2012-2013 Graduate Academic Catalog

Page 13 2012–13 Graduate Catalog Introduction Experience Admissions Academic s Financial Info. Campus Services M.Ed. M. S.N. Pharmacy Course Descriptions Appendix Federal Refund In addition to the overall institutional policy requirements, the following regulations mandated by the United States Department of Education are applicable. When a refund is due a student under Cedarville University’s refund policy and the student received financial aid under federal Title IV funds, a portion of the refund shall be applicable to the Title IV programs based on a federal formula, except the University work study program. Pro Rata refunds will be calculated for all students who withdraw before the expiration of 60% of the term of attendance. A federal refund and an institutional refund will be calculated on all other students who withdraw. Federal Refund Policy for Stafford Loans A portion of Title IV grant or loan funds, but not FWS funds, must be returned to the Title IV programs upon a Title IV recipient’s withdrawal from the university. Withdrawal date The day the student withdraws is the date (determined by the university): • The student began the withdrawal process prescribed by the university; or • The student otherwise provided the university with official notification of the intent to withdraw; or • For the student who does not begin the school’s withdrawal process or notify the school of the intent to withdraw, the mid- point of the period of enrollment for which Title IV assistance was disbursed (unless the institution can document a later date). If the school determines the student did not begin the withdrawal process or notify the school of the intent to withdraw due to illness, accident, grievous personal loss, or other such circumstances beyond the student’s control, then the school may determine the appropriate withdrawal date. Percentage of the payment period or period of enrollment completed The percentage of the period of enrollment for which assistance was awarded that was completed is determined by dividing the total number of calendar days comprising the period of enrollment for which assistance is awarded into the number of calendar days completed in that period as of the day the student withdrew. Calculation of Title IV assistance earned To calculate the amount of Title IV assistance earned by a student, the university must first determine the percentage of Title IV assistance the student earned. Up through the 60% point of time, the percentage of assistance earned is equal to the percentage of the period of enrollment for which it was awarded that was completed as of the day the student withdrew. If the student withdrawal occurs after the 60% point, then the percent is 100%. Calculation of Title IV assistance not earned The amount of the Title IV grant and loan assistance not earned by the student is calculated by determining the complement of the percentage of assistance the student earned and applying it to the total amount of grant and loan assistance that was disbursed (or that could have been disbursed) to the student, or on the student’s behalf, for the period of enrollment as of the day the student withdrew. Difference between amounts earned and amounts received The university will follow the regulations for late disbursement if the student received less grant or loan assistance than the amount earned. If the student has received more grant or loan assistance than the amount earned, then the unearned funds shall be returned by the university, the student, or both. Responsibility of the university The university shall return the lesser of the unearned amount of Title IV assistance or an amount equal to the total institutional charges the student incurs for the period of enrollment of which the assistance was awarded, multiplied by the unearned percentage of awarded Title IV grant and loan assistance. Responsibility of the student Students shall return unearned Title IV assistance minus the amount the university returns. Order of return of Title IV funds Excess funds returned by the university or student are credited to outstanding Title IV loan balances for the student or made on the student’s behalf for which a return of funds is required. Excess funds must be credited to outstanding balances in the following order: 1. Unsubsidized Stafford loans 2. Subsidized Stafford loans