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Return Of Title IV Funds

 
 

What happens when you withdraw If you

  • withdraw on your own,
  • leave without notice, or
  • are expelled before the end of the semester,

then EKU will determine how much of your Title IV aid must be returned to the Title IV Programs.

Title IV Funds refers to the following federal financial aid programs authorized under the Higher Education Act of 1965 (as amended):

  • Federal Pell Grants
  • Federal SEOG
  • Federal Perkins Loans
  • Federal Direct Loans (subsidized, unsubsidized, PLUS)
  • Federal Stafford Loans (subsidized, unsubsidized, PLUS)

How part or all of your Title IV grant or loan is returned

  1. Your withdrawal date is:
    • The date you began the institution's withdrawal process (as described in the EKU catalog) or officially notified the institution of intent to withdraw; or
    • The midpoint of the period for when you leave without notifying the institution or
    • Your last date of attendance at a documented academically related activity.
  2. Title IV aid is earned in a prorated manner on a per diem basis up to the 60% point in the semester. After this point in time, Title IV aid is viewed as 100% earned. You can request a copy of the worksheet used for this calculation from the Student Financial Aid Office.
  3. Some Registration Fees cannot be refunded.
  4. In accordance with federal regulations, refunds are allocated in this order:
    1. Unsubsidized Direct Loans 
    2. Subsidized Direct Loans
    3. Direct PLUS Loans
    4. Federal Pell Grants
    5. Iraq and Afghanistan Service Grants
    6. FSEOG
    7. TEACH Grants
  5. Responsibilities regarding the return of Title IV funds.
    1. EKU's responsibility includes:
      • Providing each student with information given in this policy,
      • Identifying which students are affected by this policy,
      • Completing the return of Title IV Funds calculation for these students
      • Disbursing any credit balance to the students no later than 14 days after the calculation is finished
      • Returning any Title IV funds that are due the Title IV programs.
    2. Student's responsibilities include:
      • Returning to the Title IV programs any funds that were disbursed directly to you and for which you were determined to be ineligible via the return of Title IV funds calculation.

In accordance with the guidance provided in the FSA Handbook, Volume V, the process is completed weekly to ensure deadlines are met (45-day deadline from date of determination to return required funds, 30-day deadline to notify student/parent of post-withdrawal disbursement).  If students are due a post-withdrawal disbursement of loan funds, they will be notified via letter from EKU’s Office of Student Financial Assistance and have 14 days to respond. 

The above fees, procedures, and policies supersede those published previously and are subject to change at any time.

If you believe that your individual circumstances warrant that your charges or refund should be determined in a manner other than the published policy, then contact the Office of Student Financial Assistance at 859-622-2361.