Returns of Title IV Funds Policy
Withdrawals & Returns of Title IV Funds
Federal, state, and institutional financial aid funds are awarded to a student based on the assumption that the student will attend school for the entire semester for which the aid is awarded.
According to federal law, the Financial Aid Office must recalculate Title IV financial aid eligibility for a student who withdraws from all classes, drops out, is dismissed, or takes a leave of absence prior to completing more than 60% of a semester. The Financial Aid Office will calculate the amount of “earned” (can keep) and “unearned” (must return) aid. Some or all of the loan funds are then returned to the appropriate aid programs, which may result in a bill to the student for any tuition and fees still owed after the required return of financial aid funds. Some or all of the loan funds are then returned to the appropriate aid programs within forty-five days from the Date of Determination (the date the institution determined that the student withdrew). If a response is not received within this time frame, all cash disbursed to the student, and any aid on the student's Bursar account, are considered an overpayment of financial aid, and must be returned.
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