Return of Title IV Funds Calculation
Return of Title IV funds occurs when a student receives federal funds and then officially drops, withdraws or ceases attendance, with or without notifying the school. The amount of unearned Title IV aid must be calculated. This is determined by multiplying the percentage of term (based on calendar days including weekends and holidays) by the Title IV aid received. All types of Federal Aid–including loans–are used in this calculation. College work-study funds which have been earned will not be included. If a student attended more than 60% of the term, no return of funds will be required.
After the amount of Title IV aid to be returned is calculated, a determination of how much must be returned by the institution and how much must be returned by the student will be made. Any funds returned by the institution are credited in the order of loans, (Unsubsidized Stafford, Subsidized Stafford, Perkins, PLUS) Pell Grant, FSEOG Grant and other Title IV aid. If the student has any loans (Stafford and PLUS) which have been used in the calculation, this obligation will be due and payable by the terms of the promissory note. Any grant funds to be returned by the student will be reduced by 50%. For example, if a calculation determines that a student’s grant obligation is $300, the repayment will be $150.
Any return of Title IV funds required by a student must be paid prior to receiving additional financial aid at Maryville College or any other institution. Any funds returned by the institution on the student’s behalf must be repaid by the student to the College prior to receiving grades or attempting to register for subsequent terms. A complete and detailed explanation of this policy, along with examples, is available at the Financial Aid Office.
A copy of the Final Return to Title IV Refund Calculation form may be obtained from the Financial Aid Office for review.