Financial Aid Refund Policy


The Student Financial Serviecs 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 for federal aid 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 federal Title IV funds are returned, the student may owe money to Geneva. (See tuition refund policy for more details or make an appointment with the Student Financial Services office to review your situation.)

If a student drops a course but does not completely withdrawal from the term, the Federal Pell Grant recalculation date is the first day of the term. In other words, Federal Pell Grant eligibility will be based on the number of credits enrolled at the start of the term.

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 Direct Parent PLUS loans)
  • Subsidized Direct Loans
  • Federal Perkins Loans
  • Federal Direct Parent (PLUS) Loans
  • Federal Pell Grants for which a return of funds is required
  • Federal SEOG Grants for which a return of funds is required
  • Other assistance under this Title for which a return of funds is required 

Students who withdrawal will receive an email notifying them of how their financial aid has been affected.

Geneva College 17-18 Tuition Refund Policies

Traditional Undergraduates
ADP Refund Policy
Graduate Programs – please check with your program