Financial Aid

Withdrawals

Your semester aid and university charges could be reduced if you completely withdraw from the university. A complete withdrawal means that a student has withdrawn from all classes.

Reduction in Institutional Charges

Refunds of tuition charges are calculated based upon the effective date of your withdrawal. The Office of Student Accounts will determine if a refund is due based on the university's refund policy and will credit your student account.

CUA Scholarships and Grants

University grants and scholarships will be prorated to be proportional to the percentage of tuition charges incurred. For example, if a student's tuition charges are reduced by 40 percent, that student's university grants and scholarships will also be reduced by 40 percent.

Federal Return to Title IV Funds (R2T4)

The amount of federal aid that has to be returned is based upon a formula provided by the U. S. Department of Education and is independent of the school's tuition refund policy. The amount of federal aid that you may retain is prorated based on the percentage of days completed in the semester.

• Some of the federal financial aid paid to you directly will most likely need to be returned to the federal government. This return of funds represents the portion of the term you did not attend.

• For aid applied to direct charges, the amount to be repaid is the the amount of aid received times the the unattended percentage, or the amount of charges times the unattended percentage, whichever is less. The unattended percentage is calculated by subtracting the number of days attended divided by the number of days in the semester from one. (i.e. 1-[attended days/total days])

• The calculation of remaining aid repaid is based upon the ratio of unattended days to total days. This aid, paying to charges other than tuition and fees, is reduced by the same formula above, except that only 50 percent of grant aid is repayable. No loans are charged to the student's account in this step of the calculation, but remain payable under the original terms of the loan.

• If you withdraw, the disparity between fee refunds and aid that must be repaid will result in you having to repay far more than in the past. Be sure to review the example calculations given below to determine how this may impact you BEFORE you decide to withdraw.

• If you withdraw prior to the disbursement of aid, you may still be eligible for a disbursement. The records of all withdrawing financial aid students with un-disbursed aid or Pell eligibility will be reviewed, and you will be notified of the option to receive disbursement of this aid, if applicable. If you withdraw, it is imperative that you update your address(es) with the registrar's office to be able to receive this notice.

Important Notices

• If you wish to enroll for a future term, be sure to meet the financial aid application deadline for the academic year you plan to return. Applications are usually available in late December for the next Fall/Spring and the deadline for filing the application is generally at the beginning of March.
• Students with work study awards should notify their employers and discontinue working upon withdrawal.
• Your lender will be notified of your withdrawal and will put your account into repayment.

Federal Loans

If you have borrowed from the Federal Student Loan Program, you can complete your federal exit loan counseling online. If you have borrowed from the Federal Perkins Loan Program, you should contact the Student Accounts Office to arrange your Perkins Loan exit interview.

Federal Title IV Withdraw Worksheet

The Federal Title IV Withdraw Worksheet is available on the Office of Financial Aid's Forms page.

Withdrawal Calculation Examples

The following examples are given to show the basic theory behind the federal return of funds formula. Actual figures my vary from examples given.

Example 1: For a student living on campus
who withdraws on the 23rd day of the fall term
Title IV Financial Aid is Pell Grants, SEOG Grants,
Perkins Loans and Federal Direct Loans

Example 2: For a student living off campus
who withdraws on the 23rd day of the fall term
Title IV Financial Aid is Pell Grants, SEOG Grants,
Perkins Loans and Federal Direct Loans

Example 3: For a student living off campus
who withdraws on the 23rd day of the fall term
Title IV Financial Aid is Pell Grants, SEOG Grants,
Perkins Loans and Federal Direct Loans

Example 4: For a student living on campus
who withdraws on the 23rd day of the fall term
Title IV Financial Aid is Pell Grants, SEOG Grants,
Perkins Loans and Federal Direct Loans

Example 5: For a student living off campus
who withdraws on the 23rd day of the fall term
Title IV Financial Aid is Pell Grants, SEOG Grants,
Perkins Loans and Federal Direct Loans

Example 6: For a student living off campus
who withdraws on the 23rd day of the fall term
Title IV Financial Aid is Pell Grants, SEOG Grants,
Perkins Loans and Federal Direct Loans