Return of Title IV Refund Policy

The return of unearned Title IV aid applies to any student who meets the following criteria:

• 1. The student completely withdraws (officially or unofficially) before 60% of the payment period.

  2. The student received Federal Title IV or state aid (Federal Stafford Loan, Federal Graduate PLUS Loan, but not Federal Work-Study).

If a student withdraws before the 60 percent point of the semester during the period of enrollment, calculated using calendar days, a portion of the total Title IV funds awarded a student, the Seminary is required to calculate the amount of aid earned. Any unearned aid must be returned according to the provisions of the Higher Education Amendments of 1998. The withdrawal date is determined by the Registrar’s Office. If a student does not officially notify the institution of his or her withdrawal, 50 percent of the payment period may be used (or the school may choose to use a documented attendance date that is past the 50 percent point). The calculation of return of these funds may result in the student owing a balance to the seminary and/or the Federal Government.

If the amount disbursed to the student is greater than the amount the student earned, unearned funds must be returned. The student will be responsible for any balance due on the account after Title IV funds have been returned. The student’s responsibility includes earned Title IV aid due to the lender and any tuition and fees due to the institution. If the student’s portion of unearned Title IV aid is a loan, the terms and conditions of the loan take care of the repayment.

The student must return his or her portion of unearned Title IV aid to the institution within 45 days or they will be referred to the US Department of Education for collection. The student will remain ineligible to receive future Title IV aid until this obligation is paid in full.

Students should be aware that failure to attend all classes registered for in a term or unofficially withdrawing from school could result in their having to repay financial aid funds, thereby, making them ineligible to receive other Title IV assistance until this obligation is paid in full. Unresolved overpayments are reported to the Department of Education. (To view the Title IV policy in its entirety, students have access in Populi under "Forms" or they may request a copy from the Financial Aid Office at finaid@ptseminary.edu).