Would I have to pay back the grant?

Pay back pell grant money if i drop a class?

• if i take three classes and get $2000 pell grant money and i drop one of the classes after midterms, do i have to pay back some of that FAFSA money? please someone with real knowledge about this respond, thanks P.S. its after midterms and i got the second half of my fafsa, so im looking to see whether i should set a portion aside to pay back.

• Answer:

  When you drop a class that was paid for with a Pell Grant, your school is required to determine what percentage of the Pell funds were "earned". If you attend for more than 60% of the semester, all of the funds are earned - if you attend for less than 60%, some portion of the funds are "unearned" and those unearned funds must be returned to the US Department of Education. The calculation is a little complicated, but to determine what portion of your funds are "earned", you'll need to count the total number of days in your school's Fall Semester. Now, count the number of days from the first day of the semester until the day you submitted your withdrawal paperwork. Remember - that's not the last day you attended class - it's the day you notified the school of your intention to drop the class. Keeping things as simple as possible - divide that second number (days in class) by the first (days in semester) - that's the portion of the class that you attended. If that portion is more than 60%, you're fine - all of your Pell Grant funds are earned. If the percentage is less than 60%, you've got a little calculating to do, because you need to look up the amount you paid for this one course that you're dropping. When you find that number, multiply it by the percentage that you calculated above - that's APPROXIMATELY what your school will need to return to the Department of Education. If your school sends money back, you will be expected (required) to repay it - this is called a financial aid overpayment. Don't worry - your school will be pretty quick to send you a bill. Either pay it - or make immediate arrangements for a payment plan, because you won't be eligible for more federal aid until you do. Good luck - I hope this helps. If you have any other questions, the financial aid office can work with the actual numbers and show you exactly how much you might be required to repay.