Withdrawing: The Impact of Financial Aid

Financial Aid Handbook

---

Any student wishing to withdraw from Coe is responsible for initiating the official withdrawal process. To begin the withdrawal process, upper-level students should contact Susan Wolverton, Associate Dean for Student Academics and first-year students should contact Lauren Garcia-Pastorek, Dean of Student Success and Persistence. Students will receive information about the impact a withdrawal may have on their financial aid and charges and an official exit form on which they must secure signatures from the following areas: the Registrar’s Office to withdraw from classes, the Student Financial Services to verify a balance due or a credit to be refunded and student loan repayment 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 Associate Dean for Student Academics, who will then notify other pertinent areas of the withdrawal.

If a student cannot begin the official withdrawal process, an intent to withdraw can be communicated to one of the following offices: Registrar, Student Financial Services, Student Affairs or Office of Success and Persistence.

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did not officially withdraw or otherwise provide notice of their intent to withdraw, must be considered "unofficially withdrawn."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 a 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, 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, Direct 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 earlier of the date the student began the official withdrawal process or otherwise notified a designated office of intent to withdraw.

Or

If official notification could not be provided because of circumstances beyond the student's control, the date the college determines is related to the particular circumstance.

Or

If the student ceased attendance without providing official notification, the mid-point of the semester.

Or

The student’s last date of attendance at a documented academically related activity.

---

Step 1:

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

Step 2:

Apply the percentage completed to the Title IV aid awarded to determine the student’s eligibility for financial aid prior to the withdrawal.

Total Aid Disbursed + Aid That Can Be Disbursed x Percentage Completed = Earned Aid

Step 3:

Determine the amount of unearned financial aid to be returned to the appropriate Title IV financial aid program.

Total Disbursed Aid - Earned Aid = Unearned Aid to be Returned

• If the aid already disbursed equals the earned aid, no further action is required.
• If the aid already disbursed is greater than the earned aid, the difference must be returned to the appropriate Title IV aid program.
• If the aid already disbursed is less than the earned aid, a late disbursement will be made to the student

Step 4:

Determine if the institution and/or the student must return the unearned funds.

Unearned Aid > assessed charges = Unearned aid that must be returned by the student

Unearned Aid < assessed charges = Unearned aid to be returned by the College

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:

• Direct Unsubsidized Loan
• Direct (Subsidized) Loan
• Direct PLUS Loan (for parents of undergraduate students)
• Pell Grant
• SEOG
• TEACH Grant
• Iraq Afghanistan Service Grant

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, and of the amount the student must return. If the student’s portion of aid to be returned is a loan, the terms of the original loan repayment agreement will apply. The amount of unearned grant funds a student must repay is limited to the amount by which unearned grant funds disbursed exceed half of the original grant award by $50 or more. The Financial Aid Office will return the grant funds to the appropriate federal program and charge the student’s Coe account, which will result in debt to the college.

Step 5:

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, state assistance and other assistance.

The Institutional Charges Refund Policy is published in the Student Accounts Handbook. Tuition, Meals 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 - September 6, 2024 & Spring - January 24, 2025.