This policy shall apply to all students at Castleton who receive Federal Financial Aid from Title IV funds and who officially withdraw, take a leave, drop out, or stop attending all classes without officially withdrawing.
Federal regulations require that when you officially withdraw from the University or stop attending your classes that the amount of Federal Title IV Financial Aid assistance that you have "earned" up to that point must be calculated using a pro-rata formula. If you received more Federal Financial Aid than you earned, the excess funds will be returned on your behalf by the University to the program in which you received aid. In many instances this will leave you owing the University.
Refund of charges: If you withdraw during the first seven days of the semester, the amount of refund of all student charges (tuition, fees, room, and board) will be 100%. If you withdraw before the 60% point of the term, charges will be adjusted on a pro-rata basis. Fees paid to acquire university health insurance are not refundable. If you withdraw after the 60% point of the semester, the amount of refund for all student charges will be zero.
If you have completed more than 60 percent of a period of enrollment in the fall or spring term you have earned all of your Federal Financial Aid and it will not be adjusted. Anything less than earning 60% of your aid will require an adjustment.
Upon receipt of the official withdrawal notification from the Academic Dean's Office, the Financial Aid Office will perform the return calculation. You will be notified by mail. If there is any outstanding balance with the University, you are responsible for making payment arrangements with the Financial & Registration Services Office.
Students who withdraw from all classes prior to completing more than 60% of an enrollment term will have their aid recalculated based on the percent of the term they completed. For example, a student who withdraws completing only 30% of the term will have "earned" only 30% of any Title IV aid received. The remaining 70% must be returned. The Financial Aid Office encourages you to read this policy carefully. If you are thinking about withdrawing from all classes prior to completing 60% of the semester, please contact the Financial Aid Office to discuss how your withdrawal might affect your financial aid and your possible repayment.
Per federal regulations a student who receives all failing grades for their semester classes will be subject to the Return to Title IV policy. If a student unofficially withdraws, the aid will be calculated as of the last date of attendance at a documented academically-related activity. A student whose attendance is documented past the 60% mark will not be subject to the Return to Title IV policy.
"Title IV Funds" refers to the Federal Financial Aid programs authorized under the Higher Education Act of 1965 as amended and includes: Federal Subsidized and Unsubsidized Stafford Loans , Parent Loans to Undergraduate Students (PLUS), Federal Pell Grants, Federal Supplemental Educational Opportunity Grant (SEOG), and Federal Perkins Loans.
A student's withdrawal date is:
Notification of withdrawal should be in writing and addressed to the Chief Academic Officer.