Completely withdrawing from all your classes may affect your financial aid. If you complete at least 60% of the semester, you have will have earned 100% of your aid. If you withdraw before this date, we will determine what percentage of aid you earned. Federal regulations require that your aid eligibility be recalculated if you withdraw, are dismissed, or take a leave of absence prior to completing 60% of the semester.
The recalculation is based on the equation:
Aid for Session - Earned Aid = Unearned Aid
Recalculation is based on the percentage of earned aid using the following formula:
(Completed Days / Total Days) = Percentage of Aid Earned
Unearned aid is returned to the funding source. When unearned aid for institutional costs is returned to funding source, you may incur a tuition balance with the college. If you need to repay unearned aid for non-institutional costs, the Financial Aid Office will contact you.
Aid is returned to the funding source based on the percent of unearned aid using the following formula:
(100% of Aid - Percent of Aid Earned) * Institutional Costs = the amount of aid paid to the institution that must be returned to the funding source
The balance of the unearned aid is used to determine if any funds need to be returned for non-institutional costs.
Unearned Aid - Return of Institutional Costs = balance of unearned aid for non-institutional costs
All money returned to the funding source will be returned in the following order:
- Unsubsidized Federal Stafford Loan
- Subsidized Federal Stafford Loan
- Federal PLUS
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grant (FSEOG)
- Any amounts attributed to your loans will be repaid in accordance with the terms of your promissory note.
- Amounts to be returned to grants are reduced by 50%
- If the Business Office does not hear from you within 45 days, we are obligated to send your balance to the federal government for collection.
- A hold will be placed on your records until the repayment has been made in full.
- This hold will prevent you from obtaining an academic transcript, you will not be allowed to register at MECC or other VCCS colleges, or receive aid until you have made the repayment in full.
The federal refund formula is rather confusing. If you need to withdraw from all of your classes, you are encouraged to speak to a financial aid representative before doing so for information on how it may affect your financial aid and your Academic Progress.