This policy applies to any student who is a recipient of Federal Title IV financial aid and completely withdraws from the University (or ceases attendance in all classes) after beginning attendance for the semester. Per federal regulation (34 CFR 668.22), the University is required to determine the amount of Federal Title IV funds the students has earned based on the student’s withdrawal date and return any unearned Title IV funds to the federal aid programs. Title IV aid subject to the return of funds calculation includes: Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), TEACH Grant, Direct Subsidized and Unsubsidized Loans, and Direct PLUS loans.

Calculating Earned Financial Aid

The amount of earned financial aid is calculated on a daily basis from the first day of classes. The calculation uses calendar days, not business days, so weekends are also included. Earned financial aid is calculated by taking the number of days attended divided by the total number of days in the term (first day of classes through the last days of finals). Breaks of five days or more are not included, therefore Thanksgiving break and spring break will not count in the total number of days during fall and spring semesters respectively. Students withdrawing after 60% of the term has passed will have no unearned financial aid, which means that no funds will be returned to the federal aid programs.

Official Withdrawal

A student’s official withdrawal is determined by the date the student contacts their dean’s office, the registrar’s office or the financial aid office and indicates their intent to withdrawal. The earliest date will be used in the case of a student beginning the official withdrawal process and notifying the school of intent to withdrawal on different dates. A documented last date of attendance in an academically-related activity will be used in the case of a student who ceased academically-related activity prior to beginning the official withdrawal process or notifying ONU of their intent to withdrawal.

Unofficial Withdrawal

If it is later determined that the student stopped attending classes and unofficially withdrew before the 60% point of the term, the Office of Financial Aid will calculate the amount of financial aid earned by the student using the last date of any academic-related activity.  The Office of Financial Aid also reviews grades at the end of each semester. Any student failing all courses will be further evaluated to determine if the student completed courses or if the student unofficially withdrew. The Office of Financial Aid may contact the Registrar’s Office, student’s college dean’s office and/or professors to confirm the student’s last day of academic activity. If this cannot be established, the Office of Financial Aid will calculate earned financial aid based on attendance through 50% of the term.

Calculating the Return of Title IV Amount

Once the earned and unearned financial aid percentages are determined, the Office of Financial Aid calculates the dollar amount of unearned aid that must be returned to the federal aid programs. The return of aid amount is calculated by multiplying the unearned aid percentage by the total of all Title IV aid received.