Withdrawal Information
U.S. Department of Education regulations mandate that federal financial aid recipients “earn” their aid by attending and participating in class. Recipients cannot earn all of their aid funds unless they maintain attendance and class participation for more than 60 percent of each term they receive aid.
Students that completely withdraw from or stop attending all classes before 61 percent of the term has expired have not earned all their aid and will be required to repay some or all of the aid disbursed to them. The percent of funds that was not earned is the same as the percent of the term not attended. The college also is required to return the funds we deducted from your financial aid for tuition and fees (institutional charges) at the same percentage rate. Example: If you attend only 59 percent of the term, then you did not earn 41 percent of your financial aid, and it must be repaid. In addition, the college must return 41 percent of your tuition and fees. You must repay the college 41 percent of your tuition and fees that it was required to return to the federal government. You will not be permitted to re-enroll at LBCC until this amount is paid in full. Federal aid that the college is required to return for “unearned” tuition and fees will be returned to financial aid programs that you received aid from in the following order:
- Unsubsidized Direct Loan
- Subsidized Direct Loan
- Direct PLUS Loan
- Federal Pell Grant
- Federal SEOG Grant
- Other federal financial aid programs, excluding Federal Work Study
You can repay federal loans under the terms and conditions of the promissory note for the loan. However, a grant repayment must be repaid within 45 days. If the grant repayment has not been repaid in full within 45 days, the college will forward the debt to the U.S. Department of Education for collection. You will not be permitted to re-enroll at LBCC nor will you be eligible to receive federal financial aid (including loans) from any higher education institution in the country until the grant has been repaid. For a complete copy of the federal aid repayment policy or if you have any questions, please contact the LBCC Financial Aid Office.
2015–16 Year: 60% of Financial Aid Earned Dates for Each Term
July 31, 2015 - Summer 2015
November 11, 2015 - Fall 2015
February 17, 2016 - Winter 2016
May 11, 2016 - Spring 2016