Federal Return to Title IV Refund Policy
The Office of Financial Aid is required by federal regulation to calculate a Return to Title IV Funds (R2T4) amount for all students who withdraw or are dismissed during a semester. The policy applies to students receiving financial aid assistance who discontinue enrollment in all classes on or after the first day of the term. If you drop some but not all of your classes, this policy does not apply to you.
When you withdraw the Office of Financial Aid must calculate the amount of financial aid you have earned prior to withdrawing. Any aid in excess of the earned amount is considered unearned. The unearned financial aid monies must be returned to the respective federal student aid programs. Earned aid is determined by taking the number of days attending before withdrawing divided by the total number of days in the term. The return policy applies to students that withdraw on or before the 60% point of the term.
A student withdraws for fall semester on October 1. The total number of days attended is 15 days and there are 133 days in the term. The student’s earned aid = 11.3% (15days / 133 days). The unearned aid = 88.7%.
The return amount is determined by multiplying the unearned aid percentage by the total of all Title IV aid received. Aid will be returned in the following order:
- Unsubsidized Federal Direct Stafford Loans
- Subsidized Federal Direct Stafford Loans
- Federal Perkins Loans
- Federal Direct PLUS Loans
- Federal Pell Grants for which a return of funds is required.
- Federal Supplemental Educational Opportunity Grant (FSEOG)
- Federal Teach Grant
You will be notified in writing showing that portion of unearned aid the school will refund and that portion you are responsible to pay.
When you stop attending without officially withdrawing and receives a “W”, “F” or “I” grade at the end of each term, The Office of Financial review the last date of attendance records for students who did not officially withdraw. If this date is earlier than the official withdrawal date, it will be used in the Return of Title IV funds calculation.