Students who must withdraw while the semester is in progress must notify the registrar, of their intent to withdraw from the institution while the semester is in progress.
A student who withdraws from the institution while the semester is still in progress may not be able to retain all of the financial aid he has been awarded. Generally, if a student officially withdraws before 60% of the semester has passed he will be able to retain a prorated portion of the financial aid awarded. If he withdraws after 60% of the semester has passed, he will most likely be able to retain all of the Title IV federal aid he has been awarded for that semester.
In accordance with federal regulations for schools that are not required to take attendance, the official date of withdrawal for Return to Title IV calculations is the
date that the student notifies the registrar or the date that he indicates in his notice to the registrar, whichever is earlier. Unofficial withdrawal refers to a student who withdraws without formal notification. The date used in the event of the student’s unofficial withdrawal will be the date when the school discovered the withdrawal through any form of notification other than our formal procedure, including the last day of academic activity, or verbal notification from the student to a member of our staff.
In accordance with federal regulations for schools that are not required to take attendance, the withdrawal date for a student who withdraws without notifying the registrar, and for whom the school cannot determine the date of withdrawal through the date of last academic activity, is considered to be the mid-point of the semester.
Return to Title IV calculations for students who follow the official withdrawal procedure will be calculated based upon the official date of withdrawal. If a student does not give official notice of his withdrawal, the return of Title IV funds will be calculated based upon the midpoint of the semester, unless it has been confirmed that the student attended 60% of the semester.
The Return of Title IV Aid regulations require that the school calculate the amount of federal aid that the student has earned up to the time of withdrawal. Students earn aid in proportion to the amount of the semester that they complete. For example, if a student completes 14.5% of the semester (calculated by dividing the number of days up to the withdrawal date by the number of days in the semester), then the student earns 14.5% of his Federal Title IV aid that could have been disbursed. After calculating the amount of aid earned, the school must then determine if any unearned aid must be returned to the federal Government, or if the student is eligible for any additional federal aid.
A student may rescind his or her official notification to withdraw by notifying the Office of the Registrar, in writing, or in person, of his intention to complete the term.
This rescission of withdrawal is cancelled, however, should the student subsequently cease to attend prior to the end of the payment period. In that case, the original date of withdrawal would once again apply, unless there is acceptable documentation showing a later date of attendance at an academically related activity, and Yeshiva Ohr Yoseph chooses to use such date.
Additional Notes:
- Yeshiva Ohr Yoseph offers only one major. Thus, multiple majors need not be addressed in this policy.
- Yeshiva Ohr Yoseph does not offer non-credit courses.
- Yeshiva Ohr Yoseph does not offer a second Bachelor’s Degree
To calculate the amount of Title IV to be returned, the institution utilizes the Return to Title IV software provided by the U.S. Department of Education.
Funds will be returned to the various federal financial aid programs according to the following order:
- Unsubsidized Federal Direct Stafford loans
- Subsidized Federal Direct Stafford loans
- Federal Perkins loans
- Federal Direct PLUS received on behalf of the student
If unearned funds remain to be returned after repayment of outstanding loan amounts, the remaining excess will be credited to any amount awarded for the payment period or period of enrollment for which a return of funds is required in the following order:
- Federal Pell Grants
- FSEOG
Any funds that need to be returned to a lender will be returned by the school on behalf of the student. The student will receive notification that the funds have been returned. The student already provided authorization for this return of funds when applying for a loan.
Returns of Title IV funds will be made within thirty days of the date of determination that a student has withdrawn. Cash refunds to students will be made within fourteen days from the date that a credit balance occurs as a result of the refund calculation.