When you withdraw or otherwise do not successfully complete your courses for any reason, including medical withdrawals, you may no longer be eligible for the full amount of Title IV funds (federal financial aid) you were originally scheduled to receive. Regis University follows the federally-prescribed policies and procedures for calculating whether you have earned all or only a portion of your federal financial aid. The information here provides guidance on how Regis University is required to calculate the earned funds. For questions or concerns, email firstname.lastname@example.org or call Student Services at 303.458.4126. OverviewReturn ofTitle IVFunds ProcessReturn of FundCalculationsWithdrawing &AcceleratedCoursesFAQs Overview Return of Title IV Funds Policy The Return of Title IV Funds (R2T4) policy applies to anyone who receives federal financial aid, has begun classes, and subsequently either withdraws from the course(s) the student was scheduled to complete and/or receives all failing grades during the payment period. (We have three payment periods at Regis University: summer semester, fall semester, and spring semester.) Withdrawal Date For an official withdrawal, the effective withdrawal date is the first date of notification by you to Academic Records and Registration. You should complete the withdrawal form located at www.regis.edu/withdrawal or follow the official withdrawal policy as published in the Regis University Catalog. If you do not follow the official withdrawal procedure and subsequently it is determined that the you are an unofficial withdrawal (due to failing and/or failing and withdrawing from all classes), the effective withdrawal date must be determined on a case by case basis. Regis University may use a last date of attendance at an academically related activity for the effective withdrawal date if the last date you attended class or submitted coursework is verified by an employee at Regis University (or an employee at one of our consortium institutions) who has sufficient knowledge of your academic participation, or if there is an emergency situation (death, incapacitation, etc.) and there is third party documentation that verifies you have not academically participated. In the case of unofficial withdrawals, Regis University does not accept your self-reported last date of attendance. Regulations require schools to perform calculations within 30 days from the date the school determines your withdrawal and to process the actual return of funds within 45 days of that same date. Notification You will receive a revised award letter indicating the actions taken by the Office of Financial Aid, including any information on funds that may have been returned to the federal aid program(s) on your behalf, information on how you can request to have your financial aid eligibility reinstated for subsequent terms, if applicable, and contact information for the Office of Student Accounts if you have a balance due. Return of Title IV Funds Process The Office of Financial Aid follows the instructions outlined in the federal worksheet when calculating Title IV (Pell Grant, Direct Loans, etc.) earnings according to the steps below. Step 1: Student's Title IV Aid Information 1. The total amount of Title IV aid disbursed (if any) for the term in which the student withdrew. (A student's Title IV aid is counted as aid disbursed in the calculation if it has been applied to the student's account on or before the date the student withdrew.) 2. The total amount of Title IV aid disbursed plus the aid that could have been disbursed (if any) for the term in which the student withdrew. Step 2: Calculate the Percentage of Title IV Aid Earned The Office of Financial Aid will calculate the percentage of aid earned as follows: Non-Accelerated Courses (16-week courses) For students attending non-accelerated courses, we count the number of calendar days completed by the student divided by the total number of calendar days in the payment period (weekends included) in which the student withdrew minus any scheduled breaks of 5 days or more. Days Attended (minus scheduled breaks if attended through that period) / Days in Payment Period (minus scheduled breaks) = Percentage Completed Accelerated Courses (8 week/5 week and variable courses) For students attending accelerated courses within the payment period, we count the number of calendar days completed by the student divided by the total number of calendar days in the payment period (weekends included) in which the student withdrew minus any days the student was not scheduled to attend (unscheduled breaks) and any scheduled breaks of 5 days or more. Days Attended (minus scheduled breaks if attended through that period) / Days in Payment Period (minus unscheduled and/or scheduled breaks) = Percentage Completed Please note: If the calculated