Financial aid eligibility is generally based in part by a student’s enrollment status at the end of the applicable drop/add period. Accordingly, if a student withdraws from a course after the drop/add period, it may not result in a financial aid adjustment.
However, when a student completely withdraws from all courses during a semester, regulations specify how Drake University must determine the amount of federal financial aid (Title IV aid) that was earned prior to withdrawal. The Title IV aid programs covered by this regulation follow, and are organized in the order that the funds will be returned, from first to last: Federal Direct Unsubsidized Loans, Federal Direct Subsidized Loans, Federal Direct PLUS Loans for Graduate Students, Federal Direct PLUS Loans for Parents, Federal Pell Grants, Federal Supplemental Opportunity Grants, Federal TEACH Grants, and Federal Iraq & Afghanistan Service Grants.
Though your aid is posted to your account at the start of each period, you earn the funds as you complete the period. If you withdraw during your payment period (semester/term), the amount of Title IV program assistance that you have earned up to that point is determined by a specific formula. If you received (or Drake or parent received on your behalf) less assistance than the amount that you earned, you may be able to receive those additional funds in the form of a post-withdrawal disbursement. If you received more assistance than you earned, the excess funds must be returned by Drake and/or you.
The amount of assistance that you have earned is determined on a pro rata basis. For example, if you completed 30% of your payment period, you earn 30% of the assistance you were originally scheduled to receive. Once you have completed more than 60% of the payment period, you earn all the assistance that you were scheduled to receive for that period.
You will not be subject to returns of your Title IV program assistance if you meet one of the following exemptions:
If you did not receive all of the funds that you earned, you may be due a post-withdrawal disbursement. If your post-withdrawal disbursement includes loan funds, Drake must get your permission before it can disburse them. You may choose to decline some or all of the loan funds so that you don’t incur additional debt. Drake may automatically use all or a portion of your post-withdrawal disbursement of grant funds for tuition, fees, and room and board charges (as contracted with Drake). Drake needs your permission to use the post-withdrawal grant disbursement for all other institutional charges. If you do not give your permission, you will be offered the funds. However, it may be in your best interest to allow Drake to keep the funds to reduce your debt at Drake.
If you receive (or Drake or parent receive on your behalf) excess Title IV program funds that must be returned, Drake must return a portion of the excess funds equal to the lesser of:
Drake must return this amount even if it didn’t keep this amount of your Title IV program funds.
If Drake is not required to return all of the excess funds, you may be required to return the remaining amount.
For any loan funds that you must return, you (or your parent for a Direct PLUS Loan) will repay the loan funds in accordance with the terms of the promissory note. That is, you will not be required to repay any loan funds immediately, but instead, you will make scheduled payments to the holder of the loan over a period of time.
Any amount of unearned grant funds that you must return is called an overpayment. The maximum amount of a grant overpayment that you must repay is half of the grant funds you received or were scheduled to receive. You do not have to repay a grant overpayment if the original amount of the overpayment is $50 or less. You must make arrangements with Drake or the Department of Education to return the unearned grant funds.
The requirements for Title IV program funds when you withdraw are separate from any refund policy that Drake may have. Therefore, you may still owe funds to Drake to cover unpaid institutional charges. Drake may also charge you for any Title IV program funds that Drake was required to return. If you don’t already know your Drake’s refund policy, you should ask for a copy. Drake can also provide you with the requirements and procedures for officially withdrawing from school.
If you have questions about your Title IV program funds, you can call the Federal Student Aid Information Center at 1-800-4-FEDAID (1-800-433-3243). TTY users may call 1-800-730-8913. Information is also available on Student Aid on the Web at https://studentaid.gov.
For more information about the impacts of withdrawing and financial aid, please click on the following links:
Financial Aid for Complete Withdrawals
How financial aid is recalculated as a result of a student withdrawing
Refund Policy for Complete Withdrawals
How tuition charges are recalculated as a result of a student withdrawing
Change of Enrollment for Compressed Courses Offered in Modules
How changing enrollment for classes that do not span the entire semester affects financial aid
Complete Withdrawal Percent Schedules
Please see the below fall and spring schedules used to recalculate student financial aid. Due to the complexity of compressed courses including various summer sessions, a percentage schedule is not available. Students will be reviewed individually.
Law Withdrawal Percent Schedules are as follows
Law Fall 2022 Withdrawal Percentages
P4 Year Withdrawal Percent Schedules are as follows