Withdrawing from Classes and Returning Financial Aid (Title IV funds)
If you must withdraw from all of your classes, you should contact the Financial Aid Office and your academic advisor before withdrawing to make sure you understand the financial and academic consequences of your decision. The Financial Aid Office advisors will explain the policies described on this page and how they will apply to your situation.
Return of Title IV Funds
The federal government mandates that students who withdraw from all their classes may only keep the federal financial aid (Title IV funds) they have “earned” up to the time of withdrawal. Title IV funds that have been disbursed in excess of the earned amount must be returned by the college and/or the student to the federal government. Thus, you could owe aid funds to the college, the federal government, or both if you withdraw from or receive failing grades in all of your courses. The amount of aid which you might be subject to repay is determined by regulations as set in Section 484B of the Higher Education Act, which also specifies the order of return of the Title IV Funds to the programs from which they were awarded.
Calculating Earned Financial Aid
The amount of earned financial aid is calculated on a daily basis beginning the first day of classes. The process uses calendar days rather than business days. Earned aid is determined by taking the number of days attended before withdrawing divided by the total number of days in the term (first day of instruction until the last day of finals excluding breaks of five or more days of no academic activity).
For students who withdraw from classes after the 60% point-in-time, there are no unearned funds. However, NNMC must still complete a return calculation in order to determine whether the student is eligible for a post-withdrawal disbursement.
Should the calculation result in a credit balance on the students account NNMC will provide that to the student with 14 days.