Return of Title IV Funds
When the Excelsior University Financial Aid Office awards Federal Title IV aid to a student, the assumption is that the student will attend the University for the entire period for which the aid was awarded. When a student withdraws, they may no longer be eligible for the full amount of the Federal Title IV funds they were scheduled to receive.
Title IV aid recipients that withdraw from Excelsior are subject to the Return of Title IV Funds regulations. The calculation for Return of Title IV Funds will determine the amount of grant and loan assistance a student "earned" for the period of the student’s enrollment at the University. This calculation will be done by the Financial Aid Office using Department of Education Return of Title IV software.
Up through the 60% point in each payment period or period of enrollment, a pro rata schedule is used to determine the amount of Federal funds the student has earned at the time of withdrawal. After the 60% point in the payment period or period of enrollment, the student has earned 100% of the Title IV funds they are scheduled to receive during the period. The "unearned" portion of the aid will be returned to the appropriate Title IV programs (see below “Refunds” to determine the order in which funds will be returned by the Bursar’s Office). The University will invoice the student for the amount of tuition that was returned that exceeds the University's institutional refund policy.
The "unearned" portion of the aid that was disbursed directly to the student will also be calculated. If applicable, the student will owe a repayment to the Title IV programs. The student will be sent an overpayment letter by the Bursar’s Office and will be given 45 days to make the repayment. The student will be ineligible for further Title IV aid until the funds are repaid or satisfactory payment arrangements have been made with the Department of Education.
Repayment of a State Need Grant is also calculated for any student completing 60% or less of the hours in each payment period.
For a student who withdraws after the 60% point-in-time, there are no unearned funds. However, Excelsior will still complete a Return calculation to determine whether the student is eligible for a post withdrawal disbursement.
The calculation of Title IV funds earned by the student is separate from and has no relationship to institutional charges incurred by the student. Any over/under payment of institutional charges will be handled in accordance with the University’s institutional fee refund policy.
Distribution of refunds, repayments, and return of Title IV funds by the Bursars Office will be done in the following order:
- Federal Family Education Loan Programs
- Federal Pell Grant
- ACG & SMART Grants
- State Need Grant
- Other programs providing aid
