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If a student completely withdraws from Oglethorpe University during the first 60% of the payment period and has received federal student financial assistance, the school must calculate the amount of federal funds the student “did not earn”. This process is required to determine if the school and/or the student must return funds to the federal programs.

The percentage “not earned” is the complement of the percentage of federal funds “earned.” If a student withdraws completely before completing 60% of the payment period, the percentage “earned” is equal to the percentage of the payment period that was completed. If the student withdraws after completing 60% of the payment period, the percentage earned is 100%. If the student has received more federal assistance than the calculated amount “earned,” the school, the student or both, must return the unearned funds to the appropriate federal programs. The withdrawal date used to measure the period of time enrolled is the date the school becomes aware the student intends to withdraw. The withdrawal date used by the University for academic and billing purposes could be different.

The school must return the lesser of: the amount of federal funds that the student does not earn; or the amount of institutional costs that the student incurred for the payment period multiplied by the percentage of funds “not earned.” The student must return (or repay, as appropriate) the remaining unearned federal funds. An exception is that students are not required to return 50% of the grant assistance received that is their responsibility to repay.

It should be noted that the Institutional Refund Policy and the federal Return of Title IV Funds Policy are separate and distinct. If a student completely withdraws after Oglethorpe’s refund period has passed and before the 60% point of the payment period, he/she may owe a balance to the university that was previously covered by federal aid. Students receiving federal assistance are advised to consult the Office of Financial Aid before initiating the withdrawal process to see how these new regulations will affect their eligibility.

Regulations require the return of funds in the following order:

  1. Unsubsidized Federal Stafford loans
  2. Subsidized Federal Stafford loans
  3. Federal Perkins loans
  4. Federal PLUS loans
  5. Federal Pell Grants
  6. Federal Supplemental Educational Opportunity Grants (FSEOG)
  7. Other federal aid programs.

Funds received from campus work programs will not be refunded.

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