When you drop your classes once a term has begun, the number of days enrolled before dropping all classes is translated into Earned Funds. Conversely, the number of remaining days left in a term is considered Unearned Funds. The following formula is used to calculate the percentage of Earned versus Unearned funds in a term:
For example, let's say you dropped all your classes for the Spring Term on the 36th day of the term which consists of 78 calendar days in the term. You have Earned 46% of your funds for the term and you have 54% of Unearned funds for the term and must repay Unearned funds within 45 days.*
This repayment must be paid prior to receiving Financial Aid for the NEXT term. Although the Federal Government does not expect a repayment after the 60% point of a given term, you will be held to meeting the Federal Satisfactory Academic Progress (SAP) requirement.
*You are encouraged to contact the Office of Financial Aid and Scholarships prior to dropping all classes to determine if there will be a financial repayment to the Federal Government.