Federal Title IV funds return
The federal formula requires a return of Title IV financial aid if you
- received federal assistance in the form of a Federal Pell Grant; Supplemental
Educational Opportunity Grant (SEOG); Federal Perkins Loan; Ford Federal Direct
Loan (subsidized or unsubsidized) Loan; PLUS (parent or graduate) loan; National
SMART (Science and Mathematics Access to Retain Talent) Grant; Academic Competitiveness
Grant (ACG); and
- withdrew on or before completing 60 percent of the semester, the federal
government mandates that you may only keep the financial aid you have earned
up to the time you withdraw from all classes.
To determine the amount of federal aid earned up to the time
of withdrawal, Office of Student Finance (OSF) staff will divide the number
of calendar days you attended classes by the total number of calendar days in
the semester (less any scheduled break of five days or more). The resulting
percentage is then multiplied by the total federal funds that you accepted.
This calculation determines the amount of aid that you earned and are allowed
to keep.
The unearned portion of your aid must be returned to the federal Title IV program
from which the aid was received by the University and/or by you. A notification
letter will be sent to your permanent address if your financial aid is reduced
and a return is required. If you are required to return any Title IV loan funds,
you will be contacted by Direct Loans with repayment information. If the University
is required to return any Title IV funds, the change will be reflected on your
student account.
Financial aid returned by you and/or your parent or the University must be
allocated in the following order:
- Ford Federal Direct Unsubsidized Loan
-
Ford Federal Direct Subsidized Loan
- Federal Perkins Loan
- Ford Federal Direct PLUS Graduate Loan
- Ford Federal Direct PLUS Parent Loan
- Federal Pell Grant
- Academic Competitiveness Grant (ACG)
- National Science & Mathematics Access to Retain Talent (SMART) Grant
- Federal Supplemental Educational Opportunity Grant (FSEOG)
- Other federal loan or grant assistance
