Return of Title IV Aid Policy
Definition of Withdrawn Student
The policy affects students who completely withdraw from all classes in a semester and who are receiving or are eligible to receive Federal Title IV financial assistance. It does not apply to students who withdraw from some but not all classes within a semester.
How Your Withdrawal Date is Determined
The student’s official withdrawal date will be determined by the university as 1) the date the student began the university’s withdrawal process (the date that the student officially notified the advising center of his/her intent to withdraw); 2) the midpoint of the semester if the student withdraws without notifying the university: or 3) the student’s last date of attendance at an academically-related activity as documented by the university.
Federal Aid Programs Impacted
The Federal Title IV programs covered under this policy includes Federal Pell Grant, Federal SEOG, Federal Perkins, Federal Stafford, and Federal PLUS for Parents and Graduate Students. Students whose application have not completed the verification process, or do not have a finalized application are ineligible to receive any financial aid and this policy does not apply to your withdraw.
Radford's Federal Return Requirement's
This policy governs the earned and unearned portions of the students Federal Title IV Financial Aid only. If a student completely withdraws from school during a term, the school must calculate, according to a specific formula provided by the federal government, the portion of the total financial assistance that the student has earned until the time that the student withdrew. The portion of the federal grants and loans that the student is entitled to receive is calculated on a percentage basis by comparing the total number of days in the semester to the number of days that the student completed before he/she withdrew. For example, if a student completes 30% of the semester, 30% of the approved federal aid has been earned which in turn means that 70% of the students scheduled or disbursed aid remains unearned and must be returned to the Federal Programs.
When a student receives (or the university receives on the students behalf) more assistance than the student earns, the unearned funds must be returned to the Department of Education or to the Federal Loan Programs. If it is determined that a portion of the financial aid received on the student’s behalf is unearned, the University shares with the student the responsibility of returning those funds.
Any grant funds that the student is required to return to the Federal Programs are considered an overpayment. The student must either repay the amount in full or make satisfactory payment arrangements with the Department of Education to repay the amount. If the student fails to repay, or make payment arrangements, to repay an overpayment the student will lose his/her eligibility to receive future federal financial aid at any institution.
If student’s charges are less than the amount earned, and a refund is due, the student may be able to receive those additional funds.