The Financial Aid Office is required by federal statute to recalculate federal financial aid eligibility for students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60 percent of a payment period or term. The federal Title IV financial aid programs must be recalculated in these situations.
If a student leaves the institution prior to completing 60 percent of a payment period or term, the financial aid office recalculates eligibility for Title IV funds. Recalculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula:
Percentage of payment period or term completed = the number of days completed up to the withdrawal date divided by the total days in the payment period or term. (Any break of five days or more is not counted as part of the days in the term.) This percentage is also the percentage of earned aid.
Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula:
Aid to be returned = (100 percent of the aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period or term.
If a student earned less aid than was disbursed, the institution would be required to return a portion of the funds and the student would be required to return a portion of the funds. Keep in mind that when Title IV funds are returned, the student borrower may owe a debit balance to the institution.
If a student earned more aid than was disbursed to him/her, the institution would owe the student a post-withdrawal disbursement which must be paid within 120 days of the student's withdrawal.
The institution must return the amount of Title IV funds for which it is responsible no later than 45 days after the date of the determination of the date of the student’s withdrawal.
Refunds are allocated in the following order:
Unsubsidized Federal Stafford Loans
Subsidized Federal Stafford Loans
Unsubsidized Direct Stafford Loans (other than PLUS loans)
Subsidized Direct Stafford Loans
Federal Perkins Loans
Federal Parent (PLUS) Loans
Direct PLUS Loans
Federal Pell Grants for which a Return of funds is required
Federal Supplemental Opportunity Grants for which a Return of funds is required
Other assistance under this Title for which a Return of funds is required (e.g., LEAP)
Please keep in mind this repayment policy is in addition to the institution’s refund policy. A student who withdraws from school could owe federal financial aid as well as repayment back to the West Virginia Higher Education Grant Program, PROMISE Scholarship Program and/or Fairmont State.
Net Price Calculator
Fairmont State is pleased to provide this student aid calculator to assist you in estimating your costs to attend FSU. Results are based on 2016-2017 Cost of Attendance figures and student aid eligibility requirements which are subject to change. These results should assist you in determining an estimate of your out-of-pocket expense to attend Fairmont State.
Monday - Wednesday 8:00 am - 4:00 pm
Thursday 9:00 am - 4:00 pm
Friday 8:00 am - 4:00 pm
Office of Financial Aid
Turley Student Services Center
Room 303 Phone: (800) 641-5678, Opt. 2
(304) 367-4141 Fax: (304) 367-4789 FinancialAid@FairmontState.edu
When filling out your FAFSA, use 003812 as the school code