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Financial Aid Withdrawal and Refund Policy

If you officially withdraw or stop attending all courses, you may be required to repay all or part of the financial aid disbursed to you in the term you withdrew, including loan funds.  Students receiving federal funds may be required to repay aid determined to be “unearned.”  The earned/unearned calculation is based on the percentage of days you attended in the term in which you withdrew.  The amount of aid you have earned is determined on a pro-rata basis.  That is, if you complete 30 percent of the term in which you withdrew, you earned 30 percent of the federal aid you received.  Once you have completed 60 percent of the term, you are considered to have earned all  of your aid.

 The difference between your earned federal aid and 100 percent equals the percentage of unearned federal funds that are subject to repayment.  Federal regulations require Title IV funds to be refunded in the following order:

1.

Federal direct subsidized Stafford loans.
2.

Federal direct unsubsidized Stafford loans.
3.

Federal direct Stafford loans.
4.

Federal Perkins loans.
5.

Federal direct PLUS parent loans
6.

Federal Pell grants
7.

Federal Supplemental Educational Opportunity grants.

Any loan funds that you must return (or your parent for a PLUS loan), may be repaid in accordance with the terms of your promissory note.  That is, you make scheduled payments to the holder of the loan over a  period of time.  For grants, the law provides that you return 50 percent of any grant you receive that is your responsibility to repay.  Any amount you have to return is a grant overpayment, and you must make arrangements with CCSU or the U.S. Department of Education to return the funds.

 Please note:

1.

You may also be required to repay other federal, state, institutional, or private financial aid programs based on the terms and conditions associated with the programs.

2.

CCSU is required to return to the applicable federal program account the unearned percentage of the institutional charges (tuition, fees, on-campus housing). You may be billed by CCSU for any funds returned on your behalf.

3.

CCSU's tuition refund policy is separate from the federal requirement to return unearned aid. Whether or not you received a tuition/fee refund has no bearing on the amount you must repay under this policy.

Refunds-

If, as a result of withdrawal, cancellation, or termination of attendance, and you are entitled to a refund of tuition/fees (determined by CCSU) or campus housing charges (determined by the Residence Life Office) and you received aid for the same period, part of your refund will be returned to the appropriate federal Title IV or institutional account.  After accounts from which you have received aid have been reimbursed, the remaining amount will be refunded to you.

 

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Last Update: Wednesday March 23, 2005