Financial Aid Withdrawal / Return of Aid Policy
Return of Aid
Title IV Aid Federal aid must be returned to the Title IV program(s) if a student withdrew on or before completing 60% of the enrollment period (semester or term). The percentage of Title IV aid to be returned is equal to the number of calendar days remaining in the semester divided by the number of calendar days in the semester. Scheduled breaks of more than four consecutive days are excluded.
Biola University’s “Financial Aid Withdrawal Policy” is employed when a student withdraws prior to completing 60% of the semester. Financial aid adjustments caused by a change in semester enrollment status (student remains enrolled in at least one course) are not included in this policy, but are addressed in the Financial Aid Handbook. If a recipient of financial aid withdraws during a period of enrollment, the amount of financial aid earned will be calculated according to regulations and policies established for the various categories of aid. The unearned aid will be returned to the various aid sources. These sources include: Title IV Financial Aid Most types of government aid are included in this category, i.e. Federal Pell Grant, Federal SEOG Grant, Perkins Loan, Stafford Student Loan, PLUS Loan. (Work Study is not included in the withdrawal calculation). State Aid Includes Grants awarded by the California Student Aid Commission, i.e. Cal Grant A, B. Institutional Aid Includes all sources of financial aid awarded by Biola University, i.e. scholarships, grants and campus–based loans with the exception of employee or employee dependent tuition waivers. Outside Assistance Includes any aid received from outside organizations, i.e. churches, civic organizations, Employee Tuition Waivers, private foundations, scholarship associations, etc. When a student wishes to withdraw from Biola University, a “Departure Card” must be obtained from and submitted to the Office of the Registrar. The official withdraw date is the earlier of either the date the student begins the withdrawal process, or the date the student provided official notification of the intent to withdraw, and received acknowledgment of the same from the Office of the Registrar. Students who unofficially withdraw (fail to submit departure card, but stop attending class) will be given an official withdrawal date determined by the last date of class attendance. If the last date of attendance cannot be determined, the official withdrawal date will be the 50% point of the semester.
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If prior to withdrawing, funds were released to a student prior to withdrawing; because of a credit balance on the student’s account, the student may be required to repay some of the federal funds upon withdrawing.
Note:
State Aid State aid must be returned in the amount of the difference between the State aid awarded for the enrollment period and the actual tuition charged once the tuition refund is reflected. Institutional Aid In most cases, institutional aid is reduced when a student withdraws during the first eight weeks of the semester. The institutional aid is reduced by the same percentage of tuition refund. For example, a student has a $1000 scholarship for the semester, and withdraws during the third week of the semester (80% tuition refund). The student keeps 20% of the scholarship, or $200. $800 is returned to the institution. Aid is usually not reduced after the eighth week of the semester, unless the student has contracted for the aid, i.e. athletics, music. Outside Aid Outside organizations providing financial aid are contacted when a student withdraws and receives a tuition refund that produces a credit on the student account. The organization can decide if any of the aid must be returned to them. Some organizations specify beforehand the terms of their scholarship if a student withdraws. Unless requested, outside aid sources are not contacted when the withdrawal occurs after the eight week refund period. Alternative Loans Alternative loans are only adjusted upon request of the student. Returning excess funds remains the responsibility of the student.
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