Withdrawal or Leave of Absence
If you are thinking about leaving Albion College in the middle of the semester, whether on a leave of absence or fully withdrawing, it’s important to understand the financial implications before you make the decision. We highly recommend reaching out to the Financial Aid Office before beginning the withdrawal process so we can help explain how this will impact you.
Withdrawing or taking a leave of absence may affect the timeline on repayment of your college loans. Your leave of absence classification is an Albion College policy but does not meet the criteria for one through the Department of Education. Any leave of absence is treated as a withdrawal for federal aid purposes. Your federal loans will go into repayment six months after you graduate, leave school completely, or enroll less than half time (1.5 units).
You should reach out to the Cutler Center for Student Success if you’re considering a leave of absence or withdrawal from the College or consult the policy in the online Academic Catalog.
Albion College Aid
Students who do withdraw from the College in the middle of the semester are subject to the Albion refund policy. Your refund will be determined by the week of the semester you withdraw. Consult the refund policy for additional details.
If you are eligible for a tuition refund, your Albion College scholarships and grants will be adjusted by the same percentage. Living expenses (housing and meals) that are billed by the College are pro-rated based on your withdrawal date.
Students receiving a Michigan need-based grant such as the Michigan Tuition Grant or Michigan Achievement Scholarship are eligible to keep the full amount of the grant as long as there are sufficient tuition charges to warrant keeping the grant funds.
The federal withdrawal policy is applied to all federal financial aid (Pell, TEACH and SEOG grants, Direct and PLUS loans). Federal law requires federal aid recipients to “earn” most of the aid they receive by staying enrolled in college at least half-time.
Students who withdraw prior to completing 60 percent of the semester for which they received federal student aid may be required to return some of the aid they were awarded.
The Return of Title IV Funds is based upon the amount of federal financial aid received, the College charges incurred, AND the date of withdrawal. College charges include tuition, fees, and billed living expenses.
Students who withdraw prior to completing 60 percent of the semester will “earn” financial aid for each day of the semester they are enrolled. Students who withdraw after completing 60 percent of the semester will have earned all financial aid received.
The amount of financial aid “earned” will be calculated as follows: the percentage of aid to be returned is equal to the number of calendar days remaining in the semester divided by the number of calendar days in the semester. The College will return to the federal government any funds that were credited from the Albion refund first. If the amount returned by the College is not enough to repay the entire “unearned” amount, the student will be required to return portions of amounts that they received to pay for non-institutional charges – books, supplies, off-campus living expenses.
Amounts that are returned to the federal government, either from the Albion refund or by the student, will first be applied to the student’s federal loans. If the student owes any federal loan funds after the College has paid back its share, he or she will be permitted to repay the loans based on the original terms of the loans – usually a ten-year repayment term after a grace period and deferment period if the student returns to school. In addition, the student may be required to return portions of grants such as Federal Pell, TEACH, and Supplemental Educational Opportunity Grants (FSEOG) that they have received. In the case of “unearned” portions of federally funded grants, the student will be expected to pay 50 percent of the “unearned” portion immediately or to make satisfactory arrangements to repay that amount.