Return of Financial Aid Policy
A student receiving federal student financial aid who withdraws within the first 60 percent of the semester will receive an adjustment to their federal financial aid, based on federal regulations. Since these federal funds are awarded based on attending the entire term, Financial Aid must pro-rate your award(s) based on the actual number of days you attended. Federal funds include Pell Grant, SEOG, Direct Loans, and Perkins Loans (excluding federal work study).
In addition, MacMurray College funds are pro-rated following the same guidelines as federal funds.
Students cannot earn all of their financial aid unless they attend and participate in class for at least 60% of the term. This calculation counts all calendar days, including the first day of the term, last scheduled day of the exams, weekends, and holidays, except for extended breaks. Students must stay in school through the dates below to avoid possible repayment of unearned financial aid.
|Term||Start Date||End Date||60% Point|
A student earns his or her financial aid award in proportion to the number of days in the term completed prior to the student's complete withdrawal. For example, if a student attends through the first 25 days of a 100-day term, the percentage of earned aid is 25%. The remaining 75% of the aid received is "unearned" and must be returned to the financial aid program(s).
Students enrolled in the online module-based program follow a different set of regulations and questions should be directed to the Office of Financial Aid.
MacMurray College must determine the amount that the student has earned and the amount of federal financial aid that must be returned to the Department of Education within 30 days. Students will be notified of the amounts to be returned. The College must return the funds within 45 days to the Department of Education. As a result, if the student has a balance due to the College and does not make suitable payment arrangements, the account may be turned over to a collection agency.
Please contact Financial Aid for questions at 217-479-7041 or via email.