If you drop a class before it starts, but have already received financial aid for the class, you may be required to repay some, or all of your financial aid. Since audited classes are not eligible for financial aid, changing a class to an audit will make it necessary to repay some or all of your financial aid.
If you have financial aid and you withdraw from all your classes, you may be required to repay a percentage of your financial aid. You could be eligible to keep only a portion of your aid, based on the percentage of time you have "attended" SOU for the current term.
SOU is responsible for returning money on your behalf to the federal financial aid programs. If you are entitled to a tuition or room-and-board monetary credit, that amount will be used to repay funds to the federal source first and any remaining amount will be refunded to you. Tuition credits will be calculated using the OUS refund policy published in the Class Schedule. The housing office will calculate any room-and-board credits. If SOU must return more to the federal programs on your behalf than the amount of your tuition or room-and-board credit, you will be required to reimburse SOU for the difference.
In addition, you, the student, may be responsible for returning a portion of your aid. If you are required to return part of a loan, you will be permitted to do so in accordance with the loan repayment provisions in the promissory note. Unless you have used up your grace period already, you will not need to make any repayments to the loan at this time, and you will have deferments if you return to school.
Contact these resources for further information:
- Direct Loan Servicing Center at (800) 848-0979 regarding loan repayment.
- Enrollment Services Center, (541) 552-6600, to determine impact on future aid and current aid.
The formulas for repayment are mandated by the Higher Education Amendments of 1998 for implementation in Fall 2000.