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
Calculate 13 weeks with 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 |