Receiving Financial Aid
This section includes topics concerning a student's ability to receive aid, such as general financial aid eligibility requirements, annual cost of attendance figures, and academic progress standards. Information regarding how award eligibility is calculated (through the Expected Family Contribution and resulting need) is also included. Also, special circumstances that may alter a student's aid eligibility are discussed.
Requirements for Officially Withdrawing
If you decide to leave Indiana University East, you must follow the official withdrawal process. Details on this procedure are available from the Office of the Registrar. If some problem prevents you from withdrawing in person, you should contact the Office of the Registrar for procedures to withdraw by phone. (765-973-8292)
If you simply cease to attend your classes but do not officially withdraw, you will be considered to have "unofficially withdrawn" for financial aid purposes. The date used to determine your financial aid eligibility amount "earned" will be on a case by case basis after review. Students who unofficially withdraw may be billed in accordance with federal regulations despite the fact that an "F" grade will appear on your transcript.
Withdrawing/Ceasing to Attend Class
In accordance with federal regulations, students who withdraw from the university before the end of the semester may be required to repay federal or state financial aid funds received for use during that semester. The amount of the repayment depends upon the point in the semester at which the student withdraws. Students who cease to attend but fail to withdraw may also be subject to repayment of financial aid. Contact the Office of Financial Aid and Scholarships for further information.
Institutional Refund and Return of Title IV (Federal) Funds Policy
Federal regulations require Indiana University East to have an Institutional Refund and Return of Title IV Funds. The institutional refund policy is available from the Office of the Bursar. An abbreviated version of the Return of Funds policy follows.
Effective Fall semester 2000, federal financial aid regulations have defined that a student who withdraws or stops attending prior to completing 60% of a semester has not earned 100% of the federal financial aid that was received. That student may be required to return a portion of his or her federal aid. Federal financial aid subject to repayment: Unsubsidized Federal Stafford Loan; Subsidized Federal Stafford Loan; Federal PLUS Loan; Federal Perkins Loan; Federal Pell Grant; Federal Supplemental Educational Opportunity Grant (FSEOG); and other Title IV aid (excluding Federal Work Study).
All Title IV Aid recipients will be under the same policy. There will no longer be a different policy for first time attendees. Indiana University East and the student will be required to return to the federal aid programs the amount of aid received that was in excess of the aid "earned" for the time period the student remained enrolled. In general, however, students are only eligible for that portion of aid that has been earned by attendance in class.
Calculating Aid Earned
The percentage of the semester completed is the percentage of aid earned. This is calculated by the number of days the student attended divided by the number of days in the payment period (i.e., semester). For example, if a student withdrew on the 20th day of a semester 114 days in length, the student would have earned only 17.5% of the aid he received. (20/114=0.175).
Students who remain enrolled through more than 60% of the payment period (semester) are considered to have earned 100% of the aid received and will not owe a repayment of Federal Title IV grant funds.
Students who receive all FN's, all FNN's or a combination of FN's, FNN's and W's during one academic period, and receive federal aid for the same academic period, may be required to repay all or part of any aid received.
Consequences of Returned Funds
If Indiana University East returns funds to the Title IV aid programs, it could result in the student owing Indiana University East charges that were originally paid at the time of disbursement. Students may also be required to return funds released to them for personal expenses.
Monies returned to the Title IV aid programs will be applied first to loans to reduce the loan debt of the student and/or parent borrower. Any additional funds subject to return will be refunded to Title IV programs and/or the student per federal regulations.