How Is the Amount of Title IV aid to be returned calculated?
The percentage of Title IV aid earned (student may keep money) is determined as follows: 1. “Number of days student completed” divided by “number of calendar days in term” = percentage of Title IV earned. 2. Multiply the “amount of Title IV funds that student was eligible to receive in term” by the “percentage of Title IV earned”. This is the amount of Title IV aid the student earned and is entitled to keep. 3. If the earned amount is greater than the amount the student has received, the student is owed an additional disbursement. The student will be notified of the amount that can be paid. 4. If the earned amount is less than the amount the student has received, a repayment of Title IV funds is due. The percentage of Title IV aid unearned (student must repay money) is determined as follows: 1. Subtract the amount of aid earned from the total financial aid paid = the amount of aid to be returned or the student’s unearned financial aid. 2. Subtract the college’s repayment from the amoun
Related Questions
- What must a Federal Student Aid applicant do in order to regain Title IV eligibility if he or she defaulted on a FFEL Program loan that was subsequently written off partially or in full?
- Can the Financial Aid Office estimate if I am eligible for Title IV Aid?
- How Is the Amount of Title IV aid to be returned calculated?
