Federal law requires Walsh College to determine the amount of Title IV financial aid a student earns if the student withdraws from or stops attending school. A student’s withdrawal date is the date the student began the withdrawal process or officially notified Walsh College of their intent to withdraw. If a student leaves without notification, otherwise known as an unofficial withdrawal, the midpoint of the term or the student’s last date of attendance at a documented academically related activity is used as the withdrawal date. A student who never begins attendance in all classes is considered not eligible for financial aid and all Title IV aid is returned to the appropriate originating agency.
The Title IV programs include, and the return of aid is made in the following order:
Federal financial aid is “earned” directly in proportion to the number of days attended during the academic term. Walsh College must calculate the total amount of federal financial aid the student has earned and is entitled to keep up to the date of withdrawal.
The calculation of earned financial aid is derived from a formula mandated by the U.S. Department of Education. The portion of federal grants and loans a student is entitled to keep is calculated on a percentage basis by comparing the total number of days in the term (less any scheduled breaks of 5 consecutive days or more) to the number of days the student completed up to the withdrawal date. For example, if a student completes 30% of the semester, then 30% of the federal financial aid awarded is considered earned, and 70% of the scheduled awards must be returned.
If a student has already received more financial aid than earned, the unearned funds must be returned to the appropriate originating agency. When the date of withdrawal occurs after 60% of the term has elapsed, the student is considered to have earned 100% of aid, and no action is required. All unearned Title IV funds must be returned within 45 days of the date the school determined the student withdrew.
If a student did not receive all the funds that were earned, the student may be due a post-withdrawal disbursement. If the student’s post-withdrawal disbursement includes loan funds, Walsh College must obtain the student’s permission before a disbursement can be made. Federal grants do not require permission from the student if the tuition and fees charges are greater than the federal grant to be disbursed.
If a post-withdrawal offer requires the student’s permission, a letter will be sent via the U.S. Postal Service. To receive a post withdrawal disbursement the student must accept the offer within the timeframe allowed in the post withdrawal letter. A post-withdrawal offer must be made within 30 days from the date the school determined the student withdrew.