percentage exceeds 60%, then the student has "earned" all financial aid funds for that period. Step 3: Calculate the Amount of Title IV Aid Earned by the Student The Office of Financial Aid will calculate the amount of aid earned by multiplying the total amount of Title IV aid disbursed and/or could have been disbursed for the payment period in which the student withdrew (Step 1) by the percentage of Title IV aid earned (Step 2). Total Aid Disbursed x Percentage Completed = Earned Aid Step 4: Determine if the Amount of Title IV Aid Needs to be Returned or Disbursed • If the aid already disbursed equals the earned aid, no further action is required. Total Aid Disbursed = Earned Aid = No Action • If the aid already disbursed is greater than the earned aid, the difference must be returned to the appropriate Title IV aid program in accordance with the federal guidelines. Go to Step 5. Total Aid Disbursed > Earned Aid = Unearned Aid to be Returned • If the aid already disbursed is less than the earned aid, the Office of Financial Aid will calculate a post-withdrawal disbursement. Total Aid Disbursed < Earned Aid = Post-withdrawal Disbursement Post-withdrawal Disbursement. Pell Grant will automatically disburse to the student account once the Office of Financial Aid has completed the Return of Title IV Calculation. Post-withdrawal disbursements that contain loan funds will not automatically disburse. The Office of Financial Aid will send a notification to the student and these funds will need to be accepted or declined. (A student should evaluate the situation as not to incur additional debt unnecessarily.) Please note: if no response is received from the student, these loan funds will be cancelled. Step 5: Calculate the Amount of Unearned Title IV Aid to be Returned by the School 1. Add the total of institutional charges for the period. 2. Multiply the percentage of unearned aid by the institutional charges. (100% - Percentage Completed) x Total Institutional Charges = Unearned Charges 3. Calculate the lesser amount of the Title IV aid to be returned with the amount of unearned charges. This equals the amount of Title IV funds to be returned by the school. Compare: Unearned Aid to be Returned (Step 4) vs. Unearned Charges Step 6: Order of Returned Funds by the School The order of return of funds is proscribed by the Department of Education regulations as follows: 1. Unsubsidized Federal Direct Loans 2. Subsidized Federal Direct Loans 3. Federal Perkins Loans 4. Federal PLUS Loans (both Parent and Graduate) 5. Federal Pell Grants 6. Academic Competitiveness Grants (ACG) 7. National SMART Grants 8. Federal Supplemental Educational Opportunity Grants (FSEOG) 9. Federal TEACH Grants Student Loan Repayment Grace Period The student's grace period for loan repayments for Federal Unsubsidized and Subsidized Direct Loans and Federal Perkins Loans will begin on the day of the withdrawal from the University. The student should contact the servicer if he/she has questions regarding the grace period or repayment status. If the student is not returning to Regis University, exit counseling should be completed online at www.studentloans.gov. Step 7, 8, 9 & 10: Calculating Unearned Title IV Funds Due Directly from the Student 1. Subtract the amount of Title IV aid being returned by the school from the amount of Title IV aid to be returned. Title IV Aid to be Returned – Amount for School to Return = Initial Amount of Unearned Title IV 2. If the amount above is greater than zero, then subtract the total loan funds the school must return from the total amount of net loans disbursed to the student. Total Net Loans Disbursed to Student – Total Loans School Must Return = Loans to be Repaid by the Student If the initial amount of unearned Title IV aid due from the student is less than or equal to the total amount of loans the student is still responsible for repaying, stop here. The school will notify the holder of the loan and Federal Direct loan funds are paid back to the lender by the student in accordance with the terms of the borrower’s promissory note. 3. If the initial amount is greater than the total amount of loans the student is still responsible for repaying, subtract the unearned Title IV aid due from the student with the amount of loans to be repaid by the student. Initial Amount of Unearned Title IV - Loans to be Repaid by the Student = Initial Amount of Title IV Grants for Student to Return 4. Multiply the amount of Title IV grant aid that was or could have been disbursed by 50%, this is the amount of grant protection available. Total Title IV Grant Aid Disbursed/Could Have Disbursed x 50% = Title IV Grant Protection 5. Subtract the initial amount of Title IV grant funding for the student to return with the grant protection. If this amount is less than or equal to zero, no further action is