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Financial Aid Refund Policy
Federal Aid Refund Policy
The Financial Aid Office 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 payment period or term. The federal Title IV financial aid programs must be recalculated in these situations.
If a student leaves the institution prior to completing 60% of a payment period or term, the financial aid office recalculates eligibility for Title IV funds. Recalculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula:
Percentage of payment period or term completed = the number of days completed up to the withdrawal date divided by the total days in the payment period or term. (Any break of five days or more is not counted as part of the days in the term.) This percentage is also the percentage of earned aid.
Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula: Aid to be returned = (100% of the aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period or term.
If a student earned less aid than was disbursed, the institution would be required to return a portion of the funds and the student would be required to return a portion of the funds. Keep in mind that when Title IV funds are returned, the student borrower may owe a debit balance to the institution.
If a student earned more aid than was disbursed to him/her, the institution would owe the student a post-withdrawal disbursement which must be paid within 120 days of the student's withdrawal.
Refunds are allocated in the following order:
- Unsubsidized Direct Loans (other than PLUS loans)
- Subsidized Direct Loans
- Federal Perkins Loans
- Federal Parent (PLUS) Loans
- Direct PLUS Loans
- Federal Pell Grants for which a return of funds is required
- Federal Supplemental Opportunity Grants for which a return of funds is required
- Other assistance under this Title for which a return of funds is required (e.g., LEAP)
Geneva Funds Refund Policy
Beginning with the 2007-08 school year, Geneva tuition charges are refunded according to the table below. Geneva grants and scholarships follow this same schedule.
| Before the first day of classes | 100% |
| 1st week | 80% |
| 2nd week | 60% |
| 3rd week | 40% |
| 4th week | 20% |
| After the 4th week | No refund |
Board charges are prorated based upon the portion of the term remaining.
Dropping Courses – Traditional Program Students
During the first four weeks of a semester, if you drop credits so that you have less than 12 credits, Geneva, state and federal grants will have to be adjusted. After four weeks, adjustments are not made because no refund of tuition is granted.