Financial aid is awarded to a student under the assumption that the student will attend college for the entire period for which the assistance is awarded. Completely withdrawing from all your classes will affect your financial aid eligibility. When a student withdraws (officially or unofficially) from ALL classes after beginning attendance, the student may no longer be eligible for the full amount of aid that the student was originally scheduled to receive. The College is required to determine the earned and unearned portions of Federal (Title IV) and/or State aid as of the date the student ceased attendance based on the amount of time the student spent in attendance.
If you complete at least 60% of the semester, you will have earned 100% of your aid eligibility. If you withdraw before this date, we will determine what percentage of aid you earned. Federal regulations require that your aid eligibility be recalculated if you withdraw, are dismissed, or take a leave of absence prior to completing 60% of the semester. Recalculation of aid for enrollment-status changes due to dropped or never attended classes is required before any Return to Title IV calculation is completed.
The recalculation is based on the following equation:
Financial Aid Award for the semester - Amount of earned aid = Unearned aid
Recalculation is based on the percentage of earned aid using the following formula:
(Completed Days / Total Days) = Percentage of Aid Earned
Unearned aid is returned to the funding source. When unearned aid for institutional costs is returned to
the funding source, you may incur a tuition balance with the college. If you need to repay unearned aid
for non-institutional costs, the Financial Aid office will contact you.
Aid is returned to the funding source based on the percent of unearned aid using the following formula:
(100% of aid - percent earned) = Percent of unearned aid.
(The percent of unearned aid) x ( institutional costs) = Amount of aid paid to the institution that must
be returned to the funding source.
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 costs.
All money returned to the funding source will be returned in the following order:
- Unsubsidized Federal Stafford Loan
- Subsidized Federal Stafford Loan
- Federal PLUS
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grant (FSEOG)
**Virginia Commonwealth Grant is also submit to the Return of Title IV Calculation.
- Any amounts attributed to your loans will be repaid in accordance with the terms of your promissory note.
- Amounts to be returned to grants are reduced by 50%.
- If the Business Office does not hear from you within 45 days, we are obligated to send your outstanding balance to the federal government for collection.
- A hold will be placed on your records until the repayment has been made in full. This hold will prevent you from obtaining an academic transcript.
- You will not be allowed to register at Reynolds Community College or receive additional aid until you have made the repayment in full. If you need to withdraw from all of your classes, you are encouraged to speak to a financial aid representative in the Office of Financial Aid at the Parham Road Campus, The 105 at the Downtown Campus, or Advising Services at the Goochland Campus before doing so for information on how it may affect your financial aid and your Academic Progress.