Repayment If You Withdraw

The law requires that when you totally withdraw during a period of enrollment the amount of student financial aid program assistance that you have "earned" up to that point is determined by a specific formula.  If you received less than the amount that you earned, you will be able to receive those additional funds.  If you received more assistance than you earned, the excess funds must be returned by the student.

The amount of assistance that you have earned is determined on a pro-rata basis. Once you have completed more than 60 percent of the period of enrollment, you have earned all of your financial aid for that term. (For Fall 2007 stay enrolled until at least Nov 2, 2007. For Spring 2008 stay enrolled until at least March 28, 2008.)

If you received excess funds that must be returned, contact the Financial Aid Office for an explanation of what portion of those funds must be returned. 

CONTACT THE FINANCIAL AID OFFICE PRIOR TO YOUR TOTAL WITHDRAWAL FOR FURTHER DETAILS 

TOTALLY WITHDRAWING FROM COLLEGE CAN JEOPARDIZE YOUR FUTURE FINANCIAL AID ELIGIBILITY AT ANOTHER COLLEGE OR UNIVERSITY!

Those that fail to repay excess funds will be reported to the Department Of Education's collection agency. This judgement is not waived by bankrupcy. There is no time limit, so it will be in effect indefinitely. It will appear on any future credit rating reports, which will adversely affect the purchase of a car or home.