The law, 34 CFR 668.22, specifies how Â鶹´«Ã½Ó³» determines the amount of Title IV program assistance that a student has earned when they withdraw from the University. The Title IV programs that are covered by this law are Federal Pell Grants, Teach Grants, Iraq and Afghanistan Service Grants, Federal Supplemental Opportunity Grants, Direct Loans and Direct Plus Loans.
Though your aid is posted to your account at the start of each period, you earn the funds as you complete the period. If you withdraw during your payment period or period of enrollment, the amount of Title IV program assistance that you have earned up to that point is determined by a specific formula. If you received (or Â鶹´«Ã½Ó³» or your parent received on your behalf) less assistance than the amount that you earned, you may be able to receive those additional funds in the form of a post-withdrawal disbursement. If you received more assistance than you earned, the excess funds must be returned by Â鶹´«Ã½Ó³» and/or you.
The amount of assistance that you have earned is determined on a pro rata basis. For example, if you completed 30% of your payment period or period of enrollment, you earn 30% of the assistance you were originally scheduled to receive. Once you have completed more than 60% of the payment period or period of enrollment, you earn all of the assistance that you were scheduled to receive for that period.
The following rules apply when completing a Return calÂculation for a student subject to verification:
Â鶹´«Ã½Ó³» will return any unearned Title IV funds it is responsible for returning within 45 calendar days of the date Â鶹´«Ã½Ó³» determined the student withdrew, and offer any Post-withdrawal disbursement of loan funds within 30 calendar days of that date.
Â鶹´«Ã½Ó³» will disburse any Title IV grant funds a student is due as part of a Post-withdrawal disbursement within 45 days of the date Â鶹´«Ã½Ó³» determined the student withdrew, and disburse any loan funds a student accepts within 180 calendar days of that date.
Unless a student subject to verification has provided all required verification documents in time for Â鶹´«Ã½Ó³» to meet the Return deadlines, Â鶹´«Ã½Ó³» includes as Aid Disbursed or Aid That Could Have Been Disbursed in the Return calculaÂtion.
If it is determined that a student who failed to provide all required verification documents in time for Â鶹´«Ã½Ó³» to meet the Return deadline and later provides those documents prior to the applicable verificaÂtion deadline, Â鶹´«Ã½Ó³» must perform a new Return calculaÂtion on all of the aid the student qualified for based on the completed verification documents and make the appropriate adjustments.
To give a Pell grant to a student, Â鶹´«Ã½Ó³» must have a valid output document (one with an official SAI computed from correct data) while the student is still enrolled for the award year or in the time frame the student qualifies for a late disbursement under 34 CFR 668.164(g)(4)(i).
For students selected for verification (both ED-selected and/or school-selected), Â鶹´«Ã½Ó³» must have verification documents, and for Pell recipients a valid output document, no later than 120 calendar days after the last day of enrollment, Â鶹´«Ã½Ó³» may set earlier deadlines for the campus-based and loan programs.
The Office of Student Financial Aid and Scholarships will apply the federally mandated repayment formula for the return of financial aid funds. Funds will be returned to the programs from which the money was paid to the student in the following order:
Unsubsidized Federal Direct Stafford Loan Program
Subsidized Federal Direct Stafford Loan Program
Federal Perkins Loan Program
Federal Direct Parent Loan Program (PLUS)
Federal Pell Grants
Federal Supplemental Educational Opportunity Grant Program
Federal Teach Grants
Afghanistan Service Grant (IASG)
Note: In the event Â鶹´«Ã½Ó³» cannot locate the student (or parent) to whom a Title IV credit balance must be paid, Student Business Services will determine what programs constitute the refund and will notify Student Financial Aid and Scholarships of any unclaimed credit balances that need to be returned to Title IV programs.