Refund Policy, Title IV Recipients

Refund Policy, Title IV Recipients

Federal regulations require specific refund calculations for students receiving Title IV financial aid who completely withdraw from the University. Title IV financial aid includes the following federal student aid programs:

  • Federal Perkins Loan
  • Federal Supplemental Education Opportunity Grant (SEOG)
  • Pell Grant
  • TEACH Grant
  • Direct Subsidized / Unsubsidized Loans
  • Direct PLUS / Graduate PLUS Loans

The amount of federal aid a student earns is determined on a prorated basis and is based on the date of withdrawal.   Once a student completes more than 60% of the payment period, all of the federal aid the student is scheduled to receive for the period is earned. If earned funds are not received prior to the date of withdrawal the student may be due a post-withdrawal disbursement. Students eligible for post-withdrawal disbursements will be notified – the University must receive permission from the student before it can disburse these funds. The student will have 14 days of receipt of notification to accept / decline the post withdrawal disbursement.

Calculations for Return of Title IV funding  is performed as follows:

  1. Determine date of withdrawal
  2. Calculate the percentage of the enrollment period completed as of the date of withdrawal
  3. Calculate percentage of Title IV aid the student earned as of the date of withdrawal
  4. Calculate the amount of Title IV aid that must be returned / repaid to the programs
  5. Federal aid is returned in the following order:
    a.       Unsubsidized Direct Loan
    b.      Subsidized Direct Loan
    c.       Direct PLUS/GRAD PLUS Loan
    d.      Pell Grant
    e.       Federal SEOG Grant
    f.       Federal TEACH Grant
    g.       Other sources of federal aid

Students who receive Title IV funding and who officially withdraw from the Universitywill be subject to the Return of the Title IV calculation in determining earned aid. Students who receive Title IVfunding and stop attending classes without official notification to the University, whereby a last date of attendance cannot be determined, will be subject to a Return of Title IV calculation based on attendance through the midpoint of the payment period or the last date of an academically related activity in which the student participated.