502-4 Return of Title IV Funds

Title:	Return of Title IV Funds
Owner:	Student Financial Services
Last Update/Review:	07/31/2024

Policy: A statutory schedule is used to determine the amount of federal funds a student has earned when he or she ceases attendance based on the time period the student was in attendance. If a student has been approved to receive a Title IV grant or loan and then withdraws from an institution during a payment period or period of enrollment in which the student began attendance, the institution must begin the Title IV Refund (R2T4) process to determine the students eligibility of Title IV funds in accordance with the calculations prescribed by regulations.

If a student obtains a loan to pay for the course of instruction, the student will have the responsibility to repay the full amount of the loan plus interest, less the amount of any refund.

If the student is eligible for a loan guaranteed or insured by the state or federal government and the student defaults on the loan:

The federal or state government or the loan guarantee agency can take action against the student, including applying any income tax refund to which the person is entitled to reduce the balance owed on the loan; and
The student may not be eligible for any other federal financial assistance for education at a different school or for government housing assistance until the loan is repaid.

Purpose: The purpose of this policy is to explain the return of Title IV Funds.

Scope: This policy applies to all students which have elected to use Federal Financial Aid towards tuition and fees and withdraw from the university or have no attendance for 30 days.

Document and Form(s): Not applicable.