Procedure for the Return of Title IV Funds
This is calculated on a different basis to the generic refund of fees due to a student. The difference for US Direct Loan students is that the funds are received by the University first and relevant tuition fees and accommodation fees subtracted before disbursing the remaining fees (if applicable) to the student. Calculations are based on a standard set of equations as determined by the US Department of Education. The amounts that the University has to repay for subsidised Stafford, unsubsidised Stafford and PLUS/GradPlus loans is determined and refunded to the US Treasury within 45 days. The amount that the student has to repay is also calculated.
As loans will be disbursed in the form of two payments, at the start and mid-point of the academic calendar as appropriate to the course undertaken (9 months in the case of undergraduate programmes and 12 months in the case of postgraduate programmes), the proportion of days that a student has attended within that payment period will determine how much federal aid they have earned. If this is greater than 60% of the payment period, the return of Title IV funds will not be required. If it is less than or equal to 60%, then the appropriate calculation and refund must be performed.
Please be aware that the University may take steps to recover any debts or losses from students as a result of them no longer being eligible for US Federal Aid.