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23

Some FSA funds are not available to the

student after he/she withdraws because of

other special eligibility requirements. Some

examples are below:

A first-time, first year, undergraduate

student who withdraws before the 30th

day of classes will not earn aid that they

would have received had they remained

enrolled past the 30th day of the

payment period.

No portion of a second or subsequent

disbursement may be disbursed

to a student as a post-withdrawal

disbursement.

Students participating in the Federal

Work Study Program are not eligible

to earn work study funds after

withdrawing from college.

Any amount of unearned grant funds

the student must return is called an

overpayment. The maximum amount of

grant overpayment a student must repay is

half of the grant funds the student received

or was scheduled to receive. Students

who owe overpayments as a result of a

withdrawal will retain eligibility for Title IV

funds for a maximum of 45 days from the

earlier of: The date the school sends the

student notice of teh overpayment, or the

date LRSC was required to notify teh student

of the overpayment. LRSC must notify the

students that an overpayment must be

repaid or make satisfactory arrangements

to repay it within 30 days of determining a

repayment is due.

Lake Region State College must return any

unearned funds within 45 days from teh

date of the institution’s determination the

student withdrew. All financial aid funds

returned will be teh responsibility of the

student.

In addition, LRSC returns funds to programs

other than Title IV Funds. The amounts

will be prorated to the original sources in

proportion to the initial awards.

Official Withdrawal -

A student who

stops attending classes must formally

withdraw from school to avoid failing grades.

Procedures and forms for formal withdrawal

are available in the Student Affairs office

and the LRSC website at

www.lrsc.edu.

At

the time of withdrawal, the Financial Aid

office will determine, on a pro-rata basis,

the amount of student aid the student

has earned. For example, a student who

completed 30% of the payment period

(semester) will be determined to have

earned 30% of the aid he/she was originally

scheduled to receive. Once a student has

completed more than 60% of a payment

period, he/she is eligible to receive 100% of

the FSA award.

Unofficial Withdrawal -

A student

who stops attending classes but does

not officially withdraw is considered to

have unofficially withdrawn from school.

A recipient of Federal Student Aid who

unofficially withdraws and receives no

passing grades for the semester will be

responsible for repaying all unearned

financial aid received. A student must

initiate and complete the formal withdrawal

process to avoid failing grades. The Financial

Aid office will calculate the amount of

financial aid “earned and unearned” based

upon the midpoint of the semester or based

on the student’s last day of participation in

academically-related activity.

Post-Withdrawal Disbursement -

After

withdrawal, it may be determined that a

student did not receive all funds earned. In

such cases a post-withdrawal disbursement

may be due. When a post-withdrawal

disbursement includes student loans, the

student may choose to decline the loan

funds, keeping loan debt to a minimum.

Post-withdrawal disbursement will be

applied to tuition, fees, room and board

charges owed the college. Any remainder is

paid to the student.

Student Information