Leave of Absence
Return of Financial Aid When A Student Withdraws
Students must follow the procedures for requesting an approved Leave of Absence, as outlined in the Undergraduate and Graduate Catalogs. Students should be aware that, although a LOA will preserve their academic curriculum of record, temporarily interrupting their program of study may have consequences. Specifically, taking a LOA may reduce or exhaust the student's loan repayment grace period. Students who have loans and who are considering a LOA should contact the Financial Aid Office to further discuss their particular circumstances.
The federal government mandates that students who withdraw from all classes may only keep the financial aid they have "earned" up to the time of withdrawal. Title IV funds that have been disbursed in excess of the earned amount must be returned by the University and/or the student to the federal government. Thus the student could owe aid funds to the University, the government, or both.
A student is considered to have officially withdrawn when (s)he notifies the University of his or her intent to withdraw from all classes. The date of the official notice is considered the last date of attendance and will be the date used for calculating the amount of financial aid to be returned. A student who receives a combination of "F" and/or “W” grades at the end of a semester is considered unofficially withdrawn. Instructors report the last recorded date of attendance for the student. This will be the date used for calculating the amount of financial aid to be returned to the Federal Government.
To determine the amount of aid the student has earned up to the time of withdrawal (either official or unofficial), the Financial Aid Office (FAO) divides the number of calendar days the student has attended classes by the total number of calendar days in the semester (minus any scheduled breaks of 5 days or more). The resulting percentage is then multiplied by the total federal funds that were disbursed for the semester; institutional funds, state funds, and alternative loans will be prorated in the same manner. (Note that if the student remains enrolled and attends class beyond the 60% mark of the semester in which aid is received, all federal aid is considered earned and not subject to a refund calculation.)
This calculation determines the amount of aid earned by the student that he or she may keep (for example, if the student attended 25% of the term, the student will have earned 25% of the aid disbursed). The unearned amount (total aid disbursed minus the earned amount) must be returned to the federal government by the University and/or the student. The FAO will notify and provide instructions to students who are required to return funds to the government.
Funds that are returned to the federal government are used to reimburse the individual federal programs from which the student received the aid. Financial aid returned (by the University and/or the student or parent) must be allocated, in the following order, up to the net amount disbursed from each source:
It is also possible that the student may have “earned” the aid, but it was not yet disbursed to the student’s account. Post-withdrawal disbursement occurs when the student receives less federal student aid than the amount earned (based on withdrawal date). The FAO will determine if the student is entitled to a post-withdrawal disbursement and will then offer, in writing, a disbursement of the earned aid that was not received. All post–withdrawal disbursement offers will be made within 30 days of the date Monmouth determined that the student withdrew. The student must respond within 14 days from the date that the University sends the notification to be eligible to receive the post-withdrawal disbursement. If the student does not respond to the University’s notice, no portion of the post-withdrawal disbursement that is not credited to the students account may be disbursed. The student may accept or decline some or all of the post-withdrawal disbursement. Accepted post-withdrawal disbursements will be made from aid programs in the following order:
Students whose circumstances require that they withdraw from all classes are strongly encouraged to contact FAO and their academic advisor before doing so. At that time, the consequences of withdrawing from all classes can be explained and clearly illustrated. Financial aid counselors can provide refund examples and further explain this policy to students and parents.
Students who withdraw from the University may also be entitled to a refund of a portion of their tuition, fees, and room/board charges, dependent upon the point in time at which the student withdraws. Click here to view detailed information on the University's tuition, fee, and room/board policies.