Sometimes things happen and you find yourself in a position where you have to drop out of school midway through the term. While it is understandable that at times these things happen, at the same time you need to be aware of the financial consequences. The first of these is that you may not be able to qualify for a refund from your college or university. You should check with them regarding their regulations. Next, you may be asked to refund any federal financial aid you receive. While grants are free money that students are not expected to repay, they are meant to pay the expenses associated with a college education. When you drop out of school, those costs associated with a college education no longer exist. If you feel that you need to leave school and will be unable to complete the term, it is wise to contact your financial aid office for guidance on how this will impact any grants or loans you received.
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|Jennifer Mathes, Ph.D.|