Page 31 - 2018-2019 Academic Catalog

percent of payment period is completed and all aid has been disbursed. The Return of Title IV Funds Policy applies to all students who have, or could have been, disbursed federal funds. In accordance with federal regulations, the institution and the student are required to return unearned portions of Title IV assistance.
The return of the funds is based upon the percentage of time the student was at the College. The withdrawal date used to determine the refund is the date the student began the college’s withdrawal process. When the student withdraws during his payment period (semester), the amount of Title IV funds he has earned up to that point is determined by the Federal Return of Title IV funds formula:
Percentage of payment period or term (semester) completed = the number of days completed up to the withdrawal date divided by the total days in the payment period of term. (Any break of five days or more is not counted as part of the days in the term.) This percentage is also the percentage of earned aid.
Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula:
Aid to be returned = (aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period or term.
If the student earned less aid than was disbursed, the institution would be required to return a portion of the funds and the student would be required to return a portion of the funds. Keep in mind that when Title IV funds are returned, the student borrower may owe a debit balance to the institution.
If a student earned more aid than was disbursed to him/her, the institution would owe the student a post-withdrawal disbursement which must be paid within 120 days of the student’s withdrawal.
The institution must return the amount of the Title IV funds for which it is responsible no later than 45 days after the date of the determination of the date of the student’s withdrawal.
Refunds are allocated in the following order: -Unsubsidized Federal Stafford Loans -Subsidized Federal Stafford Loans -Unsubsidized Direct Stafford Loans -Subsidized Direct Stafford Loans
-Federal Perkins Loans -Federal Pell Grants -FSEOG
-Other Federal Aid
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