Financial Aid Refund Policy

If the student receives more Student Financial Aid Program assistance than the amount earned, the school, or the student, or both, must return to the Student Financial Aid Program the unearned funds as required below.


The school must return the lesser of:


  • The amount of Student Financial Aid Program funds that the student does not earn; or

  • The amount of institutional costs that the student incurred for the payment period, multiplied by the percentage of funds that was not earned.

The student (or parent, if a Federal PLUS loan) must return or repay, as appropriate, the remaining unearned Student Financial Aid Program grant and loan funds.

 

Method of Return of Funds by the Student 

The student (or parent, if a Federal PLUS loan) must return the unearned funds for which they are responsible to loan programs in accordance with the terms of the loan, and to grant programs as an overpayment. Grant overpayments are subject to repayment arrangements satisfactory to the school, or overpayment collection procedures prescribed by the Secretary of the U.S. Department of Education.