The 1998 Reauthorization of the Higher Education Act requires the College to calculate a return of federal student aid funds for students who withdraw (officially or unofficially) from all classes on or before the 60 percent attendance point of the semester. Using the Federal formula, the percentage of the semester attended is used to calculate the amount of the student's earned versus unearned federal student aid funds. The number of calendar days spent attending classes is divided by the number of calendar days in the semester. The unearned portion of federal student aid funds will be returned to the appropriate aid program. Funds are returned in the following order:
- Unsubsidized Direct Loan
- Subsidized Direct Loan
- Perkins Loan
- Parent Loan for Undergraduate Students (PLUS)
- Pell Grant Program
- Supplemental Educational Opportunity Grant (SEOG)
Students receiving financial aid who withdraw from all of their classes may not receive further financial aid disbursements, may lose some or all of the aid that has already been disbursed to their account and are responsible for payment of any balance due after the required return of unearned federal student aid funds. Students who stop attending all classes without officially withdrawing will be subject to the return of federal funds at the end of the semester based on the 50 percent point of the semester.