<p>Can someone please tell me what happens in terms of financial aid if a student withdraws from college a few weeks prior to the end of the semester? I know I need to do some research on this but need some immediate input. I understand that some of the Pell will need to be repaid and that the interest on the Stafford will likely be due immediately. This is bad enough but I'm sure there's more. Will it impact possible future financial aid?</p>
<p>Also, does a college provide any sort of a "grace period" after a student withdraws if they change their mind? This was a major impulse decision made sans parental guidance and suffice to say that this parent's nerves are frayed. Any insights would be most appreciated. Thanks.</p>
<p>I can only imagine the stress you are feeling. I wish I was more of an expert but I can share what my son’s school lists on its’ website regarding withdrawing.</p>
<p>According to this school once you complete 60% of the payment period (semester or quarter I would guess) you earn all of the federal assistance that you were scheduled to receive.</p>
<p>Withdrawing may cause problems for future aid because a student has to make satisfactory academic progress. From what I understand the student has to earn 67% of the credit hours they attempt so if your child was failing and decided to drop I think it may cause problems getting aid in the future. But----I’m not a financial aid expert and the best place to get information will be the school your child attends.</p>
<p>I think your student will still get a 6 mos grace period for loan repayment but the interest will start accruing right away.</p>
<p>I couldn’t find anything about a grace period to change your mind. I guess you or your student would have to call and ask.</p>
<p>Did your child go through the exit counseling with financial aid at the school?</p>
<p>Hopefully, someone more knowlegable than me will answer.</p>
<p>Good luck and I hope everything works out for your family.</p>
<p>Thank you proudwismom (for your kind words as well which means a lot right now). My child is not failing; in fact, his grades are exceptional. This was a knee-jerk decision related to a personal issue in his life without any consideration of what happens next. I doubt that he went through exit counseling – probably does not even know about it but would they contact him directly to require it? I’m uncertain about the grace period for a withdrawal as my “gut” says that will probably start immediately. Again…thank you for taking the time to respond.</p>
<p>You’re welcome. I’m sure a lot of parents, myself included, could see our own kids making a choice without thinking it through.</p>
<p>I would have thought when he went through the formal withdrawal process with the dean of students he would have been advised to contact financial aid. Each school may have it’s own procedure though and/or sometimes we don’t hear everything being said when we’re upset.</p>
In addition to the SAP, the lifetime limit of the fin aid will be reduced accordingly even though he did not receive the benefits of credits for the term, just fyi.</p>
<p>Which is why in your shoes I might lobby to get someone’s butt back in school if humanly possible with the rationale that there’s nothing to lose by just toughing out the next month even if he doesn’t go back next semester or wants to change direction</p>
<p>…the money is gone, the courses will presumably not at this point be effectively withdrawn (eg. will the be equivalent of fails unless his grades were high enough to pass without writing finals…OR show as incompletes, which I suspect would still impact the SAP formula…)</p>
<p>Maybe a little TLC and week to mull it over would be enough for him to catch a second wind?</p>
<p>Sending ya the light for a best possible outcome!</p>
<p>Thank you. Would anyone also have any idea what happens in terms of a work/study – the monies awarded to the student – if a student does not fulfill or earn the amount awarded? Does the difference need to be refunded to the university?</p>
<p>Work study is paid out like income earned from a regular job. If your son has already worked any work study hours, he’ll be paid for those. Any hours he hasn’t yet worked–he won’t.</p>
<p>WayOutWestMom (by the way, <em>love</em> your name) – thanks for the response. So the hours not worked even though they were calculated into the entire financial aid package are not treated like loans whereby the funds are paid to the university and reimbursement may be due? </p>
<p>I spoke to the Stafford Loan people and was told that if a withdrawal is done before their cut-off date, there would be no refund (student back to the university) required, however since the funds have already been paid to the university, they will not refund the monies back to the Stafford Loan folks which could mean that my son could wind up repaying the “overage” amount (used for books, etc.) that did not apply to tuition and fees.</p>
<p>Hope that wasn’t the longest run-on sentence ever. Meaning, my concern is whether, along with starting to repay the loans now, there would be monies due back to the university for money he was given but did not use for the entire semester. Does that make sense?</p>
<p>Work-study earnings are only paid as hours are worked. Work-study funds are not paid out in advance like a loan. So no reimbursement will be due.</p>
<p>As for the rest of your question, I understand, but I have no idea how it works.</p>
<p>The withdrawal is “in process”. The whole financial aid and failure to make satisfactory academic progress and what that means long-term are the core issues.</p>
<p>Hugs to you…I hope he’s got a dang good reason cause I think I’d be about as angry as could be if one of mine dropped the ball with only a couple weeks left to go in the semester. I doubt the college is going to send you anything they will tell your son or send anything to your son. I know any correspondence on the federal monies will be mailed to your son at whatever address he used as a permanent address. If you haven’t called the financial aid office, I would. They will most likely talk freely with you about the ramifications of what he will owe and should understand the college position on satisfactory academic progress which absolutely could impact his aid when and if he returns to college if he gets all failures or withdrawals in this semester’s classes. </p>
<p>I have no idea what is going on with your son but can he change it to a leave of absence or anything that might freeze what he has so far accomplished or allow him an opportunity to finish the semester…like a mental breakdown (either real or imagined).</p>
<p>S2 withdrew in his third year without telling us or the university :). He just stopped going to classes but still used his access to campus to feed his on line gaming habits. Roll forward several years and he decides to return to college for his degree, with the “encouragement” of his fianc</p>
<p>You need to talk to the college financial aid office. They can tell you EXACTLY how this particular college will deal with this situation. Believe me, they will have had the experience too. You are not the first parent, nor will you be the last in that situation. </p>
<p>While you have them on the phone, get the specifics about what has to be done to get future aid. Yes, that can be adversely affected, sometimes severely. Good to know up front what has to be done to get the ball rolling again.</p>