Santa Clara University

In addition to the institutional refund policy, all students who withdraw completely from
the University and who have federal finzancial aid, including federal student loans, are subject
to the return of Title IV funds policy. Under this policy, it is assumed that a student earns his
or her aid based on the period of time he or she remains enrolled. Unearned Title IV funds,
other than federal work-study, must be returned to the federal aid programs. Unearned aid is
the amount of disbursed Title IV aid that exceeds the amount of Title IV aid earned.

During the first 60 percent of the enrollment period, a student “earns” Title IV funds in
direct proportion to the length of time he or she remains enrolled. That is, the percentage
of time during the period that the student remained enrolled is the percentage of disbursable
aid for that period that the student earned. Institutional costs play no role in determining
the amount of Title IV funds to which a withdrawn student is entitled.

A student who withdraws after the 60 percent point of the enrollment term earns all Title
IV aid disbursed for the period.

Examples of common return of Title IV funds situations are available from the Financial
Aid Office located on the second floor of Varsi Hall.

All funds must be returned to federal programs before being returned to state or institutional
aid programs and/or the student. This return of funds allocation will be made in
the following specific order and will be applied to all students who have received federal Title
IV assistance:

1. Unsubsidized Federal Stafford Loan
2. Subsidized Federal Stafford Loan
3. Federal Perkins Loan
4. Federal Grad PLUS Loan
5. Other federal, state, private, or institutional assistance programs
6. Student