Any student who withdraws* from Ohio Dominican University prior to completing 60% of the enrollment period or semester will have their financial aid eligibility recalculated based on the percentage of the period they were enrolled. Once a student has completed 60% of the period or semester, all financial aid assistance is considered to be 100% earned. This policy meets federal requirements in which students “earn” financial aid based on the percent of the term completed. Ohio Dominican University maintains one refund policy for all federal, state and institutional aid funds based on 34 CFR, Section 668.22 of the Title IV Higher Education Act of 1965, as amended.
The Financial Aid Office is responsible for calculating the percentage of “earned aid” for the semester and for returning the “unearned aid” portion to federal, state and institutional aid programs. The Financial Aid Office will perform this calculation within 45 days of the student’s withdraw date*. This calculation is measured by dividing the number of days the student attended by the total number of days in the period or semester. The length of the period or semester is based on Ohio Dominican’s published academic calendar, including weekends and excluding scheduled breaks of 5 days or more. The first day begins on the first day of classes and ends on the last day of final exams.
Example: If there are 114 days in the semester and a student withdraws on day 20, the charges and financial aid will be pro-rated as they attended 17.5% of the semester (20/114).
If a student is a recipient of Federal Title IV aid, those funds returned to those programs are required by federal law to be returned first, in the following order: Unsubsidized Federal Stafford Loan, Subsidized Federal Stafford Loan, Federal Perkins Loan, Federal PLUS (Parent) Loan, Federal Pell Grant, Federal SEOG Grant and Federal TEACH Grant.
If a student is a recipient of Institutional or State aid, those funds will be prorated based on the percentage of the semester that the student completed. Institutional charges will also be prorated if a student withdraws before 60% of the semester has been completed.
In some cases, after the recalculation is complete, a student may be required to repay some of the Title IV aid they received. Or, in some cases, a student may be eligible for a late disbursement of awarded aid if the amount of aid received is less than the amount of aid earned. In these cases, the student will be notified by the Financial Aid Office.
If after these calculations are completed, the student is entitled to a refund, the Business Office will refund that amount to the student. If the student owes a balance, the Business Office will bill the student directly.
*To officially withdraw, a student must contact the Registrar’s Office. The Registrar’s Office will determine the official date of withdraw based on the date that a student notifies them of their intent to withdraw or last day of academically related activity. If a student ceases attendance without notifying the Registrar’s Office, the date of withdraw will be set as the last day of academically related activity, if known. If unknown, the date of withdraw will be set as the midpoint of the semester.
**Note: Provisions explained in this policy are subject to final interpretation of the Return of Title IV Funds regulations governing Federal financial aid. Questions on this Refund Policy should be directed to the Financial Aid Office, Erskine Hall 147, or by calling (614) 251-4778.