UNM Student Financial Aid Office
For Students Who Withdraw From ALL classes.
If students begin instruction at UNM, receive
federal financial aid, and then withdraw from all classes, their financial
aid may be adjusted according to federal regulations. The regulations
state that students earn their financial aid based on the period of time
they were actually enrolled.
Enrolled days / total
number of days in the semester = % of aid earned
The earned amount is subtracted from the awarded amount, and the difference
represents the unearned amount that must be returned to the federal
financial aid programs.
Amount of aid – earned amount = financial aid to be
returned
Federal regulations require the repayment of all
unearned financial aid, including funds for books and living expenses,
within 45 days of withdrawal. Until students repay the required funds,
they are ineligible to receive additional federal financial aid at any
college. Students who withdraw after attending at least 60% of the semester
are not required to
return funds. When a return
of federal Title IV funds is due, both the student and UNM have a
responsibility for returning funds. UNM’s share of funds to be returned is
the lesser of:
· the total amount of unearned aid, or
·
the institutional charges multiplied by the
percentage of aid that was unearned.
The student recipient’s share of funds to be returned is the difference
between the total unearned amount and the institution’s share. The
institution’s share is returned to the federal Title IV student aid programs
in an order specified by statute. Next, the recipient’s share is fully
returned to the Title IV student aid programs from which they were awarded.
Any amount owed to a grant program is reduced by half. The donor determines
refund and repayment of institutional scholarships, athletic scholarships,
private scholarships, and third-party scholarships.
Federal funds are returned, within 45 days, in the
following order:
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1) |
Federal
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2) |
Federal
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3) |
Federal Perkins Loan
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4) |
Federal PLUS (Parent) Loan |
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5) |
Federal Pell Grant |
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6) |
Federal SEOG |
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7) |
Other Federal Aid |
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8) |
The donor determines refund and repayment of institutional, state,
private, and third party scholarships. |
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Post Withdrawal Disbursements
If the financial aid
earned by the student exceeds the aid disbursed, additional funds may be
disbursed to the student in the form of a late disbursement. Additional
disbursements are not permitted if the amount of earned aid is less than the
total Federal Title IV aid that was disbursed prior to the University’s
determination that the student withdrew.
Students who withdraw after attending 60% of
the semester are not required to return funds.
505-277-2041