When you reduce your enrollment to zero credit hours, you have withdrawn from Lourdes University. If you withdraw, federal regulations require the University to determine if any portion of your financial aid, including financial aid funds applied to your account, is refundable and which portion of any refund needs to be returned to the financial aid programs from which you received assistance. Contact your Academic Advisor or the Registrar to Withdraw.
Calculating refunds depends on several factors. To begin, your date of withdrawal must be established. Instructions for completing the withdrawal process can be found in the Lourdes University Catalog and by consulting with your academic advisor. If you complete the official withdrawal process, the refund calculation will be based on the date your withdrawal activity is recorded by the University. If you do not officially withdraw, but it is determined that you stopped participating in all of your classes, the refund calculation will be based on either the date reported by your instructor(s) as your last date of participation, or the last date for which there is evidence that you were still participating in class, e.g., completed an assignment, took an exam, etc. Federal law specifies how Lourdes University must determine the amount of federal program assistance that you earn if you withdraw. When you withdraw during a semester, the law requires the Bursar Office and Financial Aid Office to use the Title IV Return of Funds calculation to determine the amount of aid you have earned up to your withdrawal date.
Lourdes University and the student are both responsible for returning unearned federal financial aid to the appropriate programs. The University must return the lesser of 1) the total amount of unearned aid, or 2) your institutional charges multiplied by the unearned percentage. The student must return any remaining unearned aid not returned by Lourdes University. Any loan funds that you must return will be repaid in accordance with the terms of the promissory note. That is, you make scheduled payments to the holder of the loan over a period of time.
You will be billed for any amount due to Lourdes University resulting from the return of federal aid funds used to cover tuition and fees. Additional information regarding the refund policy and the calculation used to determine the amount of earned and unearned federal aid is available by contacting the Bursar’s Office.
RETURN OF FEDERAL AID - IF YOU WITHDRAW OR JUST STOP ATTENDING
Lourdes University students who receive federal financial aid and do not complete their classes may be responsible to repay a portion of the aid received according to federal law. The Financial Aid Office (FAO) is supplying the following information to help you better understand what could happen if you withdraw or stop attending classes before the end of the enrollment period.
What is the law? As part of the Higher Education Amendments of 1998, Congress passed new regulations governing what must happen to your federal financial aid if you completely withdraw from your courses during the enrollment period. The Lourdes University Bursar’s Office must calculate how much federal financial aid you have earned if you withdraw or stop attending before completing 60% of the enrollment period. Federal financial aid covered under this regulation includes the Federal Pell Grant, Federal SEOG, Federal Direct Stafford Subsidized Loan, Federal Direct Stafford Unsubsidized Loan, Federal Perkins Loan, Federal Direct Parent Loan for Undergraduate Students (PLUS), and TEACH.
Who does this regulation apply to? This regulation applies to students who receive federal financial aid and who withdraw or stop attending classes before completing 60% of the enrollment period.
How the financial aid you earn is calculated? If you receive federal financial aid you must "earn" the aid received by staying enrolled in school. The amount of federal financial aid assistance you earn is determined on a pro-rated basis. If you withdraw or stop attending classes during the enrollment period, you may be required to return some of the financial aid you were awarded. For example, if you complete 30% of the semester, you earn 30% of the aid you originally were scheduled to receive. This means that 70% of your scheduled awards remain unearned and must be returned to the federal government.
If you would like to see the detailed formula that explains the refund calculation, please visit the Bursar’s Office and request a copy of the Return to Title IV Worksheet.
What is the withdrawal date? When you reduce your enrollment to zero credit hours after the Freeze Date, you have withdrawn from Lourdes University. Instructions for completing the withdrawal process can be found on the Academics page of the Lourdes University website or by consulting with your academic advisor or the Registrar. If you complete the official withdrawal process, the refund calculation will be based on the date your withdrawal activity is recorded in the Lourdes University computer system by your academic advisor. If you do not officially withdraw, but it is determined that you stopped participating in all of your classes, the calculation is based on either the date reported by your instructor(s) as your last date of participation or the last date for which the instructor(s) determines that there is evidence that you were still participating in class, e.g., completed an assignment, took an exam, etc.
When should I withdraw? The timing of your decision to withdraw should not be based on the impact to your financial aid. You should contact your Academic Advisor and/or Instructor to discuss the reason(s) for your decision to withdraw as well as the academic consequences of your decision. Any required adjustments to your financial aid will be based on the withdrawal date as described above. The Bursar’s Office cannot perform the withdrawal calculations until your withdrawal date is determined by your academic advisor. There is a deadline each semester by which you must be withdrawn in order to avoid being assigned a grade. Check with your advisor for that date.
Who returns the unearned funds? Lourdes University and the student are both responsible for returning unearned funds to the appropriate programs in specific loan/grant order. Amounts that must be returned will first be applied to federal loans and then to grants. Loan borrowers will be permitted to repay loans based on the terms of the promissory note.
The student will also be billed for any amount due to Lourdes University resulting from Lourdes University’s return of federal aid funds. For example, if Lourdes University is required to return federal aid which was used to pay a portion of your charges for the enrollment period, you are required to pay Lourdes for the unpaid portion of the charges.
How do I repay unearned funds? If you owe any money to Lourdes University resulting from the return of federal funds, you will receive a bill from the Lourdes University Bursar's Office.
For all outstanding charges owed to Lourdes University, you must make payment arrangements with the Bursar’s Office, (419) 824-3727. Loan repayment arrangements may be made by contacting the Direct Loan Servicing Center at 1-800-848-0979.
What happens if I don't repay? If you do not repay Lourdes University for the charges resulting from the federal refund policy, your records will be placed on financial hold. This means you will not be permitted to register for classes or receive transcripts until the balance is paid. Outstanding balances due to Lourdes University can also result in collection agency action and negative credit bureau reporting.
Does withdrawing affect my ability to receive financial aid in the future? To encourage the completion of degree/certificate programs within a reasonable time frame and to comply with federal requirements, financial aid recipients must maintain satisfactory academic progress as a condition for receiving financial aid. Satisfactory academic progress requires financial aid recipients to do the following:
1. Meet minimum cumulative grade point average of at least a 2.0.
2. Meet a minimum completion rate of credit hours attempted.
3. Complete the degree/certificate program before attempting over 150% of the required credit hours for the program.
Financial aid recipients who do not meet these conditions will lose their financial aid eligibility. Therefore, withdrawing may affect the status of your satisfactory academic progress. Please see Lourdes’ Satisfactory Academic Progress Policy.