Students who withdraw prior to the first day of classes will have all of their financial aid (University, Federal and State) returned to the program administrators.
Students who withdraw during the first six weeks of the semester will have a portion of their financial aid returned to the appropriate agencies. Capital and State aid is returned at the same percentage rate as the tuition is refunded; for example, if a student receives a 75% refund of tuition, 75% of institutional aid will be returned to the institutional funds and State of Ohio funds will be returned to the Ohio Board of Regents.
Federal financial aid, including parent loans, student loans and grant aid is earned on a per diem basis. For example, if there are 100 days (including weekends) in a semester, each day attended allows the student to keep 1% of the federal aid programs total for that semester. A student who stayed 30 days would be able to keep 30% (30 days/100days) of his or her federal aid and 70% (the remainder) would be returned to the federal program administrators.
Federal financial aid that is to be returned as determined by the Return to Title IV Refund Calculation is credited first towards student loans, then towards parent loans, and finally towards grant programs. For example, if a student receives $1000 in loans and $500 in grants and we are required to return $900, the full $900 is credited towards the loan; therefore the student would withdraw with a $100 loan and a $500 grant.
For students who withdraw after the first six weeks of the semester but before 60% of the semester is over, no Capital or State aid is returned.
• Federal financial aid will still be returned on a per diem basis as the example above reflects.
• It is possible for a student to withdraw and owe more money to the University than if they were to finish the semester
For students who withdraw after completing 60% of the semester, no Capital, State or Federal financial aid is returned upon withdrawal.
A Return of Title IV Refund Calculation will be done within 30 days of notification that the student has withdrawn. The official withdrawal date will be determined by the last date of attendance as specified by the faculty and verified by the Student Affairs Office and communicated to all University departments involved. If the amount of remaining federal aid eligibility exceeds the balance due to the University, the excess may be refunded to the student or to any remaining loan programs, at the student’s discretion.
Students must usually begin repaying back student loans within six months after the official withdrawal date. Should you have any questions about the financial aid adjustments, please contact the Financial Aid Office prior to withdrawing.