If you get a GRANT and then WITHDRAW from all your classes, you will OWE money back to the federal program. Here’s how it works:
According to the day you withdraw, the financial aid office will calculate the part of the grant that you have “earned.” If you stopped attending classes but did not notify the school of your withdrawal, we will assume you earned 50% of your grant(s) received.
NOTE: If you withdraw after you have earned 60% of your grant, you do not owe any repayment. For example, if you officially withdraw from all classes in Fall 2009 on or after October 31, 2009 you will not have to repay the grant. This date is subject to change based on the length of the Fall Semester.
The Financial Aid Office will use a formula determined by the federal government to figure out what you earned, and what you did not earn, calculate the amount you owe, and notify you about the repayment procedure.
If you received LOAN money and withdraw, you will pay back the money according to the normal rules of the loan program.
If you receive WORK money and withdraw, you do not owe anything back. You always get to keep salary you have earned.
