Financial Aid Withdrawal & Refund Policy

Financial aid recipients who change their enrollment status to leave of absence (LOA) or withdraw during a term for which financial aid payments have been received will have their tuition adjusted according to Section 484B of the Higher Education Act. Such students may have to return unearned aid. Contact the Financial Aid Office staff for more information.

When a financial aid student does not complete a term, the calculation of financial aid earned is based on the period of enrollment completed. That percentage is computed by dividing the number of calendar days completed as of the date the student notified Antioch of the LOA or withdrawal by total number of calendar days in the term. The percentage of Title IV assistance to which the student is entitled (earned aid) is equal to the percentage of the term completed, up to 60 percent. If the termination occurs after 60 percent, the earned percentage is considered equal to 100 percent.

The amount of Title IV aid that a student must return is based on the percentage of unearned aid. That percentage is computed by subtracting earned aid from 100 percent. Antioch is required to return to federal sources the lesser of (1) the unearned aid percentage applied to the institutional charge, or (2) the unearned aid percentage applied to the total Title IV aid received. The student is required to return the difference between the amount of unearned aid and the amount returned by Antioch. The student will be billed for the amount owed the Title IV programs and any amount due the University resulting from the return of Title IV funds used to cover University charges. If the student (or parent in the case of a PLUS loan) is required to return a portion or all of the loan proceeds, the calculated amount is to be repaid according to the loan’s terms. Students must return only half the amount of grant funds calculated.

Funds are returned to the following Title IV sources in order of priority:

  • Federal Direct Unsubsidized Stafford Loans
  • Federal Direct Subsidized Stafford Loans (for undergraduate students)
  • Direct PLUS Loans
  • Federal Pell Grants
  • Federal SEOG
  • Other Title IV assistance for which the return of funds is required
  • Other federal, state, private or institutional financial assistance

 

Return to Antioch University Financial Aid

 


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