FINANCIAL AID Return of Title IV Funds

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Return of Title IV Funds Policy
The Return of Title IV Funds policy applies to students who are awarded Title IV funds who withdraw from all classes before completing more than 60% of the term (in days).

 
If a student has received a refund, this policy also applies. The amount of Title IV funds earned is determined according to the following:

  1. The term “Title IV Funds” refers to the Federal Financial Aid programs authorized under the Higher Education Act of 1965 (as amended) and includes the following programs:
    • unsubsidized Federal Stafford Loans,
    • subsidized Federal Stafford Loans,
    • Federal Perkins Loans,
    • Federal PLUS Loans,
    • Federal Pell Grants, and
    • Federal SEOG.
       
  2. A student’s withdrawal date is:
    • the date the student began the institution’s withdrawal process at the Registrar’s Office;
    • the student’s last date of attendance at a documented academically-related activity; or,
    • the midpoint of the semester for a student who leaves without notifying the institution.

Title IV aid is earned in a prorated manner on days attended up to greater than the 60% point in the semester. Title IV aid is viewed as 100% earned after that point in time. A copy of the worksheet used for this calculation can be requested from the Financial Aid Office.

 
Students withdrawing before the last day to add/drop for a given term will receive a 100% refund. Notices of possible refunds and adjusted bills will be sent to the student’s home address following withdrawal.

 
In accordance with federal regulations, when financial aid is involved, refunds are allocated in the following order:unsubsidized Federal Stafford Loans, subsidized Federal Stafford Loans, Federal Perkins Loans, Federal PLUS Loans, Federal Pell Grants, Federal SEOG, other Title IV assistance, other federal sources of aid.

Institutional responsibilities in regard to the return of Title IV Funds are:

  • Providing each student with the information given in this policy.
  • Identifying students who are affected by this policy and completing the Return of Title IV Funds calculation for those students.
  • Returning any Title IV Funds that are due the Title IV programs.

The student’s responsibilities in regard to the return of Title IV Funds include:
Returning to the Title IV programs any funds that were disbursed directly to the student and which the student was determined to be ineligible for via the Return of Title IV Funds calculation.

 
1. The fees, procedures, and policies listed above supersede those published previously and are subject to change at any time. Any notification of a withdrawal or cancellation should be in writing and addressed to the Registrar.