Background: When a student withdraws from Marian University after a financial aid payment period has begun, the school, the student, or both may be required to return a calculated portion of the federal student aid funds awarded to him/her for that payment period.
Attendance & the Date of Withdrawal: There are two kinds of Withdrawal: Official and Unofficial. Official Withdrawals happen when the student notifies the school of his/her intent to withdraw. Unofficial Withdrawals happen when a student simply stops attending classes. For the purposes of this policy, the Office of Financial Aid will use attendance records maintained by the Office of the Registrar to determine the last date of attendance for any Officially or Unofficially withdrawn student, and base the calculations on this date. If there is no record of attendance, all of the student’s financial aid for that payment period will be returned and/or canceled, and the student will be responsible for any balance due.
Scheduled Breaks: Breaks during the payment period that are 5 or more days in length are not included in calculations made under this policy. Thanksgiving Break in the Fall and Spring Break in the Spring are examples.
Percentage of Aid Earned by the Student: This is determined by dividing the number of days in the financial aid payment period that the student attended by the total number of days in the payment period. A student who is otherwise eligible for Title IV financial aid is considered to have “earned” a percentage of that aid that is equal to the percentage of the payment period that the student attended. This earned amount of aid is the amount the student is allowed to retain on his/her student account.
The 60% Rule: According to federal regulations, a student who is found to have attended for more than 60% of the payment period has earned all of his/her Title IV aid in that payment period.
Unearned Aid: The amount of earned aid calculated above is subtracted from the total amount of Title IV financial aid for that student for that payment period. The result of this calculation is the amount of “unearned” aid, and this is what must be returned to the US Department of Education.
Unearned Aid to be Returned by Marian and Order of Return: The amount of unearned aid is compared to the amount of unearned institutional charges, and Marian is responsible for returning to the federal government the lesser of these two amounts. Unearned aid is returned in this order: Unsubsidized Direct Loans, Subsidized Direct Loans, Federal Perkins Loans, PLUS Loans, Pell Grants, SEOG, TEACH Grants, Iraq and Afghanistan Service Grants.