Financial Aid

Return of Title IV Funds


 

 

The Return of Title IV Funds Policy applies to all federal financial aid programs, including Pell Grants, Supplemental Educational Opportunity Grants, Federal Student Loans, and Federal Parent Loans. 
 
Under this federally mandated policy, students who withdraw from all classes will be required to return financial aid funds received that are in excess of “earned” financial aid for the term. The percentage of the semester completed determines the percentage of aid earned. This percentage is calculated by dividing the number of days attended prior to the withdrawal date by the number of days in the semester. For example, if a student withdraws on the thirtieth day of a semester 100 days in length, the student will have earned 30 percent of the aid received (30/100 = .30). The “unearned” 70 percent would be subject to the return policy. 
 
Students who remain enrolled at least 60 percent of the term are considered to have earned 100 percent of aid received and will not owe a repayment of Federal aid received. Students who withdraw during the initial total refund period at the start of each term are considered to have earned zero percent of aid received and will be required to return all Federal and state aid received or paid to their account.
 
Students considering withdrawing are encouraged to check with the Financial Aid Office prior to withdrawal to discuss options. 
 
Note: Students who have failed to attend any classes in one or more courses prior to withdrawing may be subject to a reduction of awards. Faculty report "no shows" after the third class meeting. Awards paid assuming full-time attendance may be reduced to 3/4 or 1/2 time awards, then the Return to Title IV Funds policy calculation will be made.