The college Financial Aid Office is required by legislative statute to recalculate Federal and State financial aid eligibility for students who officially/ unofficially withdraw or take a leave of absence prior to completing 60% of a payment period or semester. The Federal Title IV financial aid and PHEAA State grant must be recalculated in these situations.
If a student leaves the college prior to completing 60% of a payment period or semester, the college Financial Aid office recalculates eligibility for Title IV funds. Recalculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula: Percentage of payment period or term completed = the number of days completed up to the withdrawal date divided by the total days in the payment period or semester. (Any break of five days or more is not counted as part of the days in the semester.) This percentage is also the percentage of earned aid.
Funds are returned to the appropriate Federal or State program based on the percentage of unearned aid using the following formula: Aid to be returned = (100% of the aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period or semester.