Important Information for Students with Federal Financial Aid who completely withdraw during any semester:
Important Information for Students with Federal Financial Aid who completely withdraw during any semester:
Students with Title IV Federal Aid (except FWS) that entirely withdraw from classes:
The Department of Education in CFR34 Part 668 Federal Refund Policy provides the guidelines for computing refunds for students who withdraw from all classes during a semester. The steps used to compute the refunds follow:1.Determine the withdrawal date
.a. Date student withdrawal form is received by the Registrar, or
b. Date student provided Official Notification of intent to withdraw, or
c. The midpoint of the term for unofficial withdrawals.
2. Determine the amount of earned Title IV aid.
a. Determine percent of semester completed.
1. Number of days attended through withdrawal date (including weekends).
2. Divided by the number of days in the semester (112 days for Fall 2004).
b. Multiply Title IV aid that was disbursed or could have been disbursed by the percent of semester completed.
3. Return Title IV funds to programs.
a. Determine amount of unearned Title IV aid. (Total amount of Title IV aid that was disbursed or could have been disbursed minus amount of Title IV aid earned.)
b. The university returns the lesser of:
1. The amount of unearned Title IV aid, or
2. Institutional Charges times the unearned percentage.
c. The student returns the total amount of unearned Title IV aid minus the amount the school returns.
1. Loan money to be returned is repaid according to loan terms.
2. Only 1/2 of grant money needs repaid.
d. Order of Return of Title IV aid
1. Unsubsidized Loans
2. Subsidized Loans
3. Perkins Loans
4. PLUS Loans
5. Pell Grant
6. FSEOG
7. Other Title IV assistance (except FWS)
4. Determine the amount of funds that need to be returned to any state, agency, or institutional financial aid program.
NOTE:
The refund policies for non-federal aid are determined by the various states, agencies, and institutions that award the aid. The university is obligated to honor these policies.5. Return of any remaining funds to the student. All balances due the University resulting from other obligations will be deducted from the amount to be returned to the student.
NOTE
: Students who withdraw completely from the University and have received Title IV funds may be held liable for repayment of funds to the University.**NOTE:
Students who drop below half-time credit during the 100 percent refund period or who withdraw completely from the University may not be entitled to a refund of loan funds. The Department of Education determines the refund policies for the Federal Direct Loan programs.Fees paid under mistake of law or fact are returnable in full. Any appeals to the refund policy
should be referred to the Bursar's Office.Sample Worksheet for Return of Title IV Federal Financial Aid
STEP 1: Student's Title IV Aid Information
| Net Amount Disbursed | Net Amount That Could Have Been Disbursed | |
| 1. Unsubsidized FFEL/Direct Stafford Loan | $2709 | |
| 2. Subsidized FFEL/Direct Stafford Loan | $1293 | |
| 3. Perkins Loan | ||
| 4. FFEL/Direct PLUS | ||
| 5. Pell Grant | $900 | |
| 6. FSEOG | $ 300 | |
| 7. Other Title IV programs* | ||
| *Do not include FWS | ||
| A. Total Title IV aid disbursed (NOT aid that could have been disbursed) for the payment period or period of enrollment. | A $5202 | |
| B. Total of Title IV aid disbursed plus the Title IV aid that could have been disbursed for the payment period or period of enrollment | B $5202 | |
STEP 2: Percentage of Title IV Aid Earned
If School is not required to take attendance and student withdrew without notification, enter 50% in Item C and proceed to Step 3 OR school may enter a last date of attendance at an academically-related activity for "withdrawal date" and proceed from there.
- Withdrawal date 06/18/03. Payment period/period of enrollment start date 06/9/03. End date 08/16/03.
- Percentage of payment period or enrollment period completed.
Determine the calendar days completed in the payment period or period of enrollment divided by the total calendar days in the paement period or period or enrollment (exclude scheduled breaks of 5 days or more AND days that a student was on approved leaves of absence).
| 10 | divided by | 69 | = | 14.5% |
| completed days | total days |
| If this amount is less than or equal to 60%, | |
| enter this amount in Line C. If this | |
| amount is greater than 60% (with or without | |
| rounding), enter 100% in Line C. | C 14.5% |
STEP 3: Amount of Title IV Aid Earned by the Student
Percentage of Title IV aid earned (Line C) x the total Title IV aid disbursed plus the Title IV aid that could have been disbursed for the payment period or period of enrollment (Line B).
| 14.5% | X | $5202 | = | D $ 754.29 |
| Line C | Line B |
STEP 4: Total Title IV Aid to be Disbursed or Returned
If the amount in Line D is greater than the amount in Line A, go to Line E. If the amount in Line A is greater than the amount in Line D, go to Line F. If the amounts in Lines A and D are equal, STOP. No further action is necessary.
E. Post-withdrawal disbursement.Subtract Title IV aid disbursed for the payment period or period of enrollment (Line A) from the amount of Title IV aid earned (Line D). This is the amount of the post-withdrawal disbursement due. Stop here and go to the post-withdrawal disbursement tracking sheet
| - | = | E $ | ||
| Line D | Line A |
F. Title IV aid to be returned. Subtract the amount of Title IV aid earned (Line D) from Title IV aid disbursed for the payment period or period of enrollment (Line A). This is the amount of Title IV aid that must be returned.
| 5202.00 | - | 754.29 | = | F. $4447.71 |
| Item A | Item D |
STEP 5: Amount of Unearned Title IV Aid Due from the School
G. Institutional charges for the payment period or period of enrollment.
| Tuition and Fees | $ 1740 |
| Room | |
| Board | |
| Other | |
| Other | |
| Other | |
| Total Institutional Charges | G $1608 |
| H. Percentage ot Title IV aid unearned (100% - Item C) | H 85.5% |
I. Multiply institutional charges for the payment period or period of enrollment (Line G) times the percentage of Title IV aid unearned (Line H).
| 1740 | X | 85.5% | = | I$1487.70 |
| Line G | Line H | |||
| J. Compare the amount of Title IV aid to be returned (Item F) to Line I and enter the lesser amount. | J $1487.70 | |||
STEP 6: Return of Funds by the School
The school must return the unearned aid for which the school is responsible (Line J) by repaying funds to the following sources, in order, up to the total net amount disbursed from each source.
| Amount for School to Return | |
| Unsubsidized Direct Loan | $ 1488 |
| Subsidized FFEL/Direct Staffornd Loan | |
| Perkins Loan | |
| Direct PLUS Loan | |
| Pell Grant | |
| SEOG | |
| Other Title IV Programs |
STEP 7: Initial Amount of Unearned Title IV Due from the Student
| 4447.71 | - | 1487.70 | = | K $ 2960.01 |
| Line F | Line J |
STEP 8: Return of Funds by the Student
The student (or parent for a PLUS loan) must return unearned aid for which the student is responsible (Line K) by repaying funds to the following sources, in order, up to the total net amount disbursed from each source, after subtracting the amount the school will return. Amounts to be returned to grants are reduced by 50%.
| Initial Amount to Return | Amount for Student to Return | ||
| 1. Unsubsidized FFEL/Direct Stafforn Loan* | 1221.00 | ||
| 2. Subsidized FFEL/Direct Stafford Loan* | 1293.00 | ||
| 3. Pekins Loan | |||
| 4. FFEL/Direct PLUS | |||
| 5. Pell Grant | 446.00 | x 50%= | 223.00 |
| 6. FSEOG | x 50%= | ||
| 7. Other Title IV programs | |||
| (x 50% for grant funds) |
*Loan amounts are returned in accordance with the terms of the promissory note. No further action is required other than notification to the holder of the loan of the student's withdrawal date.