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When a student receiving student financial aid (including grant or student loan funds) withdraws from all courses (either officially or unofficially), the student may have to return part of the financial aid s/he has received. Student aid is adjusted in accordance with the federal refund calculation established by the U.S. Department of Education.
A federal refund calculation is required when a student stops attending all courses (either officially or unofficially) before 60% of the semester has passed. During the spring 2006 semester, a refund calculation would have been required if a student withdrew from all courses before March 23rd.
How we calculate the amount of aid a student must return
The federal refund calculation follows a specific formula based on the student’s last date of attendance and it takes into account all federal financial aid received including grants and loans. The calculation is generally based on the percentage of the semester completed. For example, if a student receives all of her/his financial aid by week five of the semester and then leaves the college during the sixth week, the student may not have “earned” all of her/his student aid. In this case, the student would be required to return a portion of the aid to SMCC.
Payment Requirements
If the federal refund calculation shows that the student must return some of the aid, the student must return the money directly to SMCC. The college is required to send any “unearned” aid to the respective grant and loan sources in an order prescribed by federal regulations.
A student will not be allowed to register for any future courses at SMCC until this required refund is paid.
If you have Questions
If you have any questions regarding the refund calculation for withdrawals, please contact the SMCC Financial Aid Office.
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