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



Any amount of the total unearned aid that remains becomes the student's portion of the return. The student portion of the return is calculated by subtracting the amount that the school had to return from the total unearned aid. Depending on the remaining sources of aid after the school return, the student portion of the return is distributed back to the aid program from which it was awarded. If the student is required to return either the entire Direct Loan or a portion thereof, the loan proceeds will be returned based on the terms and conditions of the Master Promissory Note (MPN). The student will not be billed for these funds upon withdrawal.

Any amount of unearned grant funds that the student must return is called an overpayment. The grant funds returned by the student are applied in order as indicated below, up to the amount disbursed from that grant program minus any grant funds the school is responsible for returning to that program.

Note that the student is not responsible for returning funds to any program to which the student owes $50.00 or less.

  1. Federal Pell Grants
  2. Federal Supplemental Opportunity Grant
  3. TEACH Grant
  4. Iraq Afghanistan Service Grant

If a student did not receive all of the funds that they earned, Southern Adventist University may offer the student a post-withdrawal disbursement, in writing, which, if accepted, will be paid within 180 days of the student's withdrawal. The student must accept or decline the post- withdrawal disbursement within 30 days of the date of withdrawal. Southern Adventist University will automatically use all or a portion of the Post-withdrawal dis­bursement of grant funds for tuition, fees, and room and board charges (as contracted with the school).

The requirements for Title IV program funds when a student withdraws are separate from any other refund policy that Southern Adventist University has. Therefore, it is possible that the student will still owe funds to Southern Adventist University to cover unpaid institutional charges. As mentioned previously, Southern Adventist University may also charge the student account for any Title IV program funds that the school was required to return.