necessary. Initial Amount of Title IV Grants for Student to Return - Title IV Grant Protection If the amount is greater than zero, the student must return the funds as proscribed by the Federal guidelines. Final Step: Completing the Calculation and Notification The student information system is updated with the new net aid award amounts, a revised award letter is generated, and the student is notified by email of the revised award letter availability on WebAdvisor. The student account is adjusted accordingly by the Office of Financial Aid and documents of the return calculation are archived. Return of Fund Calculations Example of a Return of Funds Calculation In the following example the student's institutional charges will be adjusted by the amounts that must be returned to the Title IV programs. Please note that charges used in these examples may not reflect true University charges. STEP 1: Student’s Title IV Information The student is from Colorado and lives off campus. Her charges are as follows: Cost of Attendance Tuition & Fees $2,067.00 Financial Aid Package Federal Pell Grant $537.00 College Opportunity Fun (COF) $192.00 Subsidized Federal Direct Loan $2,668.00 Total Financial Aid: $3,397.00 University Charges Paid: $2,067.00 Amount of Excess Funds Refunded Directly to Student: $1,330.00 STEP 2: Calculating the Percentage of Title IV Earned The student withdraws on 9/21. This is day 22 out of 106 total days in the term. Therefore, the Title IV funds earned by the student is: 22/106 = 20.8% STEP 3: Calculating the Amount of Title IV Earned by the Student Title IV Funds Disbursed Federal Pell Grant $537.00 Subsidized Federal Direct Loan $2,668.00 Total Grants and Loans Disbursed……..$3,205.00 Percentage Completed……….……………x 20.8% Title IV Funds Earned by the student……$667.00 STEP 4: Determining the Amount of Title IV to be Returned or Disbursed In this case, because the aid already disbursed is greater than the earned aid, the difference must be returned to the appropriate Title IV aid program in accordance with the federal guidelines. Total Grants and Loans Disbursed $3,205.00 Title IV Funds Earned by the student $667.00 Unearned Aid to be Returned $2,538.00 STEP 5: Amount of Unearned Title IV to be Returned by the School Unearned Title IV funds due from the University: Institutional Charges $2,067.00 Percentage of Unearned Title IV Aid x 79.2% (100% - 28.8%) Unearned Title IV Funds to be Returned $1,637.00 Please Note: The amount of Unearned Title IV Funds to be returned by Regis University will become a balance due on the student account since those funds are no longer available for the student to utilize to cover tuition, fees, and expenses. The student will be responsible for paying this amount to Regis immediately. STEP 6: Determine the Order of Returned Funds by the School In this case, Regis University must return $1,637.00 of the Title IV funds. The Office of Financial Aid will reduce the Subsidized Federal Direct Loan by this amount since this type of aid is ahead of Federal Pell Grant on the federal order list. (The amount of overall student loan debt is reduced.) STEP 7,9,8 & 10: Unearned Title IV Funds due Directly from the Student The unearned Title IV funds to be returned by the student are calculated as follows: Unearned Title IV to be Returned……………………………………….$2,538.00 Amount Returned by Regis University ……………………………… -$1,637.00 Initial Amount of Title IV Funds Due from the Student $901.00 Because the Unearned Title IV aid to be returned by the student is greater than zero, we then calculate the total amount of loans the student is still responsible for repaying: Total Net Loans Disbursed to the Student $2,668.00 Amount Returned by Regis University - $1,637.00 Total Loan Amount the Student Must Repay $1,030.94 In this case, the initial amount due from the student is less than the total amount of loan the student must repay. Therefore, $901 is the amount that needs to be returned by the student. Regis University will notify the holder of the student’s loan of the student’s withdrawal date. Please Note: Loan amounts to be returned by student (or parent in the case of a PLUS loan) are returned in accordance with the terms of the promissory note; therefore, the loan amount the student must repay above will be returned in accordance with the terms of the promissory note. Withdrawing & Accelerated Courses For students in accelerated courses (courses that are less than 16 weeks in length), we determine if you are a withdrawal for Title IV purposes if the you meet all of the following criteria: You ceased to attend or failed to begin attendance in a course you were scheduled to attend. At the time of the withdrawal, you were not attending any other courses within the same payment period. You did not confirm attendance in a course in a term beginning later in the payment period. Below