Financial Aid Policies: Refund Repayment for Withdrawals
Students receiving financial aid who withdraw from the University before completing 60% of a term must repay all or a portion of aid received, including grants, since the funds were awarded to meet educational expenses for the entire semester. The Office of Student Financial Aid is responsible for calculating the distribution of tuition refunds issued by the Controller's Office, and determining amounts that must be repaid by the student.
RETURN OF TITLE IV FUNDS POLICY
FAU REFUND POLICY:
The amount of a refund of fees for students who withdraw will be calculated as outlined in the University Catalog under “Refund of Registration Fees” and “Withdrawal from the University.”
FAU REPAYMENT POLICY:
Documented class attendance is REQUIRED when receiving federal financial aid. If you withdraw or stop attending all of your class(es) before completing 60% of the term, you may be required to repay a portion or ALL of the federal aid that you have received, excluding Federal Work Study earnings. If you withdraw and never attend the class(es), you may be required to pay a portion or ALL of the federal aid that you have received, excluding Federal Work Study earnings.
The amount of federal aid that you must repay is determined via the Federal Formula for Return of Title IV funds (Section 484B of the Higher Education Act)- the full text is available at the following website address: http://www.ed.gov/policy/highered/leg/hea98/sec485.html. This law also specifies the order in which funds are to be returned to the financial aid programs from which they were awarded, starting with loan programs.
You may be required to make a repayment when financial aid funds have been disbursed from financial aid funds, in excess of the amount of aid that you earned (based on the date of your total withdrawal) during the term. The amount of Title IV aid earned is determined by multiplying the total Title IV aid (other than FWS) for which you qualified by the percentage of time during the term that you were enrolled.
|*||If less aid was disbursed than was earned, you may receive a late disbursement for the difference.|
If more aid was disbursed than was earned, the amount of Title IV aid that you must (i.e.
not earned) is determined by subtracting the earned amount from the amount actually disbursed.
The responsibility for returning unearned Title IV aid is shared between the University and you. It is allocated according to the portion of disbursed aid that was used to cover University charges, and the portion that was disbursed directly to you once those charges were covered. FAU will distribute the unearned aid back to the Title IV programs, as specified by law. You will be billed for the amount that you owe to the Title IV programs, as well as any amount due to the University as a result of Title IV funds that were returned that would have been used to cover University charges.
Last Modified - 04/09/10 07:38:43