13. Withdrawing and Financial Aid

The Office of Financial Aid staff are available to provide financial aid counseling services and to help students explore the various sources of financial assistance, including scholarships, grants, work, loans, and external funds.

The Office of Financial Aid staff is responsible for coordinating financial aid from Federal, State, college and external sources. All need-based sources of financial assistance use the data provided each year on the Free Application for Federal Student Aid (FAFSA). The application deadline for Indiana State grant consideration is April 15th and all students are urged to file the FAFSA each year. All students are required to complete a Franklin College Financial Aid application, available via their online financial aid system.

13. Withdrawing and Financial Aid

a. Return of Title IV Funds Title IV aid includes the Pell Grant, the Federal Supplemental Educational Opportunity Grant (SEOG), Direct loans (subsidized as well as unsubsidized), the Perkins Loan, and Graduate/Parent PLUS loans.

When a student is a recipient of one or more of the above-mentioned Title IV programs and officially withdraws (or unofficially withdraws by ceasing to attend), regulations require a calculation to determine if any Title IV aid must be repaid.

Prior to withdrawing for the semester, you are encouraged to contact the Office of Financial Aid. State and institutional aid are also subject to a return calculation.

For other information and procedures regarding withdrawing from the college, please go to Withdrawing from the College .

b. Repayment Calculation

The amount of Title IV aid to be repaid is calculated based on the percentage of time completed within a semester, which involves calculating the amount of Title IV aid earned by the student, and the amount of institutional charges for the semester. The

Office of Financial Aid considers the date the student completes his or her exit interview with the Office of Student Affairs as the official date of withdrawal. This is considered the date the student began the official withdraw process. For students who unofficially withdraw, the 50% point within the semester is considered as the withdrawal date in determining earned Title IV aid.

If the amount of disbursed Title IV grant or loan funds is greater than the amount earned, the unearned funds must be returned. If the amount of disbursed Title IV grant and/or loan funds is less than the amount the student has earned and is otherwise eligible to receive, he or she is notified by the Office of Financial Aid regarding a post-withdrawal disbursement of the earned aid that was not received.

All unearned Title IV funds must be returned within 45 days of the date of the institution’s determination that the student withdrew, and must be returned in the following order: 1. Direct unsubsidized loan funds, 2. Direct subsidized loan funds, 3. Perkins loan funds, 4. PLUS loan funds, 5. Pell Grant funds and 6. Supplemental Educational Opportunity Grant funds.

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