{"id":42,"date":"2016-02-17T14:11:30","date_gmt":"2016-02-17T19:11:30","guid":{"rendered":"https:\/\/www.umw.edu\/financialaid\/?page_id=42"},"modified":"2016-02-17T14:11:30","modified_gmt":"2016-02-17T19:11:30","slug":"return-of-funds","status":"publish","type":"page","link":"https:\/\/www.umw.edu\/financialaid-test\/process\/leaving\/return-of-funds\/","title":{"rendered":"Return of Funds for Withdrawal Policy"},"content":{"rendered":"<?xml encoding=\"utf-8\" ?><p>Students who withdraw from any or all classes after the start of a semester will have their aid reduced.&nbsp; Additionally, if proceeds have been disbursed it is very likely that eligibility will be pro-rated and funds returned to the appropriate programs.<\/p><p>The <a href=\"https:\/\/www.umw.edu\/financialaid\/process\/leaving\/return-of-funds\/treatment-of-title-iv-federal-aid-when-a-student-withdraws\/\">Return to Title IV (R2T4) Funds<\/a> policy determines the amount of federal financial aid that must be returned by UMW and the student.&nbsp; (Title IV refers to federal funds.) The calculation is based on the actual number of days in the semester that were completed or &ldquo;earned&rdquo;.&nbsp; Unearned funds must be returned by the school and in some cases the student, to the appropriate sources.<\/p><p>The amount of federal aid earned by the student is based on the percentage (described above) of aid that was disbursed or that could have been disbursed.&nbsp; If aid disbursed is equal to or less than aid earned no funds need to be returned.&nbsp; If aid disbursed is greater than aid earned, then UMW must determine the amount to be returned to federal programs by UMW and the student.&nbsp; If aid disbursed plus aid that could have been disbursed is greater than aid earned the student\/parent may be entitled to receive additional funds.<\/p><p>The amount of FEDERAL funds UMW may use to pay Allowable Institutional Charges (AIC) is the same percentage as that calculated for aid earned. For example, if a student has &lsquo;earned&rsquo; 30% of the aid, then UMW may use federal funds to pay 30% of the AIC.&nbsp; All other federal funds used to pay the student&rsquo;s AIC must be returned. This may result in the student owing UMW. Likewise, if funds have been refunded to the student, he\/she is entitled to keep only that same percentage of earned aid &ndash; in this example, 30%.<\/p><p>Funds are returned to Federal programs by UMW &amp; Student in the following order:<\/p><ul>\n<li>Federal Unsubsidized Stafford Loan<\/li>\n<li>Federal Subsidized Stafford Loan<\/li>\n<li>Federal Perkins Loan<\/li>\n<li>Federal Direct Plus Loan<\/li>\n<li>Federal Pell Grant<\/li>\n<li>FSEOG<\/li>\n<li>Other FEDERAL aid not including FCWS<\/li>\n<\/ul><p>UMW notifies the lender of a student&rsquo;s withdrawal date.<\/p><p>Students who withdraw or drop below half time and have federal student loans will be sent or given Exit Counseling information.<\/p><p>Other financial assistance is returned to the programs as follows:<\/p><ul>\n<li>Virginia funds: Percentage returned based on R2T4<\/li>\n<li>Other states: Determined by program guidelines<\/li>\n<li>UMW &amp; private scholarships: Determined by program guidelines and or circumstances<\/li>\n<\/ul><p>*AIC for all students = Tuition, Fees, Books: Includes Room &amp; Board if student living on campus<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Students who withdraw from any or all classes after the start of a semester will have their aid reduced.&nbsp; Additionally, if proceeds have been disbursed it is very likely that eligibility will be pro-rated and funds returned to the appropriate programs.The Return to Title IV (R2T4) Funds policy determines the amount of federal financial aid [&hellip;]<\/p>\n","protected":false},"author":2592,"featured_media":0,"parent":38,"menu_order":400,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"umw_cb_additional_links":[[]],"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_advisory_expires_time":"","_advisory_meta_include":false,"footnotes":"","_links_to":"","_links_to_target":""},"class_list":{"0":"post-42","1":"page","2":"type-page","3":"status-publish","5":"entry"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Return of Funds for Withdrawal Policy &#187; 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