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Title IV Refund

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FACULTY/STAFF > DEPARTMENTS & OFFICES > STUDENT FINANCIAL SERVICES > WITHDRAWAL POLICIES > TITLE IV REFUND CALCULATION
Title IV Refund Calculation

Tuition Adjustment: Federal

Title IV financial aid funds are awarded under the assumption that a student will attend for the entire period in which they are enrolled.  When a student withdraws from all courses, stops attending, or enrolls for less than half time status, the eligibility for the full amount of Title IV aid may be sacrificed. 

The University is required to recalculate federal financial aid eligibility for students who do not complete more than 60% of an enrollment period.  After the semester has been 60% completed, the student is considered to have earned 100% of the Title IV funds. 

The following formula is used to determine the percent of unearned aid that has to be returned.

·         The ‘enrollment period’ for most students is the entire semester.  For students enrolled in eight week courses (or other courses that are not scheduled for the entire semester), the enrollment period includes the days in the session for which the student is enrolled.

·          The ‘percent earned’ is equal to the number of calendar days in the enrollment period up to the withdrawal date divided by the total number of calendar days in the enrollment period. 

·         The ‘unearned percent’ is equal to 100 minus the percent earned. 

·         The’ withdrawal date’ is considered to be the date that the student begins the Institutions’ withdrawal process, the student’s last date of recorded attendance or the midpoint of the semester for a student who leaves without notification. 

If a student is registered for both 1st and 2nd eight weeks, attends class for 28 days and processes a withdrawal and drops the 2nd eight week session, Title IV aid will be recalculated based on the change of enrollment status. 

If a student is registered for both 1st and 2nd eight weeks, attends class for 28 days and processes a withdrawal but indicates (in writing) their intent to attend the 2nd eight weeks, Title IV aid will remain provided that they attend the 2nd eight week session. 

 

Example (semester): 

There are 105 days in the enrollment period.  The student attends classes for 35 days and processes a complete withdrawal. 

35/105 = 33 percent of aid earned.

100-33 = 67 percent of aid unearned that would be returned to Title IV funding.

Example (sessions within the semester):

If a student is registered in either a 1st eight week session or 2nd eight week session:

There are 56 days in the enrollment period.  The student attends classes for 28 days and processes a complete withdrawal. 

28/56 = 50 percent of aid earned.

100-50 = 50 percent of aid unearned that would be returned to Title IV funding.

 

Unearned funds will be returned to the Title IV programs from which the student received assistance in the following order:

  1.       .     Unsubsidized Direct Loan
  2.        .    Subsidized Direct Loan
  3.       .     Federal Direct Perkins Loan
  4.       .     Direct PLUS Loan
  5.        .    Federal Pell Grant
  6.        .    Federal Supplemental Educational Opportunity Grant (FSEOG)
  7.        .    Iraq Afghanistan Service Grant (IASG)

 

A letter from the Financial Aid office is mailed to the student with the details including aid earned and unearned, amounts and type of aid returned, and any balance due to the University.

When Title IV aid is returned, the student may owe a balance to the University.  Student Financial Services will invoice the student for amounts payable to Robert Morris University.  Students are responsible for any portion of their institutional charges that are left outstanding after Title IV funds are returned.  Any credit balances will be refunded in accordance with federal regulations.

If all of the funds that were earned were not received, a post-withdrawal disbursement may be processed.  If the post-withdrawal disbursement includes loan funds, permission must be given before RMU can disburse them.  RMU may automatically use all or a portion of your post-withdrawal disbursement of grant funds for tuition, fees and room and board charges (as contracted). 

 

Additional Information:

http://academicaffairs.rmu.edu/academic-policies/undergraduate/drop-and-withdrawal

http://ir.rmu.edu/consumer-disclosures

 

 

Tuition Assistance Program

Any unearned TA (Tuition Assistance) funds will be returned on a proportional basis through at least the 60 percent portion of the period for which funds were provided.  The enrollment period will be based on when a student stops attending.  In instances when a Service member stops attending due to a military service obligation, RMU will work with the affected Service member to identify a solution that will not result in a student debt for the returned portion.