Financial Aid Refund Policy
When students are entitled to a refund as a result of withdrawal from courses, refunds of charges and financial aid will be based on the institutional refund policy as described under academic policies in the University catalog or by clicking here, and on the Return of Title IV Funds calculation as required by Section 484B of the Higher Education Act. Federal regulations require that any unearned Title IV aid be returned to the program(s) that provided the funds.
Return Of Title IV Funds
A withdrawal requires the University to calculate the amount of unearned federal financial aid a student has received. The University must:
- Determine the student's official withdrawal date as documented in the Registrar's Office. The withdrawal date is used to determine the percentage of the payment period completed and therefore the amount of aid a student has earned. Students who have completed more than 60% of the term are not subject to the federal calculation.
- Determine the amount of aid earned by the student. The University must calculate earned aid by multiplying the total aid disbursed or which could have been disbursed (excluding Federal Work Study) by the percent of the payment period the student completed
If less aid has been disbursed than a student has earned then a post withdrawal disbursement must be made. The University will notify the student, or parent in the case of a Federal Parent Loan, in writing within 30 days of the withdrawal date that a post withdrawal disbursement is available. The student/parent must respond within 14 days of notification in order to receive the funds. The student/parent may accept all or part of the post withdrawal disbursement.
If more aid was disbursed than earned then the University, the student, or both must return all unearned aid in a specific order:
1) Unsubsidized Direct Student Loan
2) Subsidized Direct Student Loan
3) Federal Perkins Loan
4) Federal Direct Graduate PLUS Loan
5) Federal Direct Parent PLUS Loan
6) Federal Pell Grant
7) Federal SEOG (federal portion only)
8) Federal TEACH Grant
Students are responsible for repaying all unearned funds that the University is not required to return, as well as any balance created on their University Bursar account by the application of the Title IV Return of Funds formula.The University will notify the student in writing within 30 days of determining an overpayment. Students must repay as follows:
- Loans - repayment according to the terms of the loan
- Grants - repayment is 50% of unearned grant
Students who owe a Title IV grant repayment have 45 days to repay in full, make arrangements to repay the University, or make arrangements to repay the US Department of Education. Students who fail to take positive action to repay their grant will be reported to the US Department of Education and NSLDS immediately after the 45 day period has elapsed.
Additional information and sample worksheets are available in the Financial Aid Office.