is a set of questions you can use to determine whether you are a withdrawal for Title IV purposes. Questions/Answers Yes No 1. After beginning attendance in the payment period, did you cease to attend or fail to begin attendance in a course you were scheduled to attend? Go to question 2 Not a Withdrawal 2. When you ceased to attend or failed to begin attendance in a course you were scheduled to attend, were you still attending any other courses? Not a Withdrawal Go to question 3 3. Did you confirm attendance in a course in a term beginning later in the payment period? Not a Withdrawal Withdrawal Examples Take for example Sally, who is a recipient of Title IV program funds who is scheduled to complete two courses in each of the first two of three terms within the payment period (5 week 1 and 5 week 2). 5 week term 1 5 week term 2 5 week term 3 Course A Course D Not Enrolled Course B Course E Below you will find three different case scenarios based on the example provided above. Scenario 1: Sally begins attendance in both courses in the 5 week 1 term, but ceases to attend both courses after just a few days and does not confirm that she will return to any courses the 5 week 2 or 5 week 3 term. In this case, Sally is a withdrawal because: She ceased to attend courses she was scheduled to attend (Yes to question 1) She was not still attending any other courses at the time of the withdrawal (No to question 2) She did not confirm attendance in a course in a term beginning later in the period (No to question 3). Scenario 2: Sally begins attendance in both courses in the 5 week 1 term, but withdraws from just one of the courses after a few days. Sally is not a withdrawal. Although Sally ceased to attend a course she was scheduled to attend (Yes to question 1), she was still attending another course in the 5 week 1 term (Yes to question 2). Scenario 3: Sally completes both courses in the 5 week 1 term, but officially drops both courses in the 5 week 2 term while still attending the courses in term one, Sally is not a withdrawal. Because Sally officially dropped both courses in term two before they began, she did not cease to attend or fail to begin attendance in a course she was scheduled to attend (No to question 1). However, because Sally did not begin attendance in all courses, other regulatory provisions concerning recalculation due to a change in enrollment status may apply. Scenario 4: Sally completes both courses in the 5 week 1 term, starts attending both courses in the 5 week 2 term but withdraws from both of these courses, Sally is a withdrawal. Although Sally successfully completed the first term, she ceased to attend courses she was scheduled to attend (Yes to question 1); was not still attending any other courses (No to question 2); and did not confirm attendance in a course in a term beginning later in the period (No to question 3). If you have questions regarding the impact withdrawing or not successfully completing your courses has on financial aid, please contact the Office of Financial Aid at email@example.com. FAQs What happens if I never confirm attendance in a future course, even if I am enrolled? When you cease attendance in the first term, federal regulations require that you confirm in writing your plans to attend a future term within the same payment period (semester), even if you already have future registration within the current semester. When you fail to provide written notice, the Office of Financial Aid is required to perform the Title IV funds Calculation and/or adjust your financial aid during the current semester according to federal guidelines. What happens if I return in a later term after the Return of Title IV has been completed and funds have been returned? You should immediately contact the Office of Financial Aid at firstname.lastname@example.org to notify us. At that time, we will review your eligibility status and possibly reverse the Return of Title IV funds process. Can I appeal the return of funds? No. Unfortunately, there is no ability to appeal the required return of funds. What happens if I withdraw before I accept my student loan funding disbursement? You are not eligible to receive any Title IV funds that could not have been disbursed prior to your withdrawal. That means if you have not accepted your loan funding prior to withdrawing from a course, and you are considered a withdrawal within the current semester, those funds will be cancelled or adjusted accordingly. Are Work-Study funds included in the Return of Title IV Calculation? No. Federal Work-Study funds are not included in the Return of Title IV Calculation. However, when you cease attendance you are no longer eligible to continue working under this program as of the date of withdrawal. What happens if I receive a grade of I/F? For Return of Title IV purposes, a grade of “I/F” is