Any student wishing to withdraw from Coe has the responsibility of initiating the withdrawal process. The official withdrawal procedure is initiated and concluded with the Director of the Academic Achievement Program (AAP) located in the Learning Commons (Stewart Memorial Library). Students will be given an official exit form on which they must secure signatures from the following areas: the Registrar’s Office to withdraw from classes, the Business Office to verify a balance due or a credit to be refunded as well as Perkins Loan information, the Office of Financial Aid to be aware of financial aid adjustments as well as Stafford Loan information, the Library to ascertain that all materials have been returned, and the Resident Director of the student’s residence hall to arrange your room checkout. The exit form is returned to the Director of AAP, who will then notify other pertinent areas of the withdrawal.
If a student is unable to complete the official withdrawal process, the intent to withdraw can be communicated to one of the following offices: Registrar, Financial Aid, Student Affairs, or Business.
Special consideration is given to students who withdrew due to a call to active duty. Coe's "Military Call Up/Refund" and “Readmission of Service Member" policies are published on the Admission/Financial Aid webpage. Copies of these policies can be requested from the Office of Financial Aid.
Students who did not earn credit for any of the courses they attempted in a given term and did not officially withdraw or otherwise provide notice of their intent to withdraw, must be considered “unofficially withdrawn.” Federal regulations mandate that, unless it can be documented that
a student was in attendance past the 60 percentage point in time of the term, a federal Title IV refund calculation, using the withdrawal date of either the midpoint of the term or the last date of attendance at a documented academically related activity, must be performed.
In accordance with federal regulations, a Title IV refund calculation must be performed for students that are recipients of Federal Student Aid (FSA) who cease attendance in all courses before the 60 percentage point in time, including students who are expelled, or are granted a leave of absence.
The FSA programs that are covered by this law are: Federal Pell Grants, TEACH Grants, Stafford Loans, Federal Perkins Loans, PLUS Loans, Federal Supplemental Educational Opportunity Grants (FSEOG), Iraq Afghanistan Service Grant, and other Title IV Programs.
The Coe College Office of Financial Aid determines, based on the federally mandated formula, the amount of FSA assistance students have earned based on the date in the term a student is considered to be withdrawn.
A student's withdrawal date is:
The date, as determined by Coe College, the student began the official withdrawal process;
The date, as determined by Coe College, the student otherwise notified a designated office of his or her intent to withdraw;
If the student ceased attendance without providing official notification, the mid-point of the semester;
The student’s last date of attendance at a documented academically related activity.
Determine the percentage of the enrollment period completed by the student. If the calculated percentage is equal to or greater than 60%, the student has “earned” all aid for the enrollment period and no adjustment in financial aid occurs.
Days Attended ÷ Days in Enrollment Period = Percentage Completed
Apply the percentage completed to the Title IV aid awarded to determine the student’s eligibility for financial aid prior to the withdrawal.
Determine the amount of unearned financial aid to be returned to the appropriate Title IV financial aid program.
Total Aid Disbursed x Percentage Completed = Earned Aid
Total Disbursed Aid - Earned Aid = Unearned Aid to be Returned
Determine if the institution and/or the student must return the unearned funds.
The Coe College Office of Financial Aid is required to return any unearned FSA funds that were applied towards institutional charges within 45 days in the following order:
The student will be informed by the Office of Financial Aid of the type and amount of FSA program funds that are being returned on his/her behalf. The student is required to return unearned aid that was directly disbursed to the student. Unearned loan funds must be repaid by the student under the terms and conditions of the promissory note. Unearned grant funds must be returned to the Department of Education. The amount of unearned grant funds a student must return is limited to the amount by which unearned grant funds disbursed to the student exceed half of the original grant award by $50 or more. A student must make arrangements to return grant funds within 45 days of receiving notice from the Office of Financial Aid. Failure to make payment arrangements will result in the loss of FSA eligibility.
Determine earned FSA assistance that has not been disbursed.
Total Aid Earned – Total Aid Disbursed = Earned Aid not Disbursed
Grant aid that was earned, but had not been applied before the student withdrew,
will be applied to the students account within 45 days. Loan proceeds that could be disbursed after the student withdrew will only be disbursed if the student requests a disbursement within 14 days of receiving notice from the Office of Financial Aid of his/ her eligibility of a post-withdrawal loan disbursement.
* the federal work-sheet used to calculate the amount of FSA assistance earned is available from the Office of Financial Aid upon request.
The Office of Financial Aid will follow the Federal Refund Policy in determining the amount of earned and unearned institutional and state assistance.
Tuition, Board and Student Fees will be charged pro-rata based on the percentage of the weeks completed up to the 60 percentage point in time of the term. Room charges will NOT be refunded after Date of Record - (Fall 9/8/2017; Spring 1/22/18).
A full-time student living on campus was billed $16,495 in institutional charges (tuition, room, and board) and had $11,250 in financial aid applied against these charges. The student's account balance is $5,245.
The fall term began August 31st and ends on December 19th. The student began attending classes and withdraws from Coe on September 17th (18 days into a 104 day term). Therefore he/she has earned 17% of his/her financial aid (18/104).The withdrawal date is after the Date of Record and during the 3rd week of classes. Room costs are not adjusted after the Date of Record.
|Institutional Charge Assessed:||Financial Aid Earned vs Returned:|
|Initial charges: $16,495.00||Initial Financial Aid Award: $ 11,250.00|
|Percentage of charges assessed= 18%
|Percentage of term completed: 17%
|Institutional charges to be assessed: $2,550.60
($14,170 x 18% + Room)
|Unearned Aid to be returned: $9,337.50
($11,250.00 x 83%)
|Charges Due: $4,875.60
($2,550.60+ $2,325.00 Room)
|Earned Financial Aid: $1,912.50
($11,250 x 17%)
After the refund calculation is performed and charges, as well as financial aid, have been adjusted, the student's account balance is $2,963.10 (Charges Due– Financial Aid Earned).