THIS POLICY SHALL APPLY TO ALL STUDENTS AT FORT VALLEY STATE UNIVERSITY WHO RECEIVE FINANCIAL AID FROM TITLE IV FUNDS AND WHO TOTALLY WITHDRAW, DROP OUT OR STOP ATTENDING ALL CLASSES WITHOUT OFFICIALLY WITHDRAWING.
Federal regulations require that when you officially withdraw from the university or stop attending your classes that the amount of Federal Title IV financial aid assistance that you have “earned” up to that point must be calculated using a pro-rata formula. If you received more financial aid than you earned, the excess funds will be returned on your behalf by the University to the program in which you received aid. In most instances this will leave you owing the University.
If you change your enrollment status within the first 14 days of classes, your financial aid will be adjusted accordingly and you may possibly owe the University.
If you have completed more than sixty percent (60%) of a period of enrollment (i.e. fall term, spring term) you have earned all of your financial aid (100%) and your account will not be adjusted. Anything less than earning 60% of your aid will require an adjustment and you may have to repay any unearned financial aid funds that were already disbursed to you.
Upon receipt of the official withdrawal notification from the Registrar’s Office, the Office of Financial Aid will perform the Return to Title IV calculation. You will be notified by mail. If there is any outstanding balance with the University you are responsible for making payment arrangements with the Student Financial Services Office.
What can happen if I withdraw from all my classes or stop attending classes and get all “F” grades?
Students who withdraw from all classes prior to completing more than 60% of an enrollment term will have their aid recalculated based on the percent of the term they completed. For example, a student who withdraws completing only 30% of the term will have “earned” only 30% of any Title IV aid received. The remaining 70% must be returned. The Office of Financial Aid encourages you to read this policy carefully. If you are thinking about withdrawing from all classes PRIOR to completing 60% of the semester, please contact the Office of Financial Aid to see how your withdrawal will affect your financial aid and your possible repayment of funds.
“Title IV Funds” refers to the federal financial aid programs authorized under the Higher Education Act of 1965 (as amended) and includes: Federal Subsidized and Unsubsidized Stafford Loans, Parent Loans to Undergraduate Students (PLUS), Federal Pell Grants, Teacher Education Assistance for College and Higher Education Grant (TEACH) and Federal Supplemental Educational Opportunity Grant (FSEOG).
A student’s withdrawal date is:
- the date the student began the institution’s withdrawal process (as described in Fort Valley State University’s Class Schedule) or officially notified the institution of intent to withdraw; or
- the midpoint or later date of the period for a student who stops attending all classes without notifying the institution; or
- the student’s last date of attendance at a documented academically-related activity.
- Exception: For veterans receiving veteran’s benefits the withdrawal date is the last date of attendance or date of the last documented academically-related activity.
Notification of withdrawal should be in writing and addressed to the Office of the Registrar.
The percentage of Title IV aid unearned to be returned to the appropriate program shall be 100% minus the percent earned. No program can receive a refund if the student did not receive aid from that program. Unearned aid shall be returned first by Fort Valley State University from the student’s account to the appropriate programs in the following order:
- Federal Unsubsidized Direct Stafford Loan
- Federal Subsidized Direct Stafford Loan
- Federal Perkins Loan
- Federal Parent Loans to Undergraduate Students (PLUS)
- Federal Graduate PLUS
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grant (SEOG)
- Federal TEACH Grants
- Iraq and Afghanistan Service Grant
If you are required to repay loan funds, repayment of your loans will be in accordance to the terms of you Master Promissory Note (MPN).
The Office of Financial Aid will notify the student of the amount of repayment within 30 days of determining the student’s withdrawal. The student has 30 calendar days after notification to make a repayment in full or make satisfactory repayment arrangements with Fort Valley State University’ Business Office.
ANDREA ENROLLED FOR 12 HOURS FALL SEMESTER; CLASSES STARTED AUGUST 23 AND ENDED DECEMBER 13; THERE ARE 113 CALENDAR DAYS IN THE SEMESTER; TUITION AND FEES ARE $1,425 SHE RECEIVED A TOTAL OF $2,766 (FEDERAL PELL $2,366 AND FSEOG $400).
- If she totally withdraws September 8 – she has completed 17 days; 15% of the term was earned. Fort Valley State University would have to return $1,211 to Federal Pell; Andrea would have to repay $0 to the U.S. Department of Education.
- If she totally withdraws October 8 – she has completed 47 days; 42% of the term was earned. Fort Valley State University would have to refund $827 to Federal Pell; Andrea would have to the return $0 to U.S. Department of Education.
- If she totally withdraws on October 27 – she has completed 66 days; 59% of the term was earned. FVSU would have to return $584 to Federal Pell; Andrea would have to repay $0 to U.S. Department of Education.
- If she totally withdraws on October 31 – she has completed 70 days; 62% of the term was earned; no refunds or repayments are due.
- If Andrea decides she needs a Stafford Loan for $1,750 in addition to the grants listed above and withdraws on October 10, she has completed 49 days; 44% of the term was earned. FVSU would have to return $798 to the lender Andrea would have to repay$0 to the U.S. Department of Education.
Students who subsequently discontinue their enrollment without officially withdrawing from the University will be considered to be unofficially withdrawn. This will be determined by the Registrar’s Office at the end of the semester by the reviewing of all “F” grades. For any students who have been determined to have unofficially withdrawn, refunds for Title IV aid will be considered to have occurred at the 50% point in accordance with federal regulations.
The 50% point will be used if the last date of attendance cannot be determined by the Registrar’s Office. Furthermore, if it is determined by the Registrar that the student has earned all “F” grades, then a calculation for return of Title IV funds will not be performed.