Return of Title IV Federal Aid Policy

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A student will be charged tuition and fees based upon the percentage of time he/she attended classes for the quarter.

A student will earn financial aid funds based upon the percentage of time he/she attended classes for the quarter. Any funds in excess of the percentage earned must be returned to the federal financial aid programs.

If a student attends classes for 60% or more of the quarter before withdrawing, neither charges nor financial aid will be adjusted. The student will be charged full tuition and fees and has earned all his/her financial aid.

EXAMPLE:

Step One: Student’s Title IV Information

Net Amount disbursed: $11,000.00

Step Two: Percentage of Title IV Aid Earned for fall 2008

Joe Student withdrew on November 12, 2008 and the quarter contains 75 calendar days. 39 completed days divided by the total days of 75 equals 52% (percentage of Title IV aid earned)

Step Three: Amount of Title IV Aid Earned by the Student

52% (percentage earned) multiplied by 11,000.00 (aid disbursed) equals $5,720.00, the amount of Title IV aid

earned by the student.

Step Four: Total Title IV Aid to be Disbursed or Returned

Subtract $5,720.00 (the amount of Title IV aid earned) from $11,000.00 (the amount of Title IV aid disbursed) equals $5,250.00, the amount of Title IV aid that must be returned.

Step Five: Amount of Unearned Title IV Aid Due from the SCHOOL

Tuition and fees of $6,135.00 for the fall 2008 term. Percentage of Title IV aid unearned (100%- percentage of Title IV Aid Earned calculated in step three of 52%) is 48%.

Tuition/fees of $6,135.00 multiplied by 48% (unearned Title IV aid) equals $2,944.80 the amount of unearned Title IV Aid that the school must return to the following sources, in order, up to the total net disbursed from each source: unsubsidized Stafford, subsidized Stafford, Plus, Pell Grant, and SEOG.

Step Six: Return of Funds by the STUDENT

Subtract $2,944.80 (the amount of Title IV aid due from the school) from $5,250.00 (the amount of Title IV Aid to be returned) equals $2,305.20, the amount of Unearned Title IV Aid *due from the Student.

*Loan amounts are returned in accordance with the terms of the promissory note (i.e. six month grace period before entering repayment, payments deferred while at least a half time student). Therefore, the unearned Title IV monies due from the student do not require any immediate payback by the student as long as the student returns to school within six months.

Institutional Tuition Refund Policy

The refund of institutional charges, college grants and scholarships, and other non-federal forms of financial aid will be determined by the percentages and time frames as indicated below:

Week 1 100%
Week 2   90%
Week 3   80%
Week 4   70%
Week 5   60%
Week 6   50%
Week 7   40%
After the 7th Week 0%

Example of refund calculation:

A student withdraws on November 12th of the Fall 2008 quarter. That is the sixth week of the quarter at the 50% point. With full-time tuition charges of $6,135.00, the tuition refund would be $3,067.50.