Do I have to pay this? What can I do?

Question

I am withdrawing from college mid-semester. They want me to pay for the partial refund to the government because I am withdrawing before the "cut-off date". (I'm not sure what that means). What can I do? What should I do?

I am withdrawing to go to another school. I HATE the school that I'm at. I am transferring to a school I'm more comfortable with.

Answer 1

It is a little known fact that students have to "earn" the financial aid that they are offered. If you're attending a credit hour school, you have to complete at least 60% of the semester (or trimester, or quarter -- however they bill you) before you can be considered to have "earned" all of your financial aid.

Any student who withdraws before the 60% cut-off date will have their federal (and possibly state) financial aid pro-rated on a daily basis. For example, if your semester is 100 days long and you drop out after day #20, then you have only earned 20% of your federal financial aid. By law, the remainder MUST be returned to wherever it came from (the private lender, the government, school, etc.) Some schools will return the money for you so that you owe a balance to them, but it sounds like your school recalculated your eligibility and expects you to return the money yourself (this is normal).

It's very important that you return this money. If you keep financial aid that you have not earned, you will be the recipient of what we call an "overpayment." Overpayments are easily tracked in the federal National Student Loan Data System. Any new school that you apply to will receive this information and they will not be allowed (again, by law) to offer you any federal financial aid until you repay the money from the old school.

If you wish to read the regulations on this matter, you can do so at http://ifap.ed.gov/sfahandbooks/attachments/0607Vol5Ch1.pdf

Good luck. If you have any questions about where to return the money, I would encourage you to contact your old school ASAP.

Answer 2

You really should wait till the end of the semester. I know that it seams like a long time now but its only 7 weeks. You will have to pay partial tuition for the weeks that you are in school. If you have scholarships or loans you could end up paying some of that back too. If you default on these fees then you won't be eligible for more finical aid from your new school. Also, if you get C's or better than your credits from this semester will transfer and you will get out of college quicker. Good luck, hopefully your will have a better time in your new school.

Answer 3

sadly you have to pay them money there is no way around it!
let say it's like insurance if your insurance stopped covering you on the 2nd and you wreak your car on the 3rd guess what you have to pay for the wreak and other damages!

The cut of date is a date that is just like that coverage on insureance!
ALL handbooks at All colleges have this listed. Sux i really wish there was a way out of if it for you!
but even the school it self has a cut of date for dropped classes and sence you are Dropping your class they are calling it the same thing your quiting school so... your best bet is to pull a % of your income out each month and pay them something to show you are trying to pay it off! You don't want to mess with the gov.. they will take your money one way or another do it on your terms not on there cheap way of garnishment!
like i did.. for the first time i get my taxes back this year~! :) go me!
it's been 5 years! but that stuff is paid and i have a worse credit score because if it! and it suck cuz now i have to wait to by a house or get approved for a damn gas card! so maybe when i'm 40 i'll have a better score!
lol

Answer 4

Stay in school or they will require you to repay the money.

Answer 5

Well, if you took money for college and now aren't using it, don't you automatically owe it back?

Answer 6

stay in school

Answer 7

stay in school