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CANCELLATION OF FINANCIAL AID AND RETURN OF FUNDSStudents who withdraw from the University and who have federal financial aid are subject to the federal regulations applicable to the return of Title IV funds. These regulations assume that a student earns his or her financial aid based on the period of time he or she remains enrolled during a term. A student is obligated to return all unearned federal financial aid funds governed under Title IV other than those earned under the college work-study program. Unearned financial aid is the amount of disbursed Title IV that exceeds the amount of Title IV aid earned in accordance with the federal guidelines. During the first 60 percent of the term, 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 term that the student remains enrolled is the percentage of disbursable aid for that period that the student has earned. A student who withdraws after the 60 percent point of the enrollment term earns all Title IV aid disbursed for the period. The amount of tuition and other charges owed by the student play no role in determining the amount of Title IV funds to which a withdrawn student is entitled. All funds must be returned to federal programs before funds are returned to state or University financial aid programs or to the student. The return of funds allocation will be made in the following order for students who have received Federal Title IV assistance.
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