Withdrawal/Leave of Absence/Return of Title IV Funds
FINANCIAL AID RETURN OF TITLE IV FUNDS
Students must begin the Official withdrawal process with the Office of the Registrar. To withdraw from the university, you must pick up a Request for Withdrawal or Leave of Absence form from the Office of the Registrar. This form must be completed and signed by the appropriate individuals before your withdrawal can be processed. Students who are unable to visit campus to pick up this form may contact the Office of the Registrar via phone or email.
UNTHSC is required to administer a return of federal student aid funds policy that complies with federal regulations. Federal financial aid administered at UNTHSC includes Stafford Loans, Perkins Loan, and Grad PLUS loans. Title IV funds are awarded to a student under the assumption that the student will attend school for the entire period for which the assistance is awarded. When a student withdraws during the current enrollment or payment period, a calculation is performed to determine if the student is entitled to the full assistance received during that period. UNTHSC must return any unearned aid that was applied to institutional charges. For example, if a student was enrolled for 30% of the enrollment period, the student is entitled to only 30% of the aid received; thus, 70% of the aid must be returned. Once a student has completed more than 60% of the payment or enrollment period, the student has earned all assistance that the student was scheduled to receive for that period. No return of funds is required. If the student did not receive all of the funds that were earned prior to withdrawal, the student may be due a Post-Withdrawal disbursement which is determined during the Return of Title IV Funds calculation. The Student Financial Aid Office will notify the withdrawn student in writing of his or her eligibility for a Post-Withdrawal disbursement.
The Registrar’s Office reports the withdrawal date used for Return of Title IV Funds purposes to the Student Financial Aid and Student Finance Offices for recalculation of eligibility. See the university calendar for program deadlines for dropping or withdrawing from classes.
Calculating Earned and Unearned Title IV Funds
The formula used to calculate the percent of aid earned is the total number of days completed divided by the total days in the enrollment or payment period. The remaining percentage is considered “unearned” and will be returned by the school to the federal aid programs.
Number of days completed = Percent
Total days in the Enrollment or Payment Period
Returning Unearned Title IV Funds
Institutional charges are used to determine the portion of unearned Federal Student Aid that the school is responsible for returning. The student is responsible for all unearned Title IV program assistance that the school is not required to return. Unearned funds are attributed to Title IV programs in the following order: Direct Unsubsidized Stafford Loan, Direct Subsidized Stafford Loan, Federal Perkins Loan, Direct Grad PLUS Loan. The student repays unearned loan funds on the normal loan repayment schedule as stated in the MPN and/or Disclosure Statements. Unearned funds returned by UNTHSC will be repaid to the appropriate Title IV program no later than 45 days after the withdrawal date.
A post-withdrawal disbursement is the Title IV aid that was not disbursed before a student withdrew, but which the student had earned based on a Return of Title IV funds calculation. Post withdrawal disbursements are made no later than 180 days after the withdrawal date. The amount of a post-withdrawal disbursement is determined by following the requirements for calculating the “earned” Federal Student Aid funds. For a post-withdrawal disbursement, a withdrawn student must have accepted the loan (Perkins, Direct Subsidized Loan, Direct Unsubsidized Loan or Grad PLUS) and completed the MPN before the withdrawal date.
Policy: Students should refer to the refund policy as listed in the current UNT Health Science Center Catalog for the appropriate school at http://www.hsc.unt.edu/catalog/2012-2013/16-Fiscal%20&%20Financial%20Aid%20Policies.htm
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