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Return
to Title IV Refunds and Institutional Refund Policy |
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Federal law mandates that students who
withdraw either officially or unofficially from all classes may only
keep the financial aid they “earned” via attendance up to the time
of withdrawal. If students drop their classes prior to the 60% point
of the semester, they may be required to repay a portion of their
federal and institutional financial aid. If Title IV and/or
institutional funds disbursed were in excess of the amount the
student earned, the excess must be returned by Schreiner and/or the
student to the federal government and/or the lender involved.
This does not apply if you have dropped some of your classes-only
if you have dropped all of your enrolled classes for a specific
semester. Students with questions concerning only some classes need
to reference the institutional satisfactory academic progress policy
at:
http://www.schreiner.edu/financial_aid/standards.html
Financial aid is "earned" on a proportional basis for each day of
the term that the student has completed. If a student completes 30%
of the term, then he or she has earned 30% of the financial aid. If
the financial aid has been credited to the account and has paid
institutional charges only, 70% of the aid must be returned to the
financial aid programs. The Office of Financial Aid will notify the
student by mailed letter of any repayments due to the school,
government, or lender.
Federal funds are returned to the programs in the following
order:
Unsubsidized Federal Stafford Loan
Subsidized Federal Stafford Loan
Parent Loan for Undergraduate Students (PLUS)
Federal Pell Grant
Federal Academic Competitiveness Grant
Federal SMART GRANT
Federal Supplemental Educational Opportunity Grant (FSEOG)
If a student withdraws before the federal aid has been applied,
the student may be eligible for a post-withdrawal disbursement. If
that is the case, the Financial Aid Office will be notified of your
withdrawal and will determine your eligibility for funds. If a
credit is issued, the Business Office will issue a check for those
funds.
If financial aid created a credit on the student's account that was
then refunded to the student, the student will be required to repay
50% of any unearned grant amount. If the credit balance was created
by a loan disbursement, the student will be required to repay the
lender the amount of the loan as per the terms of the signed
promissory note.
Example 1: Joe was awarded federal grants totaling $3000 and
received Federal Stafford funds of $2500. Joe lived in a double dorm
room and had a 19 meal plan. His total institutional charges equal
$9627.
If Joe withdraws at the 30% point in the term, he will have earned
$1650 of the $5500 awarded. 70% of the $5500 or $3850 must be
returned to the federal programs. Schreiner will return the $2500
Federal Stafford Loan to the lender and $1350 of the federal grants.
Assuming Joe had a zero balance on his student account at the time
of withdrawal, he will be required to repay to Schreiner $3850.
Example 2: Joe was awarded federal grants totaling $3000 and
received Federal Stafford funds of $2500. Joe lived in a double dorm
room and had a 19 meal plan. His total institutional charges equal
$9627.
The student withdrew at the 50% point of the semester. Only 50% of
the $5500 or $2750 is considered earned. Schreiner would return
$2500 to the lender and $250 of the federal grants. Assuming Joe had
a zero balance on his student account at the time of withdrawal, he
will be required to repay to Schreiner $2750.
Although financial aid must be returned to federal programs as
prescribed by federal regulations, the Schreiner University Tuition
Refund Policy does not refund tuition at the same percentages.
Students will be required to pay Schreiner University for any
balances owing after the tuition refund and financial aid refunds
have been calculated.
If part of the balance owed to Schreiner is the repayment of a
federal grant, Schreiner has 30 days to notify the student of the
balanced owed. The student has 45 days to either repay the funds or
make satisfactory payment arrangements with the Business Office.
Students who fail to repay the funds within 45 days may be reported
to the credit bureau.
Students are encouraged to meet with Financial Aid before the
withdrawal process has been started so that they will know the
financial impact of withdrawing from college. |
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The
Office of Financial Aid at Schreiner University is committed to
assisting students in obtaining the best financial aid award possible.
However, it is the student’s responsibility to comply with all
requirements necessary to complete the financial aid process. In
addition, the Office of Financial Aid is not responsible for the
student's financial obligations to Schreiner University. Each student
must verify their account balance and make arrangements for any amounts
not covered by financial aid. |
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