Refund and repayment requirements apply when a student who is the recipient of financial assistance (financial aid/scholarships) makes changes in course load, withdraws, drops out, takes an unapproved leave of absence, fails to return from an approved leave of absence, or is expelled. Scholarships are charged back at the same rate that tuition is refunded.
Repayment of Title IV Federal Financial Aid is based on the U.S. Department of Education’s Return of Title IV Funds Policy. If a recipient of Title IV aid (ex. Stafford loans, etc.) withdraws during a payment period (or a period of enrollment), the institution must calculate the amount of Title IV loan assistance the student earned as of the withdrawal date. The unearned portion must be returned to the Title IV programs in accordance with Federal Regulations. In certain instances, the student may also be required to return Title IV funds to the Department of Education in addition to that which the school is required to return [CFR 668.22]. If withdrawal occurs after the specified sixty percent (60%) point of the semester calendar, no adjustment to the initial Title IV award will be made.
The effective date for refund or repayment of financial assistance is determined by the date the student notifies Oakwood University and completes a withdrawal form. If the student fails to officially withdraw or appropriately notify Oakwood University, the last recorded date of class attendance by the student, documented by Oakwood University, will be the effective date.
Students receiving financial aid should consult with the Financial Aid Office concerning the possible effect of withdrawal or change in course load on awards received. Any remaining balance on the account must be paid at the time of withdrawal or dismissal.