RETURN TO TITLE IV
[Having to repay financial aid funds received...]
If you are thinking of withdrawing from all of your classes or just leaving school… please, think again!
Federal law states that if you completely withdraw from all of your classes before completing 60% of the semester (before November 5, 2009 for the Fall semester and before April 15, 2010 for the Spring semester) you may be required to pay back financial aid monies that you received. Based on the date you withdraw from all of your classes, the college must calculate the amount of financial aid you received that you “actually” earned and the amount you must pay back. Note that all money received in the form of PELL, Supplemental Educational Opportunity Grants and/or Stafford Loans will be subject to repayment requirements.
Immediately see a COD counselor or an academic advisor and discuss your reasons for completely withdrawing from college. Perhaps you can stay, but take fewer courses. Maybe there are services (like tutoring or personal support) that will help you remain in school. Talk to your teachers; see what advice they can offer you. But, if you must leave school, take care of business before you go!
Before you begin the withdrawal process, go to the Financial Aid Office immediately in order to determine if you will owe money and if so, how much you will owe and how you will have to repay the amount that you owe. If you do owe money, work with the Financial Aid Office. You can arrange for regular payments to be made with either the college or federal government without losing your student aid eligibility. As such, it is important to take care of the details before you permanently leave school. If you owe money and leave college without taking care of this business, the Financial Aid Office will have to put a national HOLD on your student financial aid eligibility. This means that ALL colleges that administer federal student financial aid will have information about your grant overpayment and that you owe money back to the federal government. You cannot receive any additional financial aid until this debt is repaid.
