If you withdraw from the College, your Institutional financial aid will be cancelled indefinitely. Should you “stop out” for a term, you may request that your eligibility for Institutional financial aid be deferred for a period of one semester. Stopping out for longer than one semester will result in the loss of institutional financial aid indefinitely.
When the Office of Financial Aid of the College of Saint Rose awards federal student financial aid to a student the assumption is that the student will attend the College for the entire period for which the aid was awarded. When the student withdraws, they may no longer be eligible for the full amount of the federal student financial aid funds they were scheduled to receive.
Federal student financial aid recipients who withdraw from The College of Saint Rose are subject to the return of federal student financial aid funds regulations. The calculation for return of federal student financial aid funds will determine the amount of grant and loan assistance a student “earned” for the period of the student’s enrollment at the College. This calculation will be done by the Office of Financial Aid using U.S. Department of Education return of federal student financial aid software.
Up through the 60 percent point in each payment period or period of enrollment, a pro rata schedule is used to determine the amount of Federal funds the student has earned at the time of withdrawal. After the 60 percent point in the payment period or period of enrollment, the student has earned 100 percent of the federal student financial aid funds they are scheduled to receive during the period. The “unearned” portion of the aid will be returned to the appropriate federal student financial aid programs. The order in which funds will be return is Unsubsidized Direct Loan, Subsidized Direct Loan, Perkins Loan, Direct Plus Loan(graduate student), Direct Plus Loan (parent), Pell Grant, FSEOG, TEACH Grant.
For a student who withdraws after the 60 percent point-in-time, there are no unearned funds. However, the College will still complete a Return calculation in order to determine whether the student is eligible for a post withdrawal disbursement.
The College will return to the appropriate agency any unearned federal financial aid. If the student has received excess funds that must be returned, the College will return excess federal financial aid to the appropriate agency and bill the student. In such cases, the student will be required to make arrangements with the Bursar’s Office to pay the balance. Any federal financial aid the student has to return is considered to be a federal overpayment. The student must either repay the amount in full or make satisfactory arrangements with the Bursar’s Office top repay the federal funds. The student must complete the payment arrangements within 45 days.
Institutional scholarship and grant programs funded directly by the College of Saint Rose are not governed by this policy. Institutional aid is prorated in accordance with the tuition charge for which the withdrawing student is responsible.