Common use of Funds Requirement Clause in Contracts

Funds Requirement. The Return of Title IV calculation is delayed if Student provides written confirmation, on or before last day of attendance, of an expected re-entry date before the end of the current semester. The calculation for the return of Title IV aid funds is determined by Student's last date of attendance. The number of days completed is divided by the number of days in the Semester to identify the percentage of time Student has completed. This would be the percentage of aid earned by Student. If Student withdraws at 60% or more of the current Semester, no return of the Title IV aid funds for that period is required as Student is considered to have earned 100% of the Title IV aid funds received. If Student's last date of attendance is before completing 60%, this percentage is multiplied by the total amount of Title IV aid received or could have been received (for this period) to arrive at the amount of earned aid. The difference between the amount of earned aid and the amount of Title IV aid is the amount of unearned aid. The amount of aid ECPI is responsible for returning: Institutional charges (tuition, books, and fees for the entire Semester) are multiplied by the percentage of unearned aid to determine the amount ECPI is responsible to return. The amount ECPI is responsible to return is compared to the total amount of unearned aid; the lesser amount is then returned to the applicable student aid program (see below for refund order). This refund amount is then charged to Student's account and depending on the results of the Refund Policy, it is possible to have a tuition balance owed to ECPI for the unpaid portion of tuition, books, and fees. *Unsubsidized Xxxxxxxx Loan *Subsidized Xxxxxxxx Loan *Xxxxxxx Loan *PLUS (Parent) Loan *PLUS Loan *Pell Grant The amount of unearned aid Student is responsible for returning: Student is responsible for returning any portion of the unearned aid that is not part of the required return from ECPI. Any unearned aid that came from Title IV loans, Student will be responsible for repaying those funds according to the terms of the promissory note.

Funds Requirement. The Return of Title IV calculation is delayed if Student provides written confirmation, on or before last day of attendance, of an expected re-entry date before the end of the current semester. The calculation for the return of Title IV aid funds is determined by Student's last date of attendance. The number of days completed is divided by the number of days in the Semester to identify the percentage of time Student has completed. This would be the percentage of aid earned by Student. If Student withdraws at 60% or more of the current Semester, no return of the Title IV aid funds for that period is required as Student is considered to have earned 100% of the Title IV aid funds received. If Student's last date of attendance is before completing 60%, this percentage is multiplied by the total amount of Title IV aid received or could have been received (for this period) to arrive at the amount of earned aid. The difference between the amount of earned aid and the amount of Title IV aid is the amount of unearned aid. The amount of aid ECPI is responsible for returning: Institutional charges (tuition, books, and fees for the entire Semester) are multiplied by the percentage of unearned aid to determine the amount ECPI is responsible to return. The amount ECPI is responsible to return is compared to the total amount of unearned aid; the lesser amount is then returned to the applicable student aid program (see below for refund order). This refund amount is then charged to Student's account and depending on the results of the Refund Policy, it is possible to have a tuition balance owed to ECPI for the unpaid portion of tuition, books, and fees. *Unsubsidized Xxxxxxxx Loan Direct Loans *Subsidized Xxxxxxxx Loan Direct Loans *Fedearl Xxxxxxx Loan Loans *Direct PLUS Loans *Federal Pell Grants for which a return is required *Federal Supplemental Educational Opportunity Grants (ParentFSEOG) Loan for which a return of funds is required *PLUS Loan *Pell Grant Iraq and Afghanistan Service Grant, for which a return is required The amount of unearned aid Student is responsible for returning: Student is responsible for returning any portion of the unearned aid that is not part of the required return from ECPI. Any unearned aid that came from Title IV loans, Student will be responsible for repaying those funds according to the terms of the promissory note.

Funds Requirement. The Return of Title IV calculation is delayed if Student provides written confirmation, on or before last day of attendance, of an expected re-entry date before the end of the current semester. The calculation for the return of Title IV aid funds is determined by Student's last date of attendance. The number of days completed is divided by the number of days in the Semester to identify the percentage of time Student has completed. This would be the percentage of aid earned by Student. If Student withdraws at 60% or more of the current Semester, no return of the Title IV aid funds for that period is required as Student is considered to have earned 100% of the Title IV aid funds received. If Student's last date of attendance is before completing 60%, this percentage is multiplied by the total amount of Title IV aid received or could have been received (for this period) to arrive at the amount of earned aid. The difference between the amount of earned aid and the amount of Title IV aid is the amount of unearned aid. Pell Grant awards will be recalculated to the eligible amount based on any changes to the enrollment status before being pro-rated as required by the U.S. Department of Education, which often results in a significant reduction in Pell Grant eligibility. The amount of aid ECPI is responsible for returning: Institutional charges (tuition, books, and fees for the entire Semester) are multiplied by the percentage of unearned aid to determine the amount ECPI is responsible to return. The amount ECPI is responsible to return is compared to the total amount of unearned aid; the lesser amount is then returned to the applicable student aid program (see below for refund order). This refund amount is then charged to Student's account and depending on the results of the Refund Policy, it is possible to have a tuition balance owed to ECPI for the unpaid portion of tuition, books, and fees. *Unsubsidized Xxxxxxxx Loan Direct Loans (other than Direct PLUS Loans) *Subsidized Xxxxxxxx Loan Direct Loans *Federal Xxxxxxx Loan *Direct PLUS Loans *Federal Pell Grants for which a Return is required *Federal Supplemental Educational Opportunity Grants (ParentFSEOG) Loan for which a return of funds is required *PLUS Loan *Pell Grant Iraq and Afghanistan Service Grant, for which a Return is required The amount of unearned aid Student is responsible for returning: Student is responsible for returning any portion of the unearned aid that is not part of the required return from ECPI. Any unearned aid that came from Title IV loans, Student will be responsible for repaying those funds according to the terms of the promissory note.