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Policy 220.60 - Federal Financial Aid Return of Funds Policy

	This	Replaces
File:	220.60	new
Date:	7/1/03	new

ORIGINATOR: Associate Vice President, Financial Aid

SUBJECT: Federal Financial Aid Return of Funds Policy

1. Introduction

1. Pursuant to Federal law, the University is required to calculate a Return of Title IV Funds on all federal financial aid recipients who withdraw (officially or unofficially) from all classes in a given semester/period of enrollment on or before the 60% attendance point in the semester/period of enrollment within 30 days of the date that the University determines that the student has withdrawn.

2. The University will determine the amount of Federal funds to return to the aid programs via a prorata calculation pursuant to 34 CFR § 668.21.

   1. Students receiving Federal financial aid who withdraw from their classes may lose some/all of the aid that has already been disbursed to their account.

   2. Students receiving financial aid who withdraw from their classes may not receive further financial aid disbursements for that semester/period of enrollment.

   3. Students receiving financial aid who withdraw from their classes are personally responsible for payment of charges for any tuition and fees that are due at the time of withdrawal from the semester/period of enrollment, or any charges for tuition and fees due as a result of the University's return of funds to the federal aid programs resulting from the requirements under this Policy.