Title IV Refund Example
Return of Title IV Funds Policy
Sara Brown is enrolled in 12 credits at SUNY Orange for the Fall 2007 semester.
She has been awarded the following financial aid awards: a full - time PELL Grant of $2155.00
A total of $ 2086.75 in aid has been applied to Sara's charges and she received a check for $68.25.
Sara's charges for the fall semester are:
The fall semester begins Monday, August 27, 2007. There are 109 days in the semester and Sara attends the fall semester until 10/24/07 completing 59 days or 54.1% of the semeseter. She completely withdraws on 10/24/07.
The percentage of aid earned is: 54.1% = 59 days divided by 109 days in the semester
The percentage of Title IV aid that Sara has earned for the payment period is: $ 2155.00 multiplied by 54.1% or $ 1165.86.
The calculation for the amount of aid to be returned by SUNY Orange is
The lesser of:
- Institutional charges multiplied by the unearned percentage of aid OR
- total aid disbursed less aid earned. See the calculation below.
- $2086.75 multiplied by the percentage of aid unearned 45.9% = $957.82
- compared to $ 2155.00 less $ 1165.86 = $ 989.14
- Title IV aid to be returned from this calculation is $ 957.82.
From her original PELL award of $2155.00 a total of $957.82 is returned to the PELL fund. Sara Brown's revised award is $1197.18 in federal financial aid. When the earned aid is applied to total charges of $2086.75 plus the check she received for $68.25 (total $2155.00), the balance that Sara must personally repay to SUNY Orange is $957.82.