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" (R2T4) 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student who withdraws is one who either officially goes through a "withdrawal from the university", is administratively withdrawn, suspended, or withdraws from all of his or her courses taken for credit.
Regent University’s responsibilities in regards to Title IV funds includes:
- Providing students’ with policy information;
- 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 due to the correct Title IV programs.
- Return, to the Title IV programs, any funds that were disbursed to the student in which the student was determined to be ineligible for via the R2T4 calculation.
- Any notification of withdraw should be submitted to the appropriate institutional official.
- Submit all notifications to rescind an intent to withdraw in writing to the Registrar’s Office or the Academic Advising office in a timely manner.
Return to Title IV Questions
If you have questions regarding Title IV funds after visiting with the Central Financial Aid Office, you may call the Federal Student Aid Information Center toll free at 1-800-4-FED-AID. Information is also available on the Federal Student Aid website.
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.
How Aid Is Earned
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. The institution will perform a return of funds calculation to determine the amount of earned aid up through the 60% point in each payment period or period of enrollment. The institution will use the Department of Education’s prorate schedule to determine the amount of R2T4 funds the student has earned at the time of withdrawal. All unearned funds will be returned to the Title IV program within 45 days. Pell Grant funds are subject to a downward adjustment prior to inclusion within the R2T4 calculation if the student failed to begin attendance in all courses for which the Pell Grant funds were awarded.
A student is considered to be “Officially” withdrawn on the date the student notifies a designated campus office or official (acting in his/her official capacity) of his or her intent to withdraw. Regent University designates the Registrar’s Office and the Office of Academic Advising for this purpose. Note: If the student submits their request to the institution by sending a letter to the designated campus office indicating their intent to withdraw, the withdrawal date is the date the institution receives the letter.The institution reserves the right to use the student’s last day of participation in an academically related activity for the purposes of the return of funds calculation if this date more accurately reflects the student’s withdraw date than the date the student began the school’s official withdraw process. Additionally, the university takes academic attendance on the seventh day of courses. The institution will use the student’s last documented day of participation in an academically related activity if the student withdraws within the first seven days of a course(s). A student is allowed to rescind his notification in writing and continue the program. If the student subsequently drops, the student’s withdrawal date is the original date of notification of intent to withdraw.
Students who fail to receive a single passing grade (and have not otherwise officially withdrawn) will be evaluated for a possible unofficial withdrawal. The instructor will report the last date of attendance when entering any of the aforementioned grades. Students who “earn” all failing grades will be considered to have ‘earned 100% of their Title IV funds. Students found to have ceased attendance in class, therefore resulting in a failing grade, will be considered an unofficial withdrawal and the Office of Financial Aid Staff will calculate an R2T4 to determine the amount of earned/unearned aid. If the student’s last date of attendance cannot be documented, the date that is equivalent to 50% of the term will be used to calculate earned/unearned aid.
In the event that the institution administratively withdraws a student for nonparticipation all Title IV funds will be returned. The institution will process such an administrative withdraw if the student does not attend courses within the first seven days. If the student is administratively withdrawn for non-payment, the financial aid office will perform a return of funds calculation based on the date the student was administratively withdrawn (unless the student is administratively withdrawn within the first seven days of courses, in which case the student’s last day of documented academic attendance will be used). The institution reserves the right to use the student’s last day of participation in an academically related activity for the purposes of the return of funds calculation if this date more accurately reflects the student’s withdraw date than the date.
Unearned Funds / Returns
The institution has 45 days from the date the institution determines that the student withdrew to return all unearned funds for which it is responsible. The school is required to notify the student if they owe a repayment via written notice. The Office of Financial Aid will provide the students with a letter/email informing him or her that a Title IV return calculation was performed. The Business Office will issue the student a bill for any balance due that is created by the return of Title IV funds.
After A Student Withdraws
The Office of Financial Aid will:
- Perform the calculation of Return of Title IV funds the student has earned, and if any, the amount of Title IV funds for which the school is responsible.
- Adjust students’ accounts to reflect the return or post-withdrawal disbursement.
The Office of Financial Aid will return the amount for any unearned portion of the Title IV funds for which the school is responsible within 45 days of the date the official notice was provided. The student will be provided with a letter explaining the return of funds in accordance with the Return of Funds policy, including the amount and type of funds that were returned. A copy of the letter /notification will be stored in the student’s file. In the event a student decides to rescind his or her official notification to withdraw, the student must provide a signed and dated written statement that he/she is continuing his or her program of study, and intends to complete the payment period. Title IV assistance will continue as originally planned. If the student subsequently fails to attend or ceases attendance without completing the payment period, the student’s withdrawal date is the original date of notification of intent to withdraw.
Example of Calculation
- Determine the percentage of Title IV aid earned by the student by taking the calendar days completed in the payment period, divided by the total calendar days in the payment period (excluding breaks of 5 days or more and days the student was on an approve LOA
18(completed days) ÷118 (total days) = 15.3% (% of completed calendar days)
- Determine the amount of Title IV aid earned by the student by multiplying the percentage of Title IV aid earned times the total of the Title IV aid disbursed plus the Title IV aid that could have been disbursed for the payment period.
15.3 % X $2805.00 = 429.17 (Amount of aid earned by student)
If the percentage is greater than 60%, the student earns 100% of the disbursed Title IV funds or aid that could have been disbursed. If this percentage is less than 60%, then the percentage earned is equal to the calculated value. If a student earned less aid than was disbursed, the institution would be required to return a portion of the funds and the student may be required to return a portion of the funds. All Title IV funds that the institution must return will be made no later than 45 calendar days after the date the school determines that the student withdrew. When Title IV funds are returned, the student may owe a balance to the institution.
Order of Return
Regent University is authorized to return any excess funds after applying them to current outstanding direct institutional charges. An explanation of the R2T4 calculation performed on a student's behalf is available through the office upon request if the request is received within three years after the end of the award year in which the student last attended the institution. In accordance with Federal regulations, when Title IV financial aid is involved, the calculated amount of the R2T4 funds is allocated in the following order:
- Unsubsidized Direct Stafford Loans
- Subsidized Direct Stafford Loans
- Direct PLUS Loans
- Federal Pell Grants (if required)
- Federal TEACH Grants
- Iraq and Afghanistan Service Grants
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 email@example.com.
Post Withdrawal Disbursements
If you did not receive all of the funds that you have earned, you may be due a post-withdrawal disbursement. The Financial Aid Administrator will notify the student or parent that they have 14 calendar days from the date of the notification to accept a post withdrawal disbursement. The institution may use a portion or all of your post- withdrawal disbursement funds for tuition and fees. For all other school charges, Regent University needs your permission to use the post-withdrawal disbursement. If you do not give permission, you will be offered the funds. However, it may be in your best interest to allow the school to keep the funds to reduce your debt at the school. If a response is not received from the student or parent within the allowed time frame or the student declines the funds, we will return any earned funds that the school is holding to the appropriate Title IV program. Post-withdrawal disbursements will occur within 90 days of the date that the student withdrew.
Time frame for returning an unclaimed Title IV Credit Balance
If a school attempts to disburse the credit balance to the student and the student does not claim the funds, the school must return the funds no later than 240 days after the date the school issued the check. If a check is returned to a school or an EFT is rejected, the school may make additional attempts to disburse the funds, provided that those attempts are made no later than 45 days after the funds were returned or rejected. When a check is returned or EFT is rejected and the school does not make another attempt to disburse the funds, the funds must be returned before the end of the initial 45-day period. The school must cease all attempts to disburse the funds and return them no later than 240 days after the date it issued the first check.
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.