What Happens When a Financial Aid Recipient Withdraws?
Federal guidelines now mandate, in the case of a student’s withdrawal from a college/university, that a calculation be applied to determine the percentage of aid that a student actually earned. Financial aid disbursed in excess of this calculated percentage must be returned to the appropriate federal aid programs (e.g., Stafford Loans, Pell, SEOG). If a financial aid refund has been issued to the student prior to his/her withdrawal, it is very likely that a balance will result on the student’s account. This balance is the responsibility of the student to pay. In addition, the Office of Financial Assistance at the University of Illinois at Springfield places all students who withdraw on financial aid cancellation. In most cases, this means that those students are ineligible to receive financial assistance until they have met the standards set forth in the Satisfactory Academic Progress Policy (please refer to this section on the web for more information). This policy states that these students must do the following to have reinstatement of their financial aid eligibility considered: 1) complete a minimum of six (6) credit hours at their own expense, AND 2) earn no lower than a “C” (2.00) in all classes in which they enroll if they are undergraduate students, OR earn no lower than a “B” (3.00) in all classes in which they enroll if they are graduate students. Please note that certain circumstances will cause a student to be placed on permanent financial aid cancellation if he/she withdraws from the University. The bottom line is that, if at all possible, stay in school. Not only will you be able to continue your education, but you can also avoid having to pay back money. In all cases, do not withdraw without FIRST contacting the Office of Financial Assistance. Either call us at 206-6724, e-mail one of the Financial Aid Advisors, or stop by SAB 60 to discuss your situation.