Return of Title IV Funds Policy
The student's eligibility for Financial Aid is based upon enrollment. The Higher Education Amendment of 1998 governs the Return of Title IV Funds Policy for a student who completely withdraws from a period of enrollment (i.e., semester). These rules assume that a student "earns" aid based on his/her semester enrollment.
Effective October 2007, Title IV Refund Regulations require students who withdraw from all of their classes through the 60 percent point of the payment period to return the unearned portion of their Title IV financial aid to the Department of Education (ED).
Overpayment and Returning of Financial Aid Funds
During the first 60% of the semester enrollment, a student "earns" aid in direct proportion to the time of his/her enrollment. The percentage of time the student remained enrolled is the percentage of aid for that period for which the student earned his/her aid. A student who remains enrolled beyond the 60% point of the semester enrollment earned all his/her aid for the period. In some instances a student may owe an overpayment.
"Unearned" aid, other than Federal Work-Study, must be returned. Unearned aid is the amount of Federal financial aid received that exceeds the amount the student has earned. Unearned aid may be subject to repayment.
Students who stopped attending without completing the official withdrawal process are considered "unofficially withdrawn". Students who received only non-passing grade(s) within a term are considered "unofficially withdrawn" from all of their courses. Students are required to repay the unearned portion of their financial aid funds unless they verify through their instructor that the non-passing grade was an "earned" grade.
Some students who received an award notification but have withdrawn from all of their courses prior to receiving their eligible disbursement may be entitled to a post-withdrawal disbursement. Students must submit a signed request for their Post-Withdrawal Disbursement within 14 days from the last day of enrollment or withdrawal notification date to be eligible for disbursement. These disbursements will be counted toward their 600% Lifetime Eligibilities Usage amount.