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39

FINANCIAL AID REFUND POLICY

Dropping Classes

A student’s final eligibility for aid will be based on the number of hours for which they are enrolled on the Official Day

of Record, as listed in the class schedule. If a student registers for, and then drops a class (or classes) prior to the Official

Day of Record, the student’s eligibility for aid will be recalculated based on the hours remaining as of the Official Day

of Record. Since financial aid is released prior to the Official Day of Record, students who receive a financial aid payment

based on more hours than those remaining as of the Official Day of Record may be responsible for repaying a portion

of any financial aid received.

Dropping classes may affect a student’s eligibility for future aid. Students should consult the Satisfactory Academic

Progress Policy or the Office of Financial Aid to determine if dropping classes will affect their eligibility for future aid.

Total Withdrawal from School

If a student registers and then completely withdraws from all classes, their eligibility for aid will be recalculated based

on the number of days they attended class. If a student totally withdraws from all classes prior to the first class day, all

financial aid will be canceled and no funds will be disbursed. If a student withdraws on or after the first class day, the

student may have to repay a portion of any cash financial aid received. See Return of Title IV Funds. Withdrawal from

classes may affect a student’s eligibility for future aid. Students should consult the Satisfactory Academic Progress Policy,

or the Office of Financial Aid to determine if dropping classes will affect their eligibility for future aid.

Return of Title IV Funds

The Higher Education Reconciliation Act of 2008 changed the formula for calculating the amount of aid a student and

school can retain when the student totally withdraws from all classes. Students who withdraw from all classes prior to

completing 60% of the semester will have their eligibility for aid recalculated based on the percentage of the semester

completed. The Office of Financial Aid encourages students to read a complete copy of this policy carefully. Students

considering withdrawal from all classes PRIOR to completing 60% of the semester, should contact the Office of

Financial Aid to see how that withdrawal may affect their financial aid.

FINANCIAL AID PROGRAMS

On the previous two pages are descriptions of Scholarships, the Work Study Program, Grants and Loans that are

available to those students who qualify.

STUDENT CONSUMER INFORMATION

In compliance with the Higher Education Opportunity Act, students can access compliance and consumer information

for The Master’s University at

: www.masters.edu/HEOA .