Adjustment of Fund Awards
When a student withdraws or resigns, policy dictates that a calculation must be completed for federal, state, and institutional funds. This is carried out by the Financial Aid office.
Funds that may be reduced or cancelled include the following and are listed in the order in which they are returned to the appropriate entity.
Federal Title IV Funds
- Federal Unsubsidized Direct Stafford Loans
- Federal Subsidized Direct Stafford Loans
- Federal Perkins Loans
- Federal Direct Grad PLUS Loans
- Federal Direct Parent PLUS Loans
- Federal Pell Grant
- Federal Supplemental Education Opportunity Grant
State Funds
- Commonwealth Award
- Virginia Guaranteed Assistance Program
Institutional Funds
- Virginia Tech Funds for the Future
- Virginia Tech Grant
- Brookings Loan
Alternative Private Loans
The Financial Aid office will adjust alternative loans due to a student’s withdrawal or resignation based on the number of days attended determined by the effective withdrawal date.
General Scholarships
General scholarship contracts are reviewed when a student withdraws or resigns in order to ensure compliance. Individual general scholarships are controlled by stipulations and wishes set forth by the donors of those scholarships. Therefore, while the Financial Aid office carries out the actual changes required by the general scholarship donors, the office is not involved in the decision to cancel or prorate these scholarships when a student withdraws or resigns.
Departmental Scholarships
Departmental scholarship contracts are reviewed by their respective awarding departments. Therefore, while the Financial Aid office carries out the actual changes required by the awarding department, the office is not involved in the decision to cancel or prorate these scholarships when a student withdraws or resigns.
