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Title IV funds are earned by students by remaining enrolled during the payment period for which they received federal student aid. A student who begins attendance but withdraws before the end of the period may be required to repay some of the funds they received or were scheduled to receive. The responsibility for reimbursing the Title IV programs will depend on the circumstances, and the formula for determining the amount of aid earned by the student is independent of any institutional refund policy outlined in the Law.
The calculation to determine the amount of Title IV aid a student has earned is conducted by the financial aid office after the student withdraws. Up through the 60% point in each payment or enrollment period, a pro-rate schedule is used to determine the amount of Title IV funds the student has earned at the time of withdrawal. After the 60% point in the payment or enrollment period, a student has earned 100% of the Title IV funds the student received and was scheduled to receive during the period. No unearned funds exist for students who withdraw after the 60% point-in-time. However, a school must still determine whether the student is eligible for a postwithdrawal disbursement.
Funds will be returned to the programs from which the student received aid during the semester in the following order:
Under the September 2, 2020 final regulations, the Department established withdrawal exemption criteria which, if met, allows a student who has withdrawn or otherwise ceased attendance NOT to be considered a withdrawn student for Title IV purposes, which means that no R2T4 calculation is required for that student. Before conducting an R2T4 calculation for a student who has ceased attendance during a payment period or enrollment period, we will review the student's circumstances to see if the student qualifies for any R2T4 withdrawal exemptions.
The withdrawal exemption categories are as follows:
Students are informed via email that they have withdrawn from all term classes and that their financial aid may have been adjusted. They are prompted to review their financial aid and student accounts on the self-service portal for any changes and outstanding balances.
If, at the time of withdrawal, the student's account has not received all the funds and the amount of aid earned is greater than the amount disbursed, the student may be eligible for a postwithdrawal disbursement. If any action is required from the student for the post-withdrawal disbursement, they will be notified via email. The email will specify which funds are available and whether authorization is needed to disburse loan funds to cover any outstanding college balance or if the student is eligible for a refund due to the disbursement.
Financial Aid Office
Phone: (201) 360-4200 / (201) 360-4214
Text: (201) 744-2767
Financial Aid Office