The College must return the lesser of: (1) the amount of Title IV funds not earned by the student; or (2) the amount of institutional charges incurred by the student for the payment period multiplied by the percentage of unearned Title IV funds. The percentage of unearned funds is determined by subtracting the percentage of Title IV aid earned from 100%.
Institutional refund policies are applied in accordance with College procedures; however, federal Return of Title IV Funds (R2T4) requirements determine the amount of Title IV aid that must be returned to the U.S. Department of Education.
If a student receives Title IV assistance, including Federal Pell Grant and Federal Supplemental Educational Opportunity Grant (FSEOG), any required return of funds will be made in accordance with federal regulations.
After all required returns have been completed, any remaining credit balance will be handled in accordance with applicable federal regulations and institutional policies, which may include refunds to the student or other payers, as appropriate.