The law requires that if you withdraw from college the amount of financial aid assistance that you have 'earned' up to that point is determined by a specific calculation developed by the United States Department of Education. If you received more assistance than you earned, the excess funds must be returned.
The amount of assistance you have earned is based upon the percentage of the payment period in which you were enrolled. If you were enrolled up through the 30th day of the semester and there were 120 days in the payment period (semester), you would have earned 25% of your financial aid assistance, 30 days divided 120 days = 25%. Once you have completed more than 60% of the payment period, you are considered to have earned all of your financial aid assistance.
If you received financial aid assistance in excess (refund) of the amount that you owed Chadron State College, you may be required to return the unearned portion of the excess (refund) funds received. In addition, you may end up owing Chadron State College after you withdraw for monies returned to the Department of Education from your tuition and fees and possibly room and board if you live on-campus. Also, keep in mind, there are two types of withdrawal for Federal Student Aid purposes: (1) Official Withdrawal and (2) Unofficial Withdrawal.
Official Withdrawal is when you officailly notify the Record's office of your intentions to completely withdraw from college. If you plan to withdraw please contact the Record's office. Your official notification date is considered to be your official withdrawal date for calculating the amount of financial aid assistance earned.
Unofficial Withdrawal is when you quit attending classes or receive all grades of "F", your instructors report the last date in which they have recorded as having documented contact with you. Based on the last date reported, this will be considered your last date of attendance and your financial aid assistance will be considered earned up through the reported last date attended.
Click here for more information about the Refund Policies.
Reminder: Withdrawing from CSC also affects Satisfactory Academic Progress.
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