Return of Funds
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Return of Funds Policy
Due to Withdrawal from the University
If a student withdraws from UW-Platteville and has received federal financial aid then the school or the student or both may be required to return some or all of the federal funds awarded for that semester. Federal funds include the following programs: Federal Unsubsidized Stafford Loan, Federal Subsidized Stafford Loan, Federal Perkins Loan, Federal PLUS Loan, Federal Pell Grant, Federal Supplemental Grant, and the Talent Incentive Grant.
Your aid eligibility will be recalculated if you withdraw, dropout or are dismissed prior to completing 60% of the semester. Recalculation is based on the percentage of earned aid using the following formula:
|Number of days completed up to the withdrawal date||= Percent earned|
|Total days in the semester (excluding scheduled breaks of 5 or more days)|
Aid is returned to funding source based on the percent of unearned using the following formula:
- 100% of aid - Percent earned = Percent of unearned aid
- The percentage of unearned aid X Institutional costs = Amount of aid paid to institution that must be returned to the funding source
- When the aid is returned to the funding source you could have tuition, housing, or meal plan balance with the University
- The balance of the unearned aid is used to determine if any funds need to be returned for non-institutional costs.
- Unearned aid - Return of institutional costs = Balance of unearned aid for non-institutional cost
All money the institution has to return will be returned in the following order:
- Unsubsidized Stafford Loan
- Subsidized Stafford Loan
- Federal Plus Loan
- Federal Perkins Loan
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grant
- Talent Incentive Grant
- Other Title IV Programs
You may need to return aid for non-institutional costs.
- Any amounts attributed to your loans will be repaid in accordance with the terms of your promissory note.
- Amounts to be returned to your grants are reduced by 50%.
- If you need to repay money for non-institutional costs, you will be contacted by the Financial Aid Office.
- If we do not hear from you in 45 days we are obligated to send your outstanding balance to the federal government for collection.
- You will not be allowed to receive additional federal aid until you have paid the overpayment in full.