Withdrawals and Return of Title IV Funds Policy
This policy applies to students who withdraw or are dismissed from enrollment at Regent University. It is separate and distinct from the Regent University Refund Policy. The calculated amount of the "Return of Title IV Funds" that is required for students affected by this policy is determined according to the following definitions and procedures, as prescribed by regulation, and may or may not be the same as used in other contexts at the University.
- A student who withdraws is one who either officially goes through a "withdrawal from the university", is administratively withdrawn, suspended, or withdraws from all of his or her courses taken for credit.
A student's withdrawal date is:
- the date the student began the institution's withdrawal process (as described in the University catalog) or officially notified the institution of intent to withdraw; or
- the midpoint of the period for a student who leaves without notifying the institution; or
- the student's last date of attendance at a documented academically related activity.
A student may rescind his or her official notification to withdraw by filing a written statement that he or she is continuing to participate in academically-related activities and intends to complete the term (payment period) for which payment of Title IV funds were or would be received. The rescission of withdrawal is negated if the student subsequently ceases to attend prior to the end of the payment period. The withdrawal date then is the student's original date of withdrawal unless there is acceptable documentation showing a later date of attendance at an academically related activity and the University chooses to use such date.
Title IV aid is earned in a prorated manner on a per diem basis (calendar days) up to the 60% point in the semester. Title IV aid is viewed as 100% earned after that point in time. A copy of the worksheet used for this calculation can be requested from the Regent University Financial Aid Office.
In accordance with federal regulations, when Title IV financial aid is involved, the calculated amount of the "Return of Title IV Funds" is allocated in the following order:
- Unsubsidized Direct Stafford Loans
- Subsidized Direct Stafford Loans
- Direct PLUS Loans
- Federal Pell Grants
- Federal TEACH Grants
- Iraq and Afghanistan Service Grants
Regent University's responsibilities in regard to the return of Title IV funds follow:
- providing students with the information given in this policy;
- identifying students who are affected by this policy and completing the Return of Title IV Funds calculation for those students;
- returning any Title IV funds that are due the Title IV programs.
The student's responsibilities in regard to the return of Title IV funds include:
- Returning to the Title IV programs any funds that were disbursed to the student and which the student was determined to be ineligible for via the Return of Title IV Funds calculation.
- Any notification of a withdrawal should be in writing and addressed to the appropriate institutional official.
- A student may rescind his or her official notification of intent to withdraw. Submission of intent to rescind a withdrawal notice must be filed in writing.
- Either of these notifications, to withdraw or a rescission of intent to withdraw, must be made to the official records/registration personnel in your school of attendance at Regent and the Regent University Registrar's Office.
If you believe that your individual circumstances warrant that your charges or refund should be determined in a manner other than the published University Refund policy located at Refund Policy, or you would like examples of the worksheets for this Return of Title IV Funds policy, or you have general questions about the Return of Title IV Funds policy, please contact the Regent University Financial Aid Office by calling 757.352.4125 or by e-mail at firstname.lastname@example.org.
This policy supersedes and replaces the prior required "Federal Title IV Refund Policy" portion of the Regent University refund policy. This policy is subject to change at any time, and without prior notice.
- The term "Title IV Funds" refers to the Federal financial aid programs authorized under the Higher Education Act of 1965 (as amended). These programs include the following: loans under the Federal Direct Loan Program that encompasses Unsubsidized and Subsidized Direct Stafford loans, Direct PLUS loans, (for graduate and undergraduate students), Federal Pell Grants (for undergraduate students), Federal TEACH Grants, and Iraq & Afghanistan Service Grants.
- Oral notification may be acceptable if the institution has acceptable documentation to verify the intent to withdraw.