When a student withdraws before 60% of the semester has been completed, À¶Ý®ÊÓƵ is required under federal statute, to refund federal and/or state financial aid funds on a pro-rated basis. The calculation is based on the amount of time the student was enrolled in the semester. The University will divide the number of days a student attended by the number of days in the semester. Calendar days are used, but breaks of a least five days are excluded from both the numerator and denominator.
For example, a student who completes only 28 days of a semester lasting 112 days will have earned only 25% of their federal and/or state funds. The remaining 75% of the student’s financial aid will be returned to the appropriate source.
Funds are returned to the federal and source as follows:
- Federal Direct Loans
- Federal Perkins Loans
- Federal PLUS Loans
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grant
- Other Title IV Programs
This policy is in accordance with the 1998 Financial Aid Reauthorization Act.
Once the Return of Title IV Funds calculation has been performed, all unearned Title IV funds are reversed and returned to the appropriate Title IV program. The student is notified of any changes to their financial aid with a revised financial aid notification.
It is possible that once Title IV funds are returned to the appropriate program that a student would then owe a bill to the University.