Keeping your Financial Aid
Complete Withdrawal and Payback Schedule
ATTENTION ALL STUDENTS
COMPLETE WITHDRAWAL = PAYBACK OF FEDERAL $$$$$$’S
Beginning Fall 2010, any student that does a complete withdrawal from classes, and received a Pell Grant, SEOG Grant, Perkins Loan, Subsidized Stafford Loan, Unsubsidized Stafford Loan or a Parent PLUS Loan will be required to pay several hundred dollars back to the Federal Government or Carl Albert State College immediately if they drop out of school before 60% of the semester has been completed. This new law is called RETURN OF TITLE IV FUNDS.
In essence, the Return of Title IV Funds works like this: If you drop out before the 60% point of semester, you owe back all the tuition charges covering the balance of the term. So a student who completely withdraws after 25% of the semester has passed owes 75% of their original tuition charges back to the government immediately!! You will pay this money to Carl Albert State College Business Office, who sends it to the federal government on your behalf. (Remember, this applies only to complete withdrawal, not partial withdrawals.)
Date of Withdrawal TBA
% Of Term Completed is 30%
Total Payback Due $70% of funds received
Withdraw after 60% and NO PAYBACK REQUIRED.
Students who drop after the 60% of the semester has passed will not owe immediate paybacks at all!!!!
Carl Albert State College will NOT automatically cancel a student’s enrollment for nonpayment of tuition and fees. ONCE YOU HAVE ENROLLED YOU MUST OFFICIALLY WITHDRAW FROM CLASSES IN PERSON. Complete withdrawal from the institution is the sole responsibility of each student.
SO REMEMBER, we want you to stay in school the entire year, but if something unexpected were to happen ………timing could mean the difference in having to pay funds back to the Federal Government or Carl Albert State College.