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Federal Return of Title IV Funds Policy

Federal Return of Title IV Funds Policy

Authority: 
Business Affairs
Date enacted or revised: 
August 29, 2005
All students who resign from the University must submit written notice of resignation to the McNeese Registrar's Office.

If a student, who is disbursed Title IV financial assistance, withdraws or stops attending class on or before completing 60% of the semester in which the Title IV aid was disbursed, the following Return of Title IV Funds policy will be applied.

McNeese State University will implement the new federal Return of Title IV Funds policy beginning with the Fall 2000 semester per the Higher Education Act of 1998.  This policy will apply to any student who receives Title IV aid which is Federal Pell Grant, Federal Perkins Loan, Federal Supplemental Educational Opportunity Grant (SEOG), Federal Work Study (FWS), Federal Stafford Loans (Subsidized, Unsubsidized and Parent) and who officially withdraws, drops out, is expelled, takes an unapproved leave of absence (unofficial withdrawal), or fails to return from an approved leave of absence (unofficial withdrawal).  Refer to the "Withdrawal from the University" section of the McNeese State University catalog for requirements for officially withdrawing from school.

The amount of Title IV Funds to return to the applicable federal programs will be determined, using the student's withdrawal date, by calculating the percentage of the enrollment period for which the student did not complete.  Scheduled breaks of five or more consecutive days are excluded.  McNeese State University will return the lesser of the total of unearned aid or an amount equal to institutional charges multiplied by the percentage of unearned aid.  The student will be responsible for repaying any remaining unearned portion that was disbursed to them.

Failure to attend class or failure to resign properly could cause the student to receive a letter grade of "F" in all courses.  In this case, the student would still be subject to the return of funds policy once an official withdrawal date is established.  Merely discontinuing class attendance is not considered to be a formal resignation from the university.  Students who were awarded financial assistance and who discontinue class attendance may be held responsible for repayment of all tuition and fees.  Please refer to the "Class Attendance Regulations" section of the McNeese State University catalog for requirements on class attendance.

If student's portion of unearned Title IV funds is a loan, no action by the school is necessary.  Regular loan terms and conditions apply.  If student's portion of unearned Title IV funds is a federal grant, the student will be required to return no more than 50% of the amount received for the enrollment period.

In the event of registration, the McNeese institutional refund policy will be applied and tuition will be reduced by that amount.  The student may be liable for any Title IV funds disbursed to their account in excess of the amount allowed by federal regulations.  The school will collect the portion of any assistance owed by the student.  If no payment is received, holds will be placed on the student's accound and the student will lose eligibility for Title IV aid unless the overpayment is paid in full or statisfactory repayment arrangements are made.

Unearned funds are allocated to the Title IV programs from which the student received assistance, in the following order:
1st  Unsubsidized Federal Stafford Loans
2nd Federal Stafford Loans
3rd  Federal Perkins Loans
4th  Federal PLUS Loans
5th  Federal Pell Grant
6th  Federal SEOG Grant
7th Other Title IV Programs

After the institutional refund has been credited in this order, any remaining amount will be returned to the student.