Title IV Refund Policy
Adjustments to tuition charges
resulting from official resignation are based on the effective date of resignation
and in accordance with the federally mandated calculation.
The calculation is based on the period of enrollment
completed. That percentage is computed by dividing the total number
of calendar days in the term into
the number of calendar days completed, as of the date of student
notification. The percentage of Title IV assistance to which the
student is entitled
(has "earned") is equal to this percentage of the term completed,
up to 60%. If the resignation occurs after 60% of the term is completed,
the percentage is equal to 100%.
The amount of Title IV aid which must be returned
is based on the percentage of "unearned" aid. That percentage
is computed by subtracting earned aid from 100%. The University
is required to return the lesser of
1) the unearned aid percentage applied to institutional charges or
2) the unearned aid percentage applied to the total Title IV aid received.
The student is required to return the difference between the amount of
unearned aid and the amount returned by the University. If the student
(or parents in the case of PLUS loans) is required to return a portion
or all of their loan proceeds, the calculated amount is to be repaid according
to the loan's terms. Students must return only half the amount of grant
funds calculated.
Funds are returned to the following Title IV sources in order of priority:
- Unsubsidized Federal Family Educational Loans
(FFEL) loans
- Subsidized FFEL loans
- Federal Perkins loans
- Graduate PLUS Loans
- FFEL PLUS loans
- Federal Pell Grants
- ACG Grants
- SMART Grants
- Federal SEOG
- Other Title IV assistance for which
a return of funds is required
- Other federal, state, private,
or institutional financial assistance
- Student
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