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*HNOLOGYSCHOOL • SCHOOL CATALOG • REFUND POLICY continued. .. FEDERAL RETURN OF TITLE IV FUNDS REFUND POLICY All institutions participating in the SFA programs must use a statutory schedule to determine the amount of SFA funds the student had earned when they ceased to attend, based on the time they were in attendance. If a recipient of the SFA Program withdraws from the institution during a payment period or a period of enrollment in which the student began attendance, the institution must calculate the amount of The student did not earn SFA program assistance, and those funds must be returned. Up through the 60% point in each payment period or enrollment period, a schedule is used to determine how much SFA program funds the student has earned at the time of withdrawal. Afterthe 60% point in the payment period or enrollment period, a student has reached 100% of the SFA funds. The student's last date of attendance will be used to calculate the refund. Refunds will be made within 30 days of the determination's drop date/date of date. The percentage of the payment period or period of enrollment completed is determined by the total number of calendar days in the payment period or period of enrollment. The assistance is awarded divided into the number of calendar days completed in that period as of the last date of attendance. Scheduled breaks of at least five consecutive days are excluded from the total number of calendar days in a payment period or period of enrollment (denominator) and the number of calendar days completed in that period (numerator). Days in which a student was on an approved leave of absence are also excluded from the calendar days for the payment period or period of enrollment. REMITTANCE TO THE FEDERAL GOVERNMENT Suppose it is determined that a federal refund is due. In that case, the statute and regulations clearly define the order in which remaining federal student financial aid program funds are to be returned. Based on the student's financial aid award(s) (their parent(s) in the case of PLUS Loans), the return of federal funds will be remitted to the appropriate program in the following order: 1. Unsubsidized Federal Stafford Loan Program; 2. Subsidized Stafford Loan Program; 3. Federal PLUS Loan Program; 4. Federal Pell Grant Program; 5. Federal Supplemental Educational Opportunity Grant (FSEOG) Program; 6. Other federal, state, private, or institutional sources of aid; and 7. The student. �r Published Jnn4ur,� '� `¢023 All Rights Rescived.© Visit usat »'svw.mtscKool.eUu -