If you withdraw from the university (withdraw from all of your classes) before 60% of the semester has passed, the Financial Aid Office is required to complete a Return to Title IV calculation. This process determines how much of your financial aid you have earned based on the length of time you have been enrolled during the semester. According to federal regulations, whatever amount of financial aid has not been earned must be returned to the originating financial aid program. You will receive a letter in the mail from the Financial Aid Office after you withdraw outlining the percentage of aid you have earned and the amount of aid that had to be returned.
If you withdraw after the 60% date, you are considered to have earned all of your federal financial aid. However, non-federal funds (institutional and state) may have to be adjusted.
The university will also calculate what charges are owed for tuition and fees, residence hall occupancy and meal plan usage during the time that you were enrolled. If the amount of charges is greater than the amount of financial aid you have earned, a billing statement will be generated by the university.
These processes can take up to 4 weeks to be completed.