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Financial Aid for Complete Withdrawals

Students who received financial aid and are withdrawing from Drake University will receive pro-rated financial aid awards in accordance with federal regulation. During the first 60% of the semester, financial aid eligibility from federal (Title IV) funds, certain state, and institutional programs is earned based on the number of days the student was enrolled and attending class.  The percentage of financial aid that is considered "earned" is derived by dividing the number of days the student attended by the number of days in the semester that the student was scheduled to attend. 

Calendar days are used and breaks of five or more days are excluded from both the numerator and denominator.  Scheduled breaks are measured from the first day of the break to the next day that classes are held.  If a break begins on Wednesday and no classes are held the following weekend (classes resume on Monday), the five day break would be excluded from the calculation (i.e. Thanksgiving break).

The total amount of unearned Title IV program funds, other than Federal Work Study earnings, must be returned. Unearned Title IV aid is the amount of the disbursed aid that exceeds the amount of aid earned under the federal calculation. Title IV funds that are required to be returned are returned in the following order: Federal Direct Unsubsidized Loans, Federal Direct Subsidized Loans, Federal Direct PLUS (Graduate Student), Federal Direct PLUS (Parent), Federal Pell Grant, Federal SEOG, TEACH Grant (Drake is not a participant in this program), other Title IV aid.

Students who received more funds than they were entitled to as a result of the Title IV recalculation may need to repay unearned program funds.

Unearned state and institutional program funds are to be returned to their specific programs. Funds from private scholarships may be returned per donor request. 

Private loans and payments made by students and/or parents are not subject to the earned aid percentage calculation.  These funds are used to pay the remaining balance after adjustments of federal, state, and institutional charges have been completed.  Any credit balance remaining is returned to the source of payment.

Students who remain enrolled beyond the 60% point earn all aid for that semester. The 60% point must be met without rounding off to the nearest percent, to earn 100% of aid for the semester.

Institutional costs play no role in determining the amount of Title IV funds to which a withdrawn student is entitled. Students will be responsible for payments of costs not covered by the amount of aid earned. Student/parent payments toward original charges may not be refunded in the same proportion as the revised aid.

This policy complies with the Higher Education Act and associated regulation. Please contact the Office of Student Financial Planning to discuss individual circumstances.


Example of a Fall Recalculation

The enrollment period for the fall semester contains 105 days.  Examples for fall percentages:

Withdrawal on Day 1 = 1/105 = 1%
Withdrawal on Day 2 = 2/105 = 1.9%
Withdrawal on Day 68 = 68/105 = 60%

This example is for illustration purposes only. Actual charges and refund amounts may vary. The following is an example of charges and credits for a student who completely withdrew from classes on the 49th day in the fall semester (49/105 = 46.7 percent). This student paid in full before withdrawing.

Original Charges


Revised Charges







Original Financial Aid


Revised Financial Aid


Stafford Loan

$1,271  (retained amount)


Drake Grant in Aid

$ 420  (retained amount)


Presidential Scholarship

$ 5,604 (retained amount)

Total Original Aid


Total Revised Aid




Student Payment





$4,261 (credit)

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