Title IV Recalculation
So You're Thinking About Withdrawing…
Here are the facts you should know before you withdraw completely
from The College of Saint Rose. From a financial aid view, it is never
a good idea to withdraw from the College. Depending on the date that
you withdraw, you could be charged all or a percentage of your tuition,
fees, room, and board. Depending on what type of financial aid you
receive you could go through a process called Title IV Recalculation.
If you receive funding through the Federal government programs known
as Federal Stafford Loans, Federal
Unsubsidized Loans, Federal Pell Grants,
and Federal Supplemental Education Opportunity
Grants and withdraw completely from the College of Saint Rose
after the add/drop period, your file is subject to the Title IV Recalculation.
What is Title IV Recalculation?
As part of Higher Education Amendments of 1998, Congress passed
new provisions governing what MUST happen to a student's
Federal financial aid if he/she is to completely withdraw from college.
This policy was put into effect here at Saint Rose in the Fall of
2000. In general, the policy states that a student "earns"
Federal financial aid awards directly in proportion to the number
of days the student attends classes. If a student completely withdraws
from school during a term, the school must calculate, according
to a specific formula, the portion of the total Federal financial
aid the student has earned up until the date of withdrawal. If
the student receives more aid than the student earns, the unearned
excess funds must be returned to the source from which they came.
What about Future Financial Aid Eligibility?
- TAP
If you were a full-time student and TAP eligible before
withdrawing, you may still receive that funding for this semester.
But you will lose your eligibility for a TAP award for the following
semester. New York State requires that a student make academic
progress towards a degree in each term for which an award is received.
If you withdraw, you do not make academic progress. This applies
to undergraduate and graduate students.
- Federal Financial Aid
You may also lose eligibility for Federal financial aid for the
following semester you are enrolled because of not making satisfactory
academic progress during the term for which the aid was received.
Click here for more information about SAP.
- Loan Repayment
Your student loans will go into repayment status in six months
(Stafford Loans) and nine months (Perkins Loan) from your withdrawal
date, unless you have already used up your grace period. If you
have already used the grace period, repayment will begin immediately.
- Refunds
If you were issued a refund from the College prior to withdrawing,
it is very possible that you will have to return some or all of
that refund once the Title IV recalculation is completed. Above
all, if you have questions about your financial aid status and
are thinking about withdrawing, please stop by the Financial Aid
Office BEFORE you withdraw.
What happens when I withdraw?
If you still want to withdraw, you need to go to the Registrars
Office or Student Service Center and fill out the necessary forms.
After that is done, the Financial Aid Office receives notification
and begins the Title IV Recalculation process. After the Financial
Aid Office completes the Title IV calculation, we are required to
notify you of the result within 30 days of your withdrawal date.
You will receive from the Financial Aid Office a letter which indicates
what aid you earned and did not earn. It is our suggestion that
you follow up with the Bursars' Office to make sure any balance
that is due is paid so that future registration would not be slowed
down and late fees would not be accruing on your account.
What about Scholarships and Grants?
If you have received a scholarship or grant from the College, this
will also be prorated based on your withdrawal date and tuition
earned. Any scholarship or grant money that has been paid to your
account will be adjusted, possibly resulting in a balance due the
College.
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