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Return to Federal Title IV Aid

The 1998 Higher Education Amendments, section 484B prescribes the amount of Title IV funds a student has earned at the time when a student stops attending and the amount of federal aid that has to be returned or disbursed. The amount earned is based on the amount of time the student has spent in attendance. It is based on a proportional calculation through 60 percent of the period of enrollment. Under these provisions, the calculation of Title IV funds is not concerned with refunding Institutional charges.

The Institute will calculate the percentage and amount of awarded Federal student financial assistance for all students. If the student withdraws up through the 60 percent point of the period of enrollment, then the student earns 100 percent of the Federal student financial assistance. If a recipient of Title IV grant or loan funds withdraws from the institute after beginning attendance, the institute must determine the amount of Title IV funds earned by the student. If the amount of Title IV grant or loan funds the student was disbursed is greater than the amount the student earned, unearned funds have to be returned. If the amount the student was disbursed is less than the amount the student earned, the student is eligible to receive a post-withdrawal disbursement in the amount of the earned aid that the student has not received but was otherwise eligible for. The percentage of the period completed is the number of calendar days completed in the payment period divided by the total number of calendar days in the same period.