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Return to Title IV
The return of Title IV (R2T4) funds is administered by the Financial Aid Department. This policy applies to students who withdraw or are dismissed from their enrollment at Mid-America College of Funeral Service. Students may still owe funds to the College to cover unpaid institutional charges. The College may also attempt to request and receive from the student, any Title IV program funds that the school was required to return. The calculated amount of the R2T4 funds that is required for students, are determined by following definitions and procedures imposed by regulation.
The College has 45 days from the date the College determines (date of determination) that the student withdrew to return all unearned funds for which it is responsible. The College is required to notify the student if they owe a repayment via written notice. The College must advise the student (or parent) that they have 14 calendar days from the date the College sent the notification to accept a post-withdrawal disbursement (PWD). If a response is not received from the student (or parent) within the permitted time frame or the student declines the funds, the school will return any earned funds that the College is holding to the Title IV programs. Post-withdrawal disbursements must occur within 120 days of the date the student withdrew.
R2T4 regulation does not dictate the institutional refund policy, however. The calculation of Title IV funds earned by the student has no relationship to the student’s incurred institutional charges.
Title IV funds are awarded to a student under the assumption that they will attend school for the entire quarter in which financial aid is awarded. When a student withdraws from all their courses, for any reason including medical withdrawals, they may no longer be eligible for the full amount of Title IV funds that they were originally scheduled to receive.
The College is required to determine the earned and unearned Title IV aid as of the date the student ceased attendance based on the amount of time the student was scheduled to be in attendance.
If the student withdraws from all of their courses prior to completing over 60% of the quarter, they may be required to repay a portion of the federal financial aid that they received for that quarter. A pro rata schedule is used to determine the amount of federal student aid funds they will have earned at the time of the withdrawal. Federal aid includes Federal Direct Loan (subsidized and unsubsidized), Parent Plus Loan, Graduate PLUS Loan, Pell Grants, SEOG Grants, and any other Title IV funds.
The return of funds is based upon the concept that students earn their financial aid in proportion to the amount of time in which they are enrolled. Under this reasoning, a student who withdraws in the third week of classes has earned less of their financial aid than a student who withdraws in the fifth week. Once 60% of the quarter is completed, a student is considered to have earned all of his financial aid and will not be required to return any funds.
Order of Return of TIV
If Title IV funds are required to be returned, they are based on the following order of return:
- Unsubsidized Direct Loan
- Subsidized Direct Loan
- Direct PLUS Loan
- Federal Pell Grants
- Iraq and Afghanistan Service Grants
- Other TIV Programs