Financial aid awards are determined in part by a student’s eligible attempted credits for a semester. Therefore, a course that is dropped after the drop/add period 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 Title IV aid is posted to student accounts at the start of each semester, funds are earned as students complete the semester. If a student completely withdraws during the semester, the amount of financial aid that has been earned up to that point is determined by a specific formula. If a student received (or the University or a parent received on that student’s behalf) less assistance than the amount that was earned, the student may be able to receive those additional funds. If a student received more assistance than was earned, the excess funds must be returned by Drake and/or the student. The date used to determine the amount of earned financial aid funds is the date the student officially initiates the University withdrawal process.
If a student fails to officially withdraw from the University but receives no earned credit for the semester, Student Financial Planning will determine whether an “unofficial withdrawal” occurred by determining the last day the student attended class or completed a class-related activity. This date will be used to calculate the percentage of financial aid that the student earned. If a last date of attendance cannot be determined, Student Financial Planning will use the mid-point of the semester for this purpose.
The amount of assistance that a student has earned is determined on a pro rata basis. For example, if a student completes 30% of the payment period, the student earns 30% of the assistance he or she was originally scheduled to receive. Once a student has completed more than 60% of the semester, all of the Title IV aid that he or she was scheduled to receive for that period is considered earned. Funds offered by Drake University and the State of Iowa are also pro-rated in this way.
If a student did not receive all of the Title IV aid that was earned, he or she may be due a post-withdrawal disbursement. If a post-withdrawal disbursement includes loan funds, Drake must get the student’s permission before it can disburse them. A student may choose to decline some or all of the loan funds to avoid incurring additional debt. Drake may automatically use all or a portion of a post-withdrawal disbursement of grant funds for tuition, fees, and room and board charges (as contracted with the University).
There are some Title IV funds that a student may have been scheduled to receive that cannot be disbursed once the student withdraws, due to other eligibility requirements. For example, if a Federal Direct Loan has not been originated for a student prior to the student’s withdrawal, the student is not eligible for that loan.
If a student receives (or Drake or a parent receives on the student’s behalf) excess Title IV aid funds that must be returned, Drake University must return a portion of the excess equal to the lesser of: 1) institutional charges multiplied by the unearned percentage of the student’s funds, or 2) the entire amount of excess funds. Drake must return this amount even if it didn’t keep this amount of the student’s Title IV program funds. Unearned Title IV funds will be returned within 45 days of when Drake determined that the student withdrew.
The requirements for Title IV program funds when a student withdraws are independent from the University’s tuition refund policy. Therefore, students may still owe funds to Drake University to cover unpaid institutional charges. Drake University may also charge students for any Title IV program funds that the school was required to return.
For questions about Title IV program funds, you can call the Federal Student Aid Information Center at (800)-4-FED-AID. Information is also available at www.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
How changing enrollment for classes that do not span the entire semester affect 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 2020 Withdrawal Percentages
P4 Year Withdrawal Percent Schedules are as follows