financial aid

Financial Aid Recipients Withdrawing

For those students who are financial aid recipients the following policy has been set by the Department of Education.

Return of Federal Funds policy:

Pacifica Graduate Institute has implemented the Return of Federal Funds policy as required by federal regulations (Sect. 668.22 of Higher Education Amendments of 1998).  For those students who are eligible and receive federal financial aid and find it necessary to withdraw from all courses at Pacifica prior to the completion of the current quarter the following federal policy applies.  The focus of the policy is to return the unearned portion of the federal financial aid for the enrollment period.  Only the amount of financial aid that has been earned (based on the number of calendar days completed in the period of enrollment) will be retained on the student's behalf.  Any aid unearned will be returned to the lender.

The Return of Federal Funds will be calculated based on the date you begin the official withdrawal process (by notifying the Registrar's Office), the last date of documented attendance or for an unofficial withdrawal, the mid-point of the term or the last documented date of attendance.
 
If a student withdraws from school on or before the 60% point in the term, then the school and possibly the student shall return the percentage of unearned Title IV federal financial aid.  

The following distribution of returned funds is as follows:
1) Federal Unsubsidized Stafford Loan
2) Federal Subsidized Stafford Loan
3) Federal GradPlus Loan
4) State, Private or Institutional Aid
5) The student

Institutional Refunds- refers to the calculation of institutional charges and is a separate calculation from the Return of Federal Funds calculation.  The amount of refundable institutional charges (tuition and residential/non residential fees) will be prorated based on school policy.  If there is a balance due by the student as a result of the unearned financial aid being returned, the student will be responsible for payment of the difference. 

Details and examples of the Return of Federal Funds Policy are available in the Financial Aid Office.  Details and examples of the Refund Policy are available in the Student Accounts Office.     

 

 

 

 

 

 

 

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