<p>If I withdraw from college now, like mid semester, what happens to my financial aid? I want to withdraw from this college and apply to another for next fall semester. I would transfer for the spring but its a little late and I figured Id use the spring semester for volunteer work.</p>
<p>So if I withdraw now would I have to pay the places that gave me financial aid? And will I be able to get financial aid again for when I re-enroll next fall?</p>
<p>To keep financial aid you need to be making satisfactory academic progress. Please check with your financial aid office for advice on how a withdrawal from all courses will affect your future college financial aid. The worse case scenario is you might not be eligible for financial aid until you establish that satisfactory academic progress but I’m no expert. You don’t mention if there are extenuating circumstances that are causing your desire to withdraw but you can discuss that with your current college.</p>
<p>If you withdraw from all classes you may have to repay some of the aid that has been paid to you this semester. Aid has to be “earned” by completing a certain percentage of the semester. Talk to your FA department before you withdraw. And don’t just stop going to classes before you officially withdraw as that can be construed as withdrawing (and become the date used for calculating aid to be repaid).</p>
<p>If you are not in school the clock will start ticking on your grace period for any loans. Stafford loans go into repayment 6 months after you drop below half time.</p>
<p>Withdrawing may impact your eligibility for FA at a new school. Schools have to have a SAP policy to determine eligibility for aid. It usually included things like successfully completing a certain % of all classes attempted. A new school may or may not look closely at your prior school records. It seems to depend on the school.</p>
<p>Talk to your FA department (an actual officer who knows the rules) before you drop classes. A few weeks or days may make a big difference as to whether you have to repay money.</p>
<p>The school will be required to perform a Return of Title IV Funds (R2T4) calculation. This is based on a federal formula that assumes you “earn” a portion of your federal aid every day you are enrolled in classes in a term. If you drop all classes, the date of withdrawal determines the date used in the R2T4 calculation. You may well have to pay back some of your financial aid; this depends on the kind of aid & the number of days.</p>
<p>Don’t forget that your loans will have to be paid back beginning 6 months after your withdrawal date. You’ll be able to have them deferred when you begin classes again, but you’ll have to pay until then.</p>
<p>* I figured Id use the spring semester for volunteer work.</p>
<p>*</p>
<p>Why not finish this semester?</p>
<p>I want to withdraw because I transfered to a school that Im not happy with. The school itself is wonderful…but its so far from home and im lonely. Im really depressed here and its affecting my grades dramatically. Im failing all of my classes, something thats never happened before. And Im so depressed I cant concentrate on anything but ways to go home…</p>
<p>I just dont know what to do</p>
<p>Talk to your FA department and find out what impact withdrawing will have and when would have the least impact. I seem to have the idea that it is around after 60% of the semester has been completed that you may be safe to withdraw - but I am not exactly sure, so it is very important to talk to the FA people. If it is that unbearable, try and at least stick it out until you reach the point where you won’t owe a bunch of money - that will be even more depressing. Obviously, do what is best for your health. But if just a couple of weeks makes the difference between repaying aid or not (and it depends on the aid - you need to ask the school) - well try and avoid having to owe them money if possible.</p>
<p>As your loans will probably go into repayment, why not work rather than volunteering? And is there a CC near your home you can attend part time for a while till you sort everything out?</p>
<p>yeah i just transferred from the community college. And its pretty hard to find work in my home area… its ridiculously hard. My goal is to be a doctor and I heard you need a lot of volunteer work.</p>
<p>But of course with these awful grades now and this whole situation, Im doubting my capability of becoming a doctor. And even if I am smart enough, probably no one will give me a chance.</p>
<p>Before you make any irrevocable decisions, I would strongly suggest you make an appointment with your school’s counseling service. You say you are depressed, and you may well be.</p>