2017-2019 College Catalog-complete1 - page 24

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Lake Region State College
are available on the LRSC website. 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have unofficially withdrawn from school.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.
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 the student
of the overpayment. LRSC must notify
the student 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 the
date of the institution’s determination the
student withdrew. All financial aid funds
returned will be the responsibility of the
student.
Satisfactory Academic Progress
In order to receive federal financial aid,
students must meet certain academic
requirements called Standards of
Satisfactory Academic Progress (SAP). LRSC
is required by federal and state regulations
to determine whether a student is meeting
SAP requirements. SAP evaluations apply
to all terms, including summer, and to all
students (both aid and non-aid recipients).
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