Return of Title IV Funds (Federal Financial Aid)
Federal regulations require that if a student does not complete a period of enrollment for which they have been charged and they receive Title IV funds, they may only keep the federal financial aid that they have earned up to the time of withdrawal from all classes. Title IV funds that were disbursed in excess of the earned amounts must be returned.
The Return of Title IV Funds policy states that a student has earned the Title IV aid which directly corresponds to the percentage of days completed within an academic term up to and including 60% of the term. Once a student has completed more than 60% of the term, the student has earned 100% of their Title IV aid. All calendar days within a term are counted except for periods of five days or longer when the school is not in session.
If a refund is due by the school, it will be made to the appropriate Title IV fund within 45 days of the date of official withdrawal or within 45 days of the date of determination of withdrawal if the student does not officially withdraw.
The order of Title IV refunds is as follows:
- Federal Direct Unsubsidized Loan
- Federal Direct Subsidized Loan
- Federal Perkins Loan
- Federal Direct PLUS Loans
- Federal Pell Grant
- Federal SEOG
Additional information about the Return of Title IV Funds can be obtained from the Financial Aid Office (email@example.com), or the Student Accounts Office (firstname.lastname@example.org).