Students who receive Title IV financial aid Pell Grant, Federal SEOG, Federal Perkins Loan, Federal Direct or PLUS loans and withdraws from the University is subject to the Return of Title IV Funds regulations. Students with funds from any of these programs "earn" their financial aid dollars while enrolled. If a student withdraws prior to completing 60% of a term (Fall Semester on or after October 29, 2013 and Spring Semester on or after March 24, 2014), a prorated portion of his/her federal financial aid dollars must be considered "unearned" and returned to the federal programs. Unearned financial aid dollars returned to the federal programs could cause students to owe the University a significant amount upon withdrawal.
Federal fund returned are distributed to the programs as follows: Unsubsidized Federal Direct Stafford Loans Subsidized Federal Direct Stafford Loans Federal Direct PLUS Loans Federal Perkins Loans Federal Pell Grants Federal Supplemental Educational Opportunity Grants (FSEOG) Other Student Financial Aid Programs Other federal, state, private, or institutional sources of aid Refunds are calculated according to the following schedule for those students not receiving Title IV financial aid and withdraw from the University. Refund Period – Fall 2013 100% refundable - Prior to the first day of classes ending August 23, 2013 75% refundable – August 24 – September 1, 2013 50% refundable – September 2 – 8, 2013 25% refundable – September 9 – 15, 2013 0% refundable – After September 16, 2013 Refund Period – Spring 2014 100% refundable - Prior to the first day of classes ending January 18, 2014 75% refundable – January 19 – 25, 2014 50% refundable – January 26 – February 1, 2014 25% refundable – February 2 – 8, 2014 0% refundable – After February 9, 2014 Refund Period – Summer 2014 100% refundable - Prior to the first day of classes ending June 4, 2014 75% refundable – June 5 – 7, 2014 50% refundable – June 8 - 11, 2014 25% refundable – June 12 – 14, 2014 0% refundable – After June 15, 2014 Funds are usually applied to the students' account after the 12th day of classes. Residual checks are
Funds are usually applied to the students account after the 12th day of classes. Residual checks are deposited to the students Paycard or mailed to the local address within 14 days of the date the credit occurred.