Florida State University wants you to be aware of federal and state regulation changes that affect every university in the nation offering federal and state financial aid to students. If you are receiving financial aid or expect to receive it during an academic year, a withdrawal could affect your eligibility to receive or keep your financial aid.
Effective Fall 2000, students who withdraw and have received financial aid will be required to repay to the program source the amount of unearned financial aid funds disbursed to them as of their withdrawal date. Program funds include Pell Grants, Perkins Loans, Supplemental Educational Opportunity Grants (FSEOG), Stafford Loans (subsidized and unsubsidized), Parent Loans (the Federal PLUS program), and other awards. The unearned amount of program funds is calculated based on the percentage of the semester completed before the date of withdrawal. Both the University and students receiving financial aid are required to return unearned financial aid to the aid source. The University is required to return the unearned portion of the financial aid funds it received from withdrawing students that was used to pay institutional charges such as tuition, fees, housing, and other educationally-related expenses assessed by the institution. The funds returned to the aid source by the University will be credited against the student’s total liability of unearned funds. However, students will owe the University the amount returned to the aid source for institutional charges. In addition, any student who receives Title IV funds and stops attending classes during the semester and does not officially withdraw from the University is considered an unofficial withdrawal, according to Title IV federal regulations. The University is required to return unearned financial aid to the federal government for all unofficial withdrawals in the same manner as students who officially withdraw.
Students must repay the unearned Title IV funds to any Title IV loan program, in accordance with the terms of the loan. For Title IV loan programs, unearned grant program funds are considered overpayments, and students are required to return 50 percent (50%) of the grant. Students who owe grant overpayments remain eligible for Title IV program funds for forty-five days if during those forty-five days the student: (1) repays the overpayment in full to the University; or, (2) enters into a repayment agreement with the University. However, entering into a repayment agreement does not mean the student is eligible to register for additional classes, receive a transcript, diploma, etc. Students can lose financial aid eligibility if they do not comply with the options above.
Students will be impacted by this new legislation if they receive Title IV financial aid from any or all of the following sources:
Effective Fall 2009, new state legislation requiring the repayment of all Bright Futures Award amount received for course(s) which were dropped after the drop and add period, or withdrawn. Students who withdraw and are recipients of the Florida Bright futures scholarship will be required to repay 100% of the scholarship to the University, along with any associated fees. Students should consider their repayment responsibilities for these programs as part of any withdrawal decision. Students should contact the Florida Bright Futures office for the most current restrictions on eligibility. Bright Futures scholarship recipients should go to http://brightfutures.fsu.edu to learn how these changes affect you.
If you are a financial aid recipient and understand that you may be obligated in returning funds (tuition and fees) back to the University and your Lender. Contact the Office of Withdrawal Services to start the withdrawal process.
Title IV withdrawals are only applicable to students who have received federal financial aid, such as Pell Grants, Perkins Loans, Subsidized Stafford Loans, Unsubsidized Stafford Loans, Parent PLUS loans and Supplemental Educational Opportunity Grants (FSEOG).
Federal and University regulations require that all recipients of federal loans participate in an exit interview counseling session upon graduation, withdrawal from the university, or dropping below six (6) semester hours. These loans include Perkins (NDSL), Subsidized Stafford (GSL), and Unsubsidized Stafford (UGSL) loans. Failure to complete this procedure will result in the withholding of diploma, transcripts, and other University services. To complete this requirement, students should do the following:
Students planning to continue their academic studies at Florida State University should contact the Office of Student Financial Services at A1500 University Center to ensure that their exit interview stop is removed.