Return of Title IV Funds
POLICY FOR REIMBURSEMENT TO TITLE IV
ACCOUNTS FOR STUDENTS WHO WITHDRAW
When a student receiving Title IV student financial aid withdraws from all
courses, the aid must be adjusted in accordance with rules established by the U.S.
Department of Education. These calculations may result in the student owing a University
balance.
Return of Title IV Funds/Institutional Refunds
When a student withdraws, University policies and federal requirements
may result in charges and financial aid being reduced. If a student withdraws on or before
the 60% point of the enrollment period, the federal refund calculation is performed. These
student refund calculations follow a specific percentage of adjustment based on the date
of withdrawal and may require a return of financial aid to the financial aid accounts.
Refund calculations take into account all federal financial aid received. The calculation
is generally based upon the percentage of the enrollment period which the student has
completed.
The day the student officially withdraws is determined to be the
withdrawal date. If the student ceases attendance without providing official notification
of withdrawal to the institution, the mid-point of the payment period will be the
withdrawal date for the purpose of returning Title IV funds.
Return of Funds
Funds returned as a result of a refund or overpayment are returned to
the Title IV accounts in an order prescribed by law and regulations. Please refer below
for information for that order.
ORDER OF RETURN OF TITLE IV FUNDS PRESCRIBED BY
HIGHER EDUCATION AMENDMENTS OF 1998
TOTAL REFUND
- Unsubsidized Federal Stafford Loans
- Subsidized Federal Stafford Loans
- Federal Perkins Loans
- Federal PLUS Loans
- Federal Pell Grants
- Federal Supplemental Educational Opportunity Grants (SEOG)
- Other Title IV Aid Programs
- Other federal, state, private or institutional aid
- The Student
If you have any questions regarding the Refund Calculation for
Withdrawals, please contact the
Financial Aid Office for more information.
