Calculating the amount of Title IV aid due by the School Update Delete

The amount of unearned aid that must be returned by Southern Adventist University is a percentage of the institutional charges for the term. Southern Adventist University must return the lesser of -

• the amount of Title IV funds that the student does not earn; or
• the amount of institutional charges that the student incurred for the payment period multiplied by the percentage of funds that was not earned.

Southern Adventist University must return the amount of Title IV funds for which it is responsible no later than 45 days after the date of withdrawal. Funds will be returned in the following order, up to the total net amount disbursed from each source:

1. Federal Direct Unsubsidized Loans
2. Federal Graduate PLUS Loans

Once the institution's portion of the return of funds has been calculated, the Student Finance Office will reduce the student's original financial aid award and return the funds within 45 days to the appropriate program(s). If this creates a balance owed to Southern Adventist University, the student will be responsible for repaying the amount owed.