Have you ever heard of someone reference the 60% point of the term? It’s not as complicated as you might think, but it could impact you!
The 60% point of the term is exactly what it sounds like. Each term or semester has a start date and an end date. The 60% point of the term is the date at which 60% of the semester has been completed.
So why does this matter and what does it mean for you?
Students who completely withdraw from the university or declare a leave of absence during an academic semester will have their aid adjusted up through the 60% point of the term. This means that some financial aid funds may have to be returned to federal and state governments when a student withdraws before the 60% point date. This process is called Return of Title IV and is required by law.
Aid is disbursed at the beginning of the semester with the expectation that the student will successfully complete the enrollment term and thereby earn the aid that was disbursed. If the student withdraws or stops attending their courses before the 60% point, the Office of Financial Aid must determine how long the student attended and how much of the aid was earned. Unearned aid must be returned to the aid programs. A formula established by the federal government is used to calculate this amount. Professors are required to record the last date of attendance for each student, so that this calculation can be made.
In most cases this will result in a balance owed to the University. After funds are returned, any balance will need to be paid to the Bursar.
The 60% point of the Fall 2021 term is November 7, 2021. Keep this in mind when making the decision to withdraw. Withdrawing after the 60% point will not impact aid.
For more information about withdrawals and how they impact aid, please visit stockton.edu/finaid.
Please Note: Institutional policies regarding refunds differ from financial aid policies. Visit stockton.edu/bursars to learn more about institutional refunds.