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Withdrawals and Financial Aid
Return of Title IV (Federal) Aid
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Students who receive Federal Financial Aid and withdraw (either officially or unofficially) from ALL classes before completing more than 60% of the semester will have a percentage of their Title IV funds returned, according to federal regulations. UNF will calculate any amounts disbursed that must be returned to the Title IV programs.
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If you have completed more than 60% of the term, you can be said to have earned all (100%) of your assistance.
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Complete Withdrawals:
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- Your withdrawal date will be the date you began UNF’s official withdrawal process.
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Unofficial Withdrawals:
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- If you stop attending without officially withdrawing, the last documented date of attendance will be the withdrawal date.
- If all grades for the term are “F’s”, and your professors indicate that you did not attend more than 60% of the term, then you will be required to repay the “unearned” portion of your federal aid.
- If your grades were all “F’s” and you never attended, you will be required to pay back the full amount.
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Repayment
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- If it is determined that you have received excess funds, any “unearned” portion will be returned to the United States Department of Education, resulting in a balance owed to UNF in the amount of those excess funds.
- This amount will be placed on accounts receivable, prohibiting any registration activity, and the receipt of academic transcripts or diplomas until these funds are repaid.
- If these funds are not paid, UNF will turn the charge over to a collection agency.
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How is the amount calculated?
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Federal regulations require use of a formula based on the number of calendar days in the term and the number of days attended by the student before withdrawal. This will determine how much financial aid was “earned” by the student. The difference between aid disbursed and aid earned will be used to calculate the amount the student must repay.
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Step 1: Determine the percentage of the enrollment period the student attended before withdrawing. (days attended divided by total days in the period).
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Step 2: Determine the amount of Title IV aid earned by multiplying the total Title IV aid (other than Federal Work-Study) for which the student qualified by the percentage of time enrolled.
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Step 3:Compare the amount earned to the amount disbursed. If more aid was disbursed than was earned, determine the amount of title IV aid that must be returned by subtracting the earned amount from the disbursed amount.
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Step 4: The school and the student may both have a responsibility for returning funds. Funds that are not the responsibility of the school to return must be returned by the student. The school must return the lesser of:
- The amount of Title IV funds that the student does not earn
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- The amount of institutional charges that the student incurred for the payment period or period of enrollment multiplied by the percentage of funds that was not earned
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| Step 5: Distribute the unearned funds back to the appropriate Title IV program. |
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