REFUNDS AND REPAYMENTS

The Federal Return of Title IV funds formula (R2T4) dictates the amount of Federal Title IV aid that must be returned to the federal government or the lending institution by the University or the student. The federal formula is applicable to an eligible student receiving federal aid who failed to complete the payment period. A student who withdraws after the 60% point in time has earned all the aid. If a student does not begin class, the R2T4 formula does not apply. In that case, all aid disbursed must be returned. An official withdrawal occurs on the date the University receives notice from the student, in person or in writing, that the student is withdrawing.

For unofficial withdrawals, a student’s withdrawal date is 14 calendar days of consecutive unexcused absences. The federal formula requires a Return of Title IV calculation if the student received or could have received (based on eligibility criteria) federal financial assistance in the form of Pell Grants, Direct Loans, or Plus Loans and withdraws before completing the payment period. Students who withdraw after completing 60% of the payment period have earned all the aid. The percentage of Title IV aid earned is equal to the percentage of the payment period that was completed as of the withdrawal date if this occurs on or before the 60% point of time. The percentage that has not been earned is calculated by subtracting the percentage of Title IV aid earned from 100%. The amount to be returned is calculated by subtracting the amount of Title IV assistance earned from the amount of Title IV aid that was or could have been disbursed as of the withdrawal date.

If a student receives fewer Title IV funds than the amount earned, the University will offer the student a disbursement of the earned aid that was not received at the time of their withdrawal, which is a postwithdrawal disbursement. Post-withdrawal disbursements will be made from Pell Grant funds first, if eligible. If there are current educational costs still due the University at the time of withdrawal, a Pell Grant post-withdrawal disbursement will be credited to the student’s account. Any Pell Grant funds in excess of current educational costs will be offered to the student. Any federal loan program funds due in a post-withdrawal disbursement must be offered to the student, and the University must receive the student’s permission before crediting his or her account.