Exits with Federal Financial Aid
Calculating Financial Aid Earned For Federal Financial Aid Recipients
Students with Title IV Federal Aid (except Federal Work Study) that entirely withdraw from classes:
The Department of Education in CFR34 Part 668 Federal Return Policy provides the guidelines for computing the amount of Title IV aid that may need to be returned for students who withdraw from all classes during a semester. The steps used to compute any aid that must be returned follow:
1. Determine the withdrawal date.
a. Date the student withdrawal form is received by the Registrar, or
b. Date the student provided Official Notification of intent to withdraw, or
c. The midpoint of the term for unofficial withdrawals, or
d. Last date attended as reported by the instructor in conjunction with an SF/NF grade.
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 2009)
b. Multiply Title IV aid that was disbursed or could have been disbursed by the percent of semester completed.
c. If earned Title IV aid is 60% or less, then continue to step 3.
d. If earned Title IV aid is greated than 60%, then stop. No aid is returned to the Department of Education.
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 time 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 (Graduate Student
5. PLUS (Parent)
6. Pell Grant
7. Academic Competiveness Grant
8. National Smart Grant
10. TEACH Grant
11. Other Title IV assistance (except Federal Work Study)
4. Determine the amount of funds that need to be returned to any state, agency, or institutional financial aid program.
NOTE: The return 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 tuition credit period or who withdraw completely from the University may not be entitled to a credit of loan funds. The Department of Education determines the return policies for the Federal Direct Loan programs.