Federal law requires that, when you withdraw
during a payment period or period of enrollment,
the amount of SFA program assistance that
you have earned up to that point is determined
by a formula. The amount of assistance that
you have earned is determined on a pro-rated
basis. That is, if you completed 30 percent
of the payment period or period of enrollment,
you earn 30 percent of the assistance you
were originally scheduled to receive. Once
you have completed more than 60 percent
of the payment period or period of enrollment,
you will have earned all of your assistance.
|
This
U.S. Department of Education’s Policy
(The Return of Title IV Funds) simply requires
you to earn the Financial Aid, which you
are awarded, based upon a formula, which
permits you to earn the aid based upon the
percentage of the semester that you complete.
The policy could result in you and/or your
parents having to pay from your/their pockets
some of the educational cost, which you
have incurred (you can reference
this Federal Policy as Public Law 105-244
Section 485 of the Higher Education Amendments
of 1988).
|
