Do I have to pay $ back if i drop 1 class?

Question

Do I have to pay $ back if I drop my class? Right now Im taking 13 Units in school, but work is getting in the way of school so I want to drop a class. The semester started last month and if I drop I will get a "w" on my record ( W means Withdraw) Will this affect my financial aid in the future

Answer 1

It could affect your current financial aid package.

First, you need to determine your enrollment status. That is, if you drop the class, how many credits/units you'll be registered for? Will your updated course-load be considered "full time" or is it merely "part time"? Check your school's Academic Catalog or handbook (or similar "rules & regulations" type of document) to see what is considered "full time."

Then, if you discover that you are no longer considered full-time, check with your financial aid office (or the donor of any scholarships you're receiving) to make sure that part-time students are still eligible for the awards you are getting.

Federal scholarships, grants, and loans all have specific preset rules about how than can be applied to different programs of study and different enrollment statuses. In the USA, undergraduates must be taking at least 12 credits to be considered full-time. Students who drop below half-time status will lose eligibility for Stafford Loans and will see a decrease in their Pell Grant eligibility as well. If you lose eligibility for these type of aid, you will be required to give the money back. If you do not repay these funds, you will become ineligible for federal student aid in the future.

Answer 2

Well, of course you're going to have to pay back the loans ;) . With them it's just a matter of how soon you have to pay it back. The grants and scholarships on the other hand depend on their individual guidelines. For the most part, whether you drop a class or not doesn't matter. What matters in most cases is your status as a fulltime or a partime student. If dropping your class drops you down to a partime student, then at the end of the term you will in most cases be put on academic probation (basically a warning to get back up to full time). If you stay as partime for the next term, then your awards and loans will usally drop down to partime student levels (which can be reduced levels or revoked levels depeding which award it is).

In any case, go ask your financial aid department just what will happen since they will know your exact situation and the rules to each of your awards.

Edit: Looks like the above posters are quicker at typing than me :D, but as you see, it's all basically the same advice... read up on the rules to each award and talk to your advisor.

Answer 3

It depends on the number of credits of the class, and the school. When I was in college, I was taking 16 credits and I dropped a 5 credit class, and I was never eligible for financial aid at that school again. So talk to the counselors right away. They are the ones that can give you the best advice. :)

Answer 4

It depends on when you drop it and where you got the money from.