Return of Financial Aid Funds

If, upon withdrawal or initiation of a long-term leave of absence from school, a student has received any financial aid other than Federal Work-Study, federal regulations dictate that the "unearned" funds be returned in the following order:

• unsubsidized Federal Stafford loans
• subsidized Federal Stafford loans
• Federal Perkins loans
• any other Title IV programs
• U.S. Health and Human Services programs
• institutional financial assistance programs
• privately funded grants or scholarships
• the student

State scholarship funds are refunded or prorated according to the specific regulations of the sponsoring state. New York State Tuition Assistance Program (TAP) payments are not normally prorated, and a student withdrawing before incurring full tuition liability is not credited with a TAP award.

Refunds are calculated according to Department of Education guidelines to ensure fair and equitable assessment for all students. Federal guidelines and examples of refund calculations are on file in the Bursar's Office and may be studied upon request.