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Return of Funds Policy

Applicability

 

This return of funds policy applies only to all full-time and part-time students enrolled in regularly scheduled classes at Worcester State University who are receiving Federal Title IV and/or State Financial Aid.

 

Withrawal Requirements

 

All matriculated students, undergraduate and graduate, who wish to withdraw from the University must do so in writing to the Registrar's Office on the prescribed from. The official date of withdrawal for this policy is the date that the student begins the official withdrawal process or the date that the student officially notifies the University of his or her intent to withdraw.

 

Return of Funds Policy

 

Return of Federal and State Financial Aid will be based on the date a student completely withdraws from the University as described above. During the first 60% of the semester or summer term a student earns funds in direct proportion to the length of time he or she remained enrolled. A student who remains enrolled beyond the 60% point earns all aid for the semester or summer term.

 

The percentage of the semester or summer term that a student remains enrolled is derived by dividing the number of days a student remains in attendance by the number of days in a semester. Breaks of at least five days are excluded from both the numerator and the denominator.

 

Unearned Federal and State Financial Aid other than Federal Work-Study must be repaid in the following order:

 

Federal Direct Unsubsidized Stafford Loan

 

Federal Direct Subsidized Stafford Loan

 

Federal Perkins Loan

 

Federal Parent Loan

 

Federal Pell Grant

 

Federal Supplemental Educational Opportunity Grant

 

 

Students must repay 100% of unearned loans according to the terms of their Promissory Note.

 

An example of this return of Title IV Refunds Policy is available at the Financial Aid Office.

Last modified at 3/13/2011 2:47 PM  by Polakowski, Renee