Financial Aid

Application Process

Complete the FAFSA online at https://studentaid.gov/fafsa beginning October 1 each year and list our school code 00147900. The filing priority date is April 1 for the upcoming fall. After completing the FAFSA, monitor your To Do List on ERNIE for next steps. Some funding sources are limited therefore apply early. 

Return of Title IV Funds Policy

Federal student aid is awarded to students under the assumption that they will be enrolled for a specified period of time, such as a semester. When a student is receiving these funds and is not enrolled as scheduled, the Financial Aid Office is required to determine if the student was enrolled long enough to keep all of the aid paid to them. Therefore, the Financial Aid Office must calculate a “Return of Title IV Funds” any time a student stops their enrollment before the end of the semester.

This policy is subject to change in order to comply with administrative and regulatory requirements.

What constitutes a Withdrawal?

When a student either formally ends their enrollment in class(es) after the drop period via the University Withdrawal eForm or stops participating in academic related activities and receives a failing grade due to non-attendance.

*If a student ceases to attend a registered classes and/or ceases to participate in an academically related activity at any point during their semester or term of enrollment, the faculty will use their discretion to assign an appropriate grade and supporting last date of attendance. For more information, please review the Academic Regulations and Procedures section of this catalog.

How does ERAU determine the Return of Title IV Funds amount?

Students earn their federal student aid in proportion to the number of days completed in their enrollment period. Aid is considered to be “earned” when the student has participated in more than 60 percent of their scheduled enrollment for the semester. If the student does not complete more than 60 percent, the amount of aid they are allowed to keep and the amount that must be repaid will be calculated. The amount of aid that must be repaid will show as a balance due on ERNIE. 

Based on the date of withdrawal, the type and amount of aid received, as well as the amount paid for tuition/fees and, if applicable, dorm room and meal plan, will determine the amount of federal funds to be returned.

Who is responsible for the Return of Funds?

Both the university and/or the student could be responsible for the return of funds. The financial responsibility is determined as part of the Return of Title IV funds calculations. If the university is responsible, the funds are returned to the appropriate program.

If the student is responsible, the “unearned” portion of federal loans that ERAU must return is posted as a charge to the student account and must be repaid to ERAU immediately. The “earned” portion of federal loans is repaid by the student and/or parent under the terms and conditions of the promissory note. ERAU will return the “unearned” grant funds to their respective program on behalf of the student; however, the student will owe ERAU for the returned grant funds.

How will the money be returned?

Federal student aid must be returned to the program from which the student received aid during the semester in the following order up to the net amount disbursed from each source:

1. Federal Direct Unsubsidized Loan

2. Federal Direct Subsidized Loan

3. Federal Direct PLUS Loan (parent and graduate)

4. Federal Pell Grant

5. Federal Supplemental Educational Opportunity Grant (SEOG)

6. Federal Iraq/Afghanistan Service Grant (IASG)

7. Other Federal Programs

Is there anything else I should know if I withdraw from the university?

Yes, if you must withdraw from ERAU, you should complete a University Withdrawal eForm through the Office of the Registrar at your campus. This form will be used to determine your withdrawal date and the amount of federal student aid to be returned, if applicable.

Based on the date of the complete withdraw, the Cashier’s Office will apply any refund of tuition, fees, dorm room, and meal plan to the student’s account according to the Refund Policy described in this catalog under the Tuition and Fees section. For more information on the Refund Policy, contact the Cashier’s Office. 

***Circumstances may necessitate withdrawal from the University for a semester or term in which you are already registered. Withdrawal from all sites and locations impacts your financial aid differently depending on when the withdrawal is initiated and the type of financial aid you received. However, in all cases, your financial aid must be recalculated.