REFUND OF EXCESS AID
Students who are credited with aid in excess of tuition and other charges after all the appropriate forms have been completed will be sent a refund.
WITHDRAWALS AND RETURN OF TITLE IV FUNDS
If a student is a recipient of federal financial aid (Title IV funds) and withdraws from the University, then federal regulations require the University to follow a prescribed withdrawal process and stipulate the refund of funds to the federal financial aid programs.
For a federal financial aid recipient, the withdrawal date is the date the student notifies the Dean of his or her school that he or she is withdrawing from the University. This can be done orally or in writing. The student may rescind the official notification of withdrawal. This must be done in writing.
If the student does not notify the Dean of his or her withdrawal, the date of the withdrawal becomes the midpoint of the semester or the date of the student’s last attendance at a documented academically related activity.
If a student does not notify the Dean of his or her withdrawal due to circumstances beyond the student’s control, the withdrawal date becomes the date related to that circumstance. Finally, if a student does not return from an approved leave of absence, the withdrawal date becomes the date the student began the leave.
RETURN OF TITLE IV FUNDS
If a student withdraws, the student’s federal financial aid will be prorated based on the number of days that the student completed in the term. This is the earned amount of federal financial aid. Once a student completes 60 percent of the term, then all federal financial aid has been earned and no refund to the programs is required. For the University policy on refund of tuition charges, see the section on Expenses. Please note that the Federal Return of Title IV Funds policy no longer stipulates how the University calculates its refund of tuition, fees, and other charges.
If a student has received disbursed aid in excess of the calculated earned aid, then funds must be returned to the federal financial aid programs in the following order: Unsubsidized Federal Stafford loans, Subsidized Federal Stafford loans, Perkins loans, Federal PLUS loans, Federal Pell Grant, and Federal SEOG.
A student will only be eligible for a post-withdrawal disbursement of federal financial aid if the amount of the disbursed aid is less than the amount of the earned federal financial aid.
If a student has received a cash payment due to excess of financial aid over allowable tuition, fees, and other charges and if the student subsequently withdraws from the University, then the student may be required to repay monies to the federal financial aid programs. After a student is notified that he or she owes monies to the federal financial aid programs, the student has 45 days to either repay the funds or make satisfactory payment arrangements with the Department of Education. If the student fails to do either of the two previous options, then the University must report “overpayment” to the National Student Loan System.
If a student receives final grades for a term that are all failures, then the student must present documentation that he/she attended for that particular term. If the student fails to produce such documentation, the Department of Education requires that the University assume that the student only attended through the midpoint of the term. We are then required to perform the Title IV Refund calculation using the midpoint date as the estimated last date of attendance for that student. In these cases, we are required to return some or all of the student’s federal financial aid.