When a student completely withdraws from a semester and was receiving federal financial aid, the student may be entitled to keep a portion of the federal aid funds. Title IV funds are the first resource applied to institutional charges. Institutional charges comprise the amounts that are assessed prior to the student’s withdrawal, not a reduced amount that might result from Dana College’s Institutional Refund Policy discussed in the following section.

Federal funds or Title IV Aid are comprised of Federal Unsubsidized Stafford Loans, Federal Subsidized Stafford Loans, Perkins Loans, PLUS Loans, Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG) and State Grants funded by LEAP.

The federal aid refund policy assumes that a student earns his or her aid based on the period of time he or she is enrolled. Students who attend past the 60 percent point in a semester are considered to have earned 100% of the Title IV aid awarded for the payment period. A student who withdraws prior to the 60 percent point will earn the percentage of federal aid based on the number of days attended in the semester.

The formula for the calculation is as follows: Completed Days = % of Title IV Aid Earned Total Days

The percentage of Title IV Aid Earned is multiplied by the total Title IV Aid disbursed or could have been disbursed to equal the amount of Title IV Aid the student actually earned. The remaining amount, if any, must be returned to the various Title IV programs. Calculation worksheets are available for review in the Financial Aid Office.

Institutional Aid Refund Policy

If a student withdraws prior to the 6th week of the enrollment period, the student will not receive ANY portion of his or her institutional grants or scholarships. If the student withdraws during or after the 6th week, he or she will receive a prorated portion of the institutional aid awarded. The percentage will be calculated in the same manner of the Federal Refund Policy.

Tuition Refund Policy

Refund Policy for Students who Drop Below Full-time Status or Drop Over Hour Credits

A student who began the enrollment period in a full-time status and then dropped to less than fulltime after the school’s census date will receive 100% of the disbursed federal aid or Title IV funds.

Students who began the enrollment period in a full-time status and dropped to less than full-time within the first five weeks of the enrollment period will not receive any portion of their institutional scholarships or grants. However, the student will receive a reduction in their tuition charges. The refund will be calculated based on the credit hour charge and the five-week refund schedule printed above.

Students who began the enrollment period in a full-time status and dropped to less than full-time after the first five weeks in the semester will not receive any adjustment to their financial aid package or any adjustment to the full-time tuition.

Room and Board Charges

If the student moves off campus in the first five weeks of the enrollment period, he or she will receive a prorated refund of his or her room and board charges.

If a student moves on campus during ANY time during the semester, the student’s room and board charges will be prorated using the remaining weeks of a semester. For instance, if a student moves on campus with six weeks remaining of the semester, the student will be charged for 6/16 or 37.5% of their semester room and board charges.

Appeals Policy

If individuals believe extenuating circumstances merit a departure from the aforementioned refund policies, they may appeal in writing to the Vice President of Business Affairs.