FINANCIAL AID RETURN OF TITLE IV FUNDS
Policy: Federal regulations state that if a student withdraws completely from the university for the current term, then the university is required to determine how much of the financial aid that student was eligible to receive, or earned, using the Federal Return of Title IV Funds Calculation. The university will return unearned funds to the lender/program.
Procedure: Financial Aid Office (FAO), once notified by the Registrar’s Office of a withdrawal/Leave of Absence, will determine how much financial aid the student was eligible to receive using the Federal Return of Title IV Funds Calculation. The return calculation will determine what portion of financial aid received or pending that the student has “earned”. Unearned funds must then be returned to the lender/program (i.e. Direct Loans, Perkins).
Once a student has completed 60% of their current term, he/she is considered to have “earned” 100% of his/her financial aid. However, a school must still complete a return calculation and will determine whether the student is eligible for a post-withdrawal disbursement.
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