As a financial aid recipient, it is very important for you to visit with Financial Aid and Scholarships before deciding to withdraw. That way you can be sure you understand the consequences of withdrawing (such as repayment obligations and how it can affect your future financial aid eligibility). In order to withdraw from the university, you must complete an Online University Withdrawal Form.
Two different calculations (repayments) are applicable for a federal financial aid recipient who withdraws: the school refund calculation and the federal (Title IV) withdrawal calculation. The federal withdrawal calculation is performed by Financial Aid and Scholarships in order to determine the amount of unearned federal financial aid funds that you must repay. Once this amount is determined, Financial Aid and Scholarships will mail you a letter with the repayment details. If these funds are not repaid within the required timeframe, the debt will be transferred to collections.
Summary of the Requirements of 34 CFR 668.22