Withdrawal and Deadlines

Withdrawals
The law requires that if you withdraw from school the amount of SFA program assistance that you have "earned" up to that point is determined by a specific formula. If you received more assistance than you earned, the excess funds must be returned.

The amount of assistance that you have earned is determined on a pro-rata basis. That is, if you completed 30 percent of the payment period or period of enrollment, you earn 30 percent of the assistance you were originally scheduled to receive. Once you have completed more than 60 percent of the payment period or period of enrollment,
you earn all of your assistance.

If you received excess funds that must be returned, your school can explain what portion of those funds must be returned by you.

Deadlines
Application Submission
The application processor must receive your application by
July 1, 2003, for the 2002-2003 school year. THERE ARE NO EXCEPTIONS TO THIS DEADLINE. Apply as soon as you can on or AFTER January 1, 2002, but as soon as you can. (Please note that your application will NOT be accepted before January 1, 2002. You should not sign, date, or send your application before this date.) If you want to apply through FAFSA on the Web, you can apply beginning January 2, 2002. Schools set deadlines by which students must apply for aid from the programs that the school administers. These school deadlines, and deadlines for state aid, are often early in the calendar year. Students must meet these deadlines to receive certain types of funds, including FSEOG, Federal Work-Study, and Federal Perkins
Loan program funds (see pages 23 and 24). Check with your school's financial aid administrator to find out what the deadlines are.

SAR Submission
Your correct, complete application information must be at your school by your last day of enrollment in 2002-2003 or by September 2, 2003, whichever is earlier (see your financial aid administrator). If your school has not received your application information electronically, you must submit your SAR to the school by the deadline. Be sure you know your last day of enrollment in 2002-2003 - it may be earlier than September 2.

NOTE: If you're selected for verification (see here), additional deadlines apply to you.Your financial aid administrator can tell you what they are.

Go on to Special Circumstances Page 11 - Federal Student Aid Information Center Page 13 - Federal Student Aid Types Page 14