Financial Policy for Recipients Who Withdraw from Newman University
Recipients of Federal Student Financial Aid (student loans, Pell Grant, SEOG) who completely withdraw from Newman during a period of enrollment in which they began attending will have their financial aid calculated based on the last date of class attendance. Newman must calculate the amount of financial aid funds students have earned at the point of withdrawal.
This calculation includes the faculty member notifying financial aid of the last date the student was in attendance.
Students must complete at least 60 percent of the enrollment period before their financial aid is not affected for the current term. The percentage of enrollment completed is the total number of calendar days in the period of enrollment for which the assistance is awarded divided into the number of calendar days completed in that period.
Newman must return the unearned portion of financial aid to the proper Federal Financial Aid Programs. The order in which the university must return financial aid is as follows:
- Unsubsidized Stafford Loan
- Subsidized Stafford Loan
- Perkins Loan
- Parent PLUS Loan
- Pell Grant
- SEOG
Any unearned financial aid returned to the student loan program/programs will reduce the student's loan debt. Once Newman returns the unearned portion of financial aid to the proper entities, students owe the unearned portion of financial aid to the university. Students must immediately contact Student Accounts in the Financial Aid Office to make payment arrangements.
It is critical for students to speak with the financial aid staff regarding complete withdrawal before they decide to quit attending class.
For a copy of the Return of Title IV Funds Worksheet, please visit the Financial Aid Office. |