Once your aid has been awarded, if you need to make a change to your aid please complete one of the Financial Aid Change Forms as indicated below:
Financial aid eligibility is calculated based on the information provided on the Free Application for Federal Student Aid (FAFSA). Income, assets and other information reported on the FAFSA is evaluated using a formula called Federal Methodology as set by Congress. The formula assumes that previous year’s income and assets as of the day of the filing of the FAFSA are good predictors of a family’s financial strength. Based on this assumption, financial aid eligibility is determined using previous year income information. However, the Department of Education gives Student Financial Services the authority to use Professional Judgment on a case by case basis to adjust elements in the federal need analysis to take into consideration a family’s special circumstances.
A family must submit an Appeal for Reconsideration along with all required supporting documents in order to initiate a review of their special circumstances. The Student Financial Services Appeal Committee may not review appeals until after a given semester begins. Therefore, you should always plan to have an alternative method of payment in place until your appeal can be reviewed. The student and/or parent(s) have the primary responsible for any financial obligation that may exist prior to the completion of the review process.
PLEASE NOTE: Appeals for Reconsideration generally result in additional Direct Subsidized Loan eligibility or a Federal Pell grant. Additional institutional grant funding is not necessarily awarded based on recent changes in financial circumstance.
For more detailed information about the conditions under which an appeal can be filed, please contact Student Financial Services directly to consult with a service representative.
Students who wish to withdraw, drop out, are dismissed, or take a leave of absence from the University should begin the process by contacting their School of enrollment. The withdrawal process may vary by School, so start with the website for each individual school or check with the Record in UREG. SFS has also created a resource for students leaving the University. Once the process has been initiated by the student with their school, the school will notify the University Registrar and then Student Financial Services for Student Accounts and Financial Aid.
For students who are not receiving any Title IV federal financial aid in the semester from which they are withdrawing, please refer to the University’s Tuition and Fee Adjustment Policy for information about what funds may be returned to the student.
For students who are receiving Title IV federal financial aid in the semester from which they are withdrawing, the process is somewhat different.Student Financial Services is required by federal statute to recalculate federal financial aid eligibility for students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60% of a semester. The federal Title IV financial aid programs must be recalculated in these situations. Title IV funds are the Pell Grant, SEOG, TEACH Grant, Iraq and Afghanistan Service Grant, Direct Subsidized, Direct Unsubsidized, and PLUS loans.
Leave of Absence
If a student who has received Title IV loans (Ford Federal Direct Subsidized or Unsubsidized Loans or Direct Parent or Graduate PLUS Loan) does not return from an approved leave of absence, some or all of the repayment deferral period may be exhausted, and loans may go into repayment. For purposes of the Title IV programs, the date of withdrawal is backdated to the first day of the approved leave of absence. This policy also includes students who do not return from an approved leave for study abroad.
After a student has initiated the withdrawal process with the University, Student Financial Services will begin the process of determining a revised amount for University charges and a recalculation of financial aid.
Return of Funds Calculation
If a student withdraws from the University and has federal Title IV aid in their offer letter, Student Financial Services (SFS) will use the Return to Title IV (R2T4) worksheet to determine the amount of Title IV aid that a student may keep or return.
In general, SFS will determine the total number of days in a term (including weekends) and subtract any breaks of five days or longer. SFS will then take the date of withdrawal of the student and determine the number of days that the student attended in a term. The number of days attended is divided by the number of days in the term and the resulting percentage is used to determine the amount of Title IV aid earned in a term.
For example, if a term is 111 days in length and a student withdraws after 8 days, the resulting percentage is 7.2%. The student will have earned 7.2% of their Title IV financial aid. This percentage is multiplied by the amount of Title IV aid disbursed as of the date of withdrawal in a term to determine the total amount of Title IV aid earned.
Student Financial Services will use the R2T4 worksheet to determine how much and what type of Title IV aid has been earned by the student and how much and what type of aid must be returned by SFS and/or the student. If Title IV aid must be returned, they will be returned in this order:
Based on this list, loans are returned before grants.
In some cases, students are able to receive a disbursement of Title IV aid after withdrawal. This occurs when the amount Title IV aid earned by the student is greater than the amount of Title IV aid disbursed for the term at the time of withdrawal. SFS will contact students who are eligible for a post-withdrawal disbursement.
The requirements for Title IV aid when students withdraw are separate from the University’s Tuition and Fee Adjustment policy. Therefore, students may owe funds to the University to cover unpaid institutional charges. The University may also charge a student for any Title IV aid that it is required to return.
Tuition and Fees Adjustment Policy
Tuition and Fees: In the event a student withdraws from the University, tuition and fees will be charged on a percentage basis based on the school week within which the student withdraws. The effective date of withdrawal is determined by the Dean of the school in which the student is enrolled, and is recorded on the official withdrawal form, which the student must complete as part of the withdrawal process. Any refunds due to the student because of withdrawal will first be offset against any other allowable amounts owed to the University.
Residence Hall: No refund of residence hall rent shall be made in the event of withdrawal after the fifth class day of each semester. Upon vacating student housing facilities, the room key must be returned to the Student Accommodation Office. The date the room key is returned to the Student Accommodation Office is the effective termination date of the student housing contract.Students should contact Residence Life with any questions about their housing charges.
Dining Services: The Dining Services contract covers meal plans for both fall and spring semesters. Students wishing to cancel their contract must notify the Contract Coordinator at (434) 982-5140 by the specified deadline. There is a $50 non-waiver administrative fee to cover processing charges. This charge is also assessed to students withdrawing from the University. For further information regarding contract meal plans and charges call (434) 982-5124 or visit their website.
Upon Your Return to the University
Please note that if you leave the University for any reason and return in a later semester, you will be subject to the tuition and fee rates established by the Board of Visitors for the academic year in which you return, based upon your academic level upon your return. Your school of enrollment can confirm your academic level at the time of your return.