In situations where a student needs to withdraw from one or more classes, or withdraw entirely from Iowa State, federal regulations may require Iowa State to return a portion or all of the financial aid that has been disbursed to the student. The amount varies depending on the official date of withdrawal.
Withdrawing and Dropping Classes
- R2T4 calculation must be made within 30 days of notification of student’s withdrawal from Iowa State University. Students who have funds returned to the Department of Education receive a letter notifying them of the type and amount of aid returned along instructions to complete Exit Counseling if they are a Direct Loan borrower.
- Title IV funds must be returned to the Department of Education within 45 days
- Students who have a withdrawal date on or after the 60% mark of the semester are not required to repay Title IV funds.
- Title IV Grant funds must be disbursed within 45 days of the withdrawal Date of Determination.
- If a student or parent is eligible for Direct Loan funds, they must be offered to the student within 30 of the withdrawal Date of Determination. A student has at least 14 days to respond to accept or decline the loan funds.
- In the case that the student has incomplete FAFSA verification, the student has 120 days from the date of withdrawal to complete verification and receive a post-withdrawal disbursement.