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Return of Title IV (Direct Loan) Funds

The Office of Student Financial Aid is required by federal law to recalculate federal financial aid eligibility for students who withdraw, drop out, are dismissed or take a leave of absence prior to completing 60 percent of a term. The student’s eligibility for the funds received from federal Title IV financial aid programs must be recalculated in these situations. Recalculation is based on the percentage of earned aid using a federally mandated formula.

Andover Newton determines the amount to be returned to the Title IV program based on the number of weeks completed.

SEMESTER 14 WEEKS SEPTEMBER to DECEMBER
Calculate 13 weeks 1 week break
January to MAY 4, 1 week break

                                                                                        

COMPLETED  SCHOOL RETAINS  REFUND TO TITLE IV 
1 WEEK      8%   92%
2 WEEKS 15%  85%
3 WEEKS 23%  77%
4 WEEKS  31%   69%
5 WEEKS   38%    62%
6 WEEKS   46% 54%
7 WEEKS 54% 46%
8 -13 WEEKS 100%   0

Procedure

  • Coordinator of Financial Aid is notified by the Registrar when a student withdraws from school.
  •  Coordinator of Financial Aid determines the refund due to Title IV based on the number of weeks a student has completed.
  • Coordinator of Financial Aid enters the refund info into EDEXPRESS and exports it to COD.
  • COD process information and the resulting credit will be deducted from the next loan disbursement or if there is no disbursement then the business office will return money through G5 payment page-refund creation-EFT.