The U.S. Department of Education has required institutions and students to repay or refund unearned student aid funds. Student aid may be considered unearned if a student withdraws completely during a term in which federal Title IV money was received. Refund and repayment regulations specify, in complex formula, exactly how much is due back to the federal programs from the institution and/or the student. The Higher Education Amendments of 1998 adopted a new approach for the return of unearned federal funds. The new approach became law on October 7, 1998 and was implemented in the 2000/2001 year.
Federal Regulations require that all or a portion of a student's Title IV financial aid be returned to the appropriate aid program following the student's complete withdrawal from classes. Following withdrawal, any credit balance in the student's tuition and fees account will first be refunded to the aid programs from which funds were awarded. Any remaining credit balance will be refunded to the student. The student may owe the school money if funds were disbursed directly to the student.
Schools have certain responsibilities if a student with Title IV funds:
A student's withdrawal date is:
A student is considered an unofficial withdrawal:
The Office of Financial Aid's responsibilities in regard to the return of Title IV funds follow:
The student's responsibility in regard to the return of Title IV funds include:
Return of Title IV funds to the Federal government will be in the following order:
In addition to a complete withdrawal or unofficial withdrawal for Return of Title IV purposes, the summer semester at MSU-Denver has several parts of terms, or, different start and end dates for classes. Therefore, federal regulations have mandated separate policies regarding classes that begin and end at different times during the course of a semester. A Return of Title IV calculation may be done even if a student passes one course but fails to complete another and the student may be billed because he did not attend the entire duration of the courses for which he registered.
For example, if a student registered for two courses that ran consecutively and are 4 weeks long each and he withdraws on day 13 of the second course, a Return of Title IV calculation must be performed because he did not attend the entire 8 weeks of both courses, even though the student completed the first class. If the student completes the first course but did not establish attendance in the second course, no Return of Title IV calculation will be performed, however, his financial aid will be adjusted and prorated based on the number of credit hours the student actually attended which can result in a bill and a balance due to MSU-Denver. If both classes began and ended at the same time and he successfully passes one class, a Return of Title IV calculation will not be performed and no billing will occur.
For students traveling abroad it is very important to have your transcripts sent to MSU Denver within 30 days after completion of the semester abroad. If we received information that you have not completed any of your courses or never received transcripts, you will be subjected to the Return of Title IV funds process for the semester traveling abroad.
Your financial aid will likely be delayed the semester following your study abroad term. The Office of Financial Aid cannot calculate your release your unofficial withdrawal hold until your official academic transcript from the study abroad program has been received and reviewed by the University. All financial aid will be held until this transcript has been evaluated. You may submit an unofficial transcript to our office but that does not guarantee that we can update your status and release your financial aid.