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Refund of federal student aid is set by federal regulations. Recipients of federal student aid who withdraw within 60% of the start of the term will be required to return all or a portion of the federal student loans according to federal regulations. The federal refund formula requires the Financial Aid Office to determine what portion of federal aid that was received for the term has been " earned" and what portion must be considered "unearned". Up through the 60% point in time, the percentage of aid earned is equal to the percentage of the term completed as of the date of withdrawal. If the withdrawal occurs after the 60% point, the percentage of aid earned is 100%. Differences between federal aid received and federal aid earned is the unearned aid and is the amount that must be returned to the federal government. Refunds will be distributed among the Federal Unsubsidized Stafford loans and Federal Graduate PLUS Loan. The required calculation of the return of these funds may result in the student owing a balance to MICA and/or the federal government.

The Financial Aid staff is available to meet with the student to review these federal regulations regarding the return of federal aid funds and the consequences.