplemental Educational Opportunity Grants (FSEOG) Other Student Financial Aid Programs Other federal, state, private, or institutional sources of aid Refunds are calculated according to the following schedule for those students not receiving Title IV financial aid and withdraw from the University. Refund Period – Fall 2012 100% refundable - Prior to the first day of classes ending August 24, 2012 75% refundable – August 25 – September 2, 2012 50% refundable – September 3 – 9, 2012 25% refundable – September 10 – 16, 2012 0% refundable – After September 17, 2012 Refund Period – Spring 2013 100% refundable - Prior to the first day of classes ending January 18, 2013 75% refundable – January 21 – 27, 2013 50% refundable – January 28 – February 3, 2013 25% refundable – February 4 – 10, 2013 0% refundable – After February 11, 2013 Refund Period – Summer 2013 100% refundable - Prior to the first day of classes ending June 5, 2013 75% refundable – June 7 – 8, 2013 50% refundable – June 9 - 12, 2013 25% refundable – June 13 – 15, 2013 0% refundable – After June 16, 2013
Funds are usually applied to the students account after the 12th day of classes. Residual checks are deposited to the students Paycard or mailed to the local address within 14 days of the date the credit occurred.