Return of Title IV Funds Policy
If a student withdraws, (officially or unofficially), any Federal Aid received is subject to the “Return of Title IV Funds.” For officially withdrawn students, the withdrawal date is the date the Office of the Registrar receives and stamps the withdrawal form (usually the start date of the withdrawal process). For unofficially withdrawn students, the withdrawal date is the midpoint of the term or the last reported date of an academically related activity, whichever is later.
A percentage of unearned funds will be returned to the proper fund. The number of calendar days attended during the term is divided by the total number of calendar days in the term. The resulting percentage is multiplied by the student’s Title IV (excluding FWS) aid for the term. This is the new amount the student is entitled to receive (paying Pell first). The following formula will be used to determine return of funds:
Number of days attended /number of days in term = percentage (%) earned (Including holidays and weekends)
Earned 100% if greater than 60%, if less than 60% then, 100% - percentage (%) earned = percentage (%) unearned
For more information concerning this policy, please see the Financial Aid Office. If a student registers for two mini sessions and then withdraws from the first mini session, but plans to attend the second mini session of the term, the student needs to notify the financial aid office in writing of his/her intention of returning for the second registered class(s). If the student returns, in this scenario, no Return of Title IV calculation is necessary. If the student does not return, aid must be reduced to pay only for hours attended and Return of Title IV Funds calculation has to be performed, using the original withdrawal date.