Return of Title IV Federal Financial Aid Regulations
If you received Title IV Federal Student Aid (FSA) a Pell Grant, SMART Grant, ACG Grant, SEOG Grant, SLEAP or CLEAP Grant, Perkins loan or Subsidized or Unsubsidized Federal Stafford Student Loan(s), you may be required to repay a portion or all of these funds back. Please read the following statements concerning a complete withdrawal from all of your courses.
FSA funds are awarded to a student under the assumption that she will attend school for the entire period for which the assistance is awarded. When a student withdraws, she may no longer be eligible for the full amount of Title IV funds she was originally scheduled to receive.
If a recipient of Title IV grant or loan funds withdraws from school after beginning attendance, the amount of Title IV grant or loan assistance earned by the student must be determined. If the amount disbursed to the student is greater than the amount the student earned, unearned funds must be returned. If the amount disbursed to the student is less than the amount the student earned, and for which the student is otherwise eligible, he or she is eligible to receive a post-withdrawal disbursement of the earned aid that was not received.
The Return of Title IV Funds (Return) regulations do not dictate an institutional refund policy. Instead, Adams State is required to determine the earned and unearned Title IV aid as of the withdrawal date based on the amount of time the student spent in attendance. The calculation of Title IV funds earned by the student has no relationship to the student’s incurred institutional charges.
Up through the 60% point in each payment period or period of enrollment, a pro rata schedule is used to determine the amount of FSA 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.