My answer to this would depend on a couple of things. Does the University of Phoenix award your financial aid based on your anticipated enrollment for the entire semester, or do they dole out the money on a month my month basis? Because if memory serves me correctly, Phoenix doesn't have the traditional semesters like everyone else. So you may only be in 1 class at a time, but still be considered full time (and have been awared full time fin aid) because of these scheduling methods.
1. Find out if you (really it's if the school has been paid) for an entire semester and if you have fulfilled that requirement before you drop. If you have not, then DO NOT DROP! The school probably has their money already and are satisfied, you, however will have NO college credit to show for the money the school has already been paid (by you through the loans you have had to take out). Tough it out and finish the semester with decent grades and then choose not to return the following semester. (This won't hurt you), but leaving in the middle of a semester could not only require you to pay back your financial aid, but hinder you from getting it in the future. Some of the terms the schools use are "satisfactory academic progress" and "completion rate" when awarding financial aid. Also be aware that any private school will be sure you pay their fin aid assitance back FIRST and you may not hear a word about how it effected federal fin aid requirements until you try to enroll in the public college down the street.
2. Also, don't forget, once you leave school the clock starts ticking to pay pack all those loans you took out to afford that school. Find out how much your payments will be and then decide if you can afford them without the degree you don't have.
3. As an alternative to dropping out of school entirely, consider transferring to a cheaper school (possibly half time) so you can still have those loans deferred.
Sorry, I'm not trying to rant, and I have nothing against Phoenix - I've known several people who have gotten great degrees there, its just private schools don't dance to the beat of the same drum as other schools and sometimes the rules seem different. Just letting you know that if college were easy than everyone would do it and nobody would need it! :-)
Best way is to talk to F.A. counselor who helped you w/ application. We on YA cannot know U.P. refund policy unless we have a student handbook. Common in the industry is they are entitled to full tuition when you complete half the classes for which you received F.A. It's in your student handbook.
This article contents is post by this website user, EduQnA.com doesn't promise its accuracy.
More Questions & Answers...