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Return of Title IV Funds

Refund Policy for Students Who Receive Federal Financial Aid

Applicability

This refund policy applies to all full-time and part-time students enrolled at Fitchburg State University who are receiving Federal Title IV Financial Aid and withdraw from all classes.

This policy is mandated by federal regulation.

This policy deals only with the percentage of aid that is earned by a student. Charges incurred by a student who withdraws from the University are determined in accordance with the Institutional Refund Policy.

Withdrawal Requirements

All matriculated undergraduate students that wish to withdraw from the University must do so by contacting the Student and Academic Life office. The official date of withdrawal for this policy is the date that the student begins the official withdrawal process or the date that the student officially notifies the University of his or her intent to withdraw.

Refund Policy

Refund of Federal Title IV Financial Aid will be based on the date a student completely withdraws from the University as described above. During the first 60% of the semester a student earns Title IV funds in direct proportion to the length of time that he or she remained enrolled. A student who remains enrolled beyond the 60% point earns all aid for the semester.

The percentage of the semester that a student remains enrolled is derived by dividing the number of days that a student remains in attendance by the number of days in a semester. Calendar days are used, but breaks of at least 5 consecutive days are excluded from both the numerator and denominator.

Unearned Federal Title IV Aid other than Federal Work Study must be repaid by the student in the following order:

Federal Unsubsidized Direct Loan
Federal Subsidized Direct Loan
Federal Perkins Loan
Federal Parent (PLUS) Loan
Federal Pell Grant
Federal SEOG
Other Title IV Financial Aid

Students must repay 100% of unearned loans according to the terms of their Promissory Note. 50% of unearned grants must be repaid within 30 days of withdrawal from the University.

An example of the Return of Title IV Funds Policy is available in the Financial Aid Office.

It is very possible that a student who receives federal financial aid and withdraws from the University will owe a balance to the Fitchburg State Student Accounts Office and may be required to repay funds to the U.S. Department of Education. Students considering withdrawal from Fitchburg State are advised to contact the Financial Aid Office.