Financial Aid & Withdrawal
How the Title IV Funds Policy Affects Your Financial Aid
Students must remain enrolled and attending through the 60% point of the semester before they can retain all the financial aid they have been granted. Students that withdraw or stop attending (drop-out) before completing 60% of the semester can receive only a pro-rated portion of their financial aid for that semester.
All students should understand that the financial aid they receive is for class attendance. Students are encouraged to attend all of their classes in order to receive the most benefit from their courses. Indeed, class attendance often is the single most important factor to doing well in college. Also, please note that the discussion below applies only to students who withdraw from all of their courses or stop attending their classes and are receiving federal Title IV financial aid. Moreover, please note that this policy does not affect your responsibility to pay for institutional charges.
Students who withdraw on or before reaching the 60% point of a semester may receive only a pro-rated amount of the financial aid they may otherwise qualify to receive. The pro-rated amount is equal to the fraction: number of days elapsed in the semester as of the day of withdrawal divided by the number of days in the semester. For example, assume there are 110 days in a semester. Further, assume a student withdraws on the 35th day of the semester. That student would be entitled to 32% (35/110) of the aid for that semester. The balance of aid is considered unearned and must be returned. For its part, Rowan must return any unearned portion of student aid it has retained for the payment of tuition, fees and other charges. Rowan will bill the student for any balance created as a result of returning unearned financial aid to the federal Title IV programs.
Additionally, a student who receives a financial aid refund and withdraws on or before the 60% point in the semester may have to return a portion of those funds to the financial aid programs. Rowan will reimburse the programs for the amount due from the student and subsequently bill the student for the amount refunded to the federal Title IV programs on behalf of the student. Our bursar’s office will notify students of the amount they are responsible to repay Rowan. Students who withdraw after the 60% point in time in the semester are not subject to prorating. By the way, the 60% mark for the Fall 2013 semester is November 7, 2013 and the 60% mark for the Spring 2014 semester is April 3, 2014.
Unofficial Withdrawal (drop-out):
Students who fail to complete any of their courses for a given semester and receive grades of F, IN, NR will be deemed to have dropped out of the semester. These students are entitled to only 50% of the financial aid they qualified for. The other 50% is returned to the funding programs and the students are billed for any unearned financial aid they may have received. Students are strongly encouraged to notify the Registrar’s Office if they plan to withdraw from classes.