not considered a withdrawal because you are still committed to complete the required work for the course within a specified time frame. However, in certain circumstances, the Office of Financial Aid may contact faculty members to confirm participation and/or work completion in the course. If you have ceased participation in the course, based on the information provided by the faculty member, your financial aid may be adjusted according to federal guidelines. What happens if I fail all of my courses? If you fail all of your courses, this is considered an “unofficial withdrawal.” Federal regulations allow us to assume you completed 50% of a course that was failed, but no more without proof of academic participation, regardless of what you actually completed. We will perform the Return of Title IV funds calculation and return funds to the federal program(s) based on 50% completion. However, if you participated in more than 50% of the course(s), (i.e. you attended class or submitted paper(s) beyond week 5 of an 8 week course), you must contact us immediately via email at email@example.com and request that we review your participation and process based on the last day of participation as confirmed by faculty or other official notification. What happens if I never attended class? Federal regulations require that you begin attendance in all your courses in order to establish eligibility for federal financial aid purposes. If you do not begin attendance in your courses, you will receive a notification via email from the Office of Financial Aid and your financial aid will be put on hold. If we never receive confirmation of academic participation in the course(s), the financial aid funds you were originally eligible to receive will be cancelled. If we confirm attendance in some courses, we will review your eligibility and may adjust your financial aid according to federal guidelines. I am an undergraduate student and I withdrew from my course in the first term, but I am enrolled and plan to complete one course in the second term. Will I need to enroll in another course in the second term to meet the half-time eligibility requirement for my student loans? As long as you established participation in the first term course, a grade of “W” counts toward courses attempted within the semester. Therefore, you only need to enroll and successfully complete one course in the future term in order to meet your half-time eligibility requirement. How long does the Return of Title IV process take? The Office of Financial Aid processes the Return of Title IV funds calculation as quickly as possible once a student has been identified as a withdrawal, but no later than 30 days from the date of withdrawal or from the date of notification of an unofficial withdrawal. The withdrawal generated a credit on my account. When will I receive my refund? Per federal regulations, we are required to perform the Return of Title IV calculation before releasing funds. Once this process is complete, we may utilize a portion, if not all, of the credit balance to return the required funds to the federal program(s), if applicable. If there is a credit balance remaining on your account after the return of funds, it will be sent to you within 14 days after the calculation is complete. If you withdraw in the first term, but plan to complete a future term within the current semester, we will release any credit balance once we have received written confirmation of future enrollment. Please be aware that if you do not follow-through on successfully completing the future course, you will likely have a balance due at Regis and need to return any refund received plus any additional funds we are required to return. I was approved for a Registration Status Appeal. Will the Return of Title IV be reversed now that the F/W grade reverted to a Drop? Registration Status Appeals that are approved follow institutional policy and are separate from financial aid policies. We are still required to perform the Return of Title IV funds calculation when financial aid funds have already been disbursed. Unfortunately, the return of funds cannot be reversed regardless of approval. In the case of a Registration Status Appeal approval prior to the disbursement of financial aid funds, the Office of Financial Aid will review your eligibility and future enrollment status, which may result in the cancellation or adjustment of funds at that time. What are my options if I do not have the money to pay the balance due resulting from the required return of funds? We encourage you to contact Student Accounts at 303.458.4126 as soon as possible to set up a payment agreement. Who do I contact if I have questions about the Return of Title IV funds process? You can email firstname.lastname@example.org and our counselor who specializes in withdraw situations can assist you.