Consult Your Counselor
Federal financial aid recipients who withdraw from the college for any reason (personal, academic, medical, etc.) once a semester has started are encouraged to meet with their financial aid counselor to determine the impact the withdrawal date may have on eligibility for federal funds that have either disbursed, or could have disbursed, to your student account.
Depending upon when you withdraw or take a leave of absence, you may be subject to a return of Title IV funds. This is a federal calculation the Office of Financial Aid must make for any federal aid recipient withdrawing during a period of enrollment.
Return of Title IV Funds
If withdrawal takes place prior to completing 60 percent of any period of enrollment, the Office of Financial Aid must recalculate the amount of federal aid you have “earned” or “could have earned” based upon the date of withdrawal and number of days you have attended. If our calculation determines that you have earned fewer federal dollars than was disbursed to your student account, we are required by federal law to return a portion of funding to the federal government.
If, however, you have earned more than has been disbursed to your account, you may be eligible for a post-withdrawal disbursement to your account. For all post-withdrawal disbursements, we will notify you of this by letter and ask that you confirm you would like to receive these funds.
Please review the bursar’s office policy on withdrawals and refunds in the Merrimack College Catalog to determine if you are eligible for a tuition refund based upon your date of withdrawal. Keep in mind, federal funds may not cover unpaid institutional charges upon withdrawal.
In addition, federal loan recipients (both direct and Perkins) who withdraw from the college entirely are required to complete a exit counseling. You will be notified by email by the Office of Financial Aid as to your exit counseling responsibilities, along with the steps that must be taken.