Title IV Refund Example
Return of Title IV Funds Policy
Example:
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:
| Tuition |
$1550.00
|
|---|---|
| Fees |
169.00
|
| Books |
367.75
|
| Total |
$2086.75
|
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.
Calculation:
- $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.
