Return of Title IV
When a recipient of Federal Title IV grant or loan assistance withdraws from the University during the semester, the University must determine the amount of the Title IV grant or loan assistance (not including Federal Work Study) that the student earned as of the student's withdrawal date. Unearned Federal Title IV financial aid funds must be returned to the Title IV Programs.
Keep in mind that when Title IV funds are returned to the program, the student MAY OWE A BALANCE to the institution.
This policy applies to students who withdraw, who are expelled, or who leave without notice. The return of funds for these students will be determined according to the following policy:
- The term "Title IV Funds" refers to the Federal Financial Aid Programs authorized under the Higher Education Act of 1965 (as amended) and includes the following programs: Unsubsidized FFEL loans, Subsidized FFEL loans, Unsubsidized Federal Direct Stafford Loans, Subsidized Federal Direct Stafford Loans, Federal Perkins Loans, FFEL Parent PLUS Loans, Federal Direct Parent PLUS Loans, Federal Pell Grants, Federal SEOG grants, Federal Academic Competitiveness Grant (ACG), National SMART Grant, and the TEACH Grant.
- A student's withdrawal date is:
- The date the student began the institution's withdrawal process (as described in the BCU catalog) or officially notified the institution of intent to withdraw; or
- The midpoint of the semester for a student who leaves without notifying the institution; or
- The student's last date of attendance at a documented academically related activity.
- Title IV aid is earned in a prorated manner up to the 60% point in the semester. The amount the student has earned is based on the number of days the student attended classes as compared to the number of days in the entire term which runs from the first day of classes to the published last day of final exams. No adjustment will be made to Title IV aid after the 60% point in the semester.
- In accordance with federal regulations, when financial aid is involved, funds will be returned to the Title IV programs in the following order:
- Unsubsidized Federal Stafford Loan
- Subsidized Federal Stafford Loan
- Federal PLUS Loan
- Unsubsidized Federal Direct Stafford Loan
- Subsidized Federal Direct Stafford Loan
- Federal Direct PLUS Loan
- Federal Perkins Loan
- Federal Pell Grant
- Other Title IV Aid Programs
- Other Federal, State, Private, or Institutional Aid
- The Student