Common use of RETURN OF TITLE IV FUNDS Clause in Contracts

RETURN OF TITLE IV FUNDS. When a student withdraws from their program, a campus is required to determine the earned and unearned portions of Title IV aid. The determination is based on the amount of time the student spent in attendance or, in the case of a clock-hour program, was scheduled to be in attendance. Up through the 60% point in each payment period or period of enrollment, a pro rata schedule is used to determine the amount of Title IV funds the student has earned at the time of withdrawal. After the 60% point in the payment period or period of enrollment, a student has earned 100% of the Title IV funds he or she was scheduled to receive during the period. For a student who withdraws after the 60% point-in-time, there are no unearned funds. If the amount that the student has paid is more than the amount that the student owes for the time he/she has attended, then a refund will be made within 15 days. If a student who has received Title IV, HEA program assistance is owed a refund, the school will allocate the refund in the following order: Federal Direct Loan Program, Federal Parent Loan for Undergraduate Study (PLUS), Federal Pell Grant, any other Title IV Assistance, to student. If there is a balance due, the student is responsible for paying it. .