Return of Federal Financial Aid
Student must complete at least 60% of the calendar days of the semester in order to have earned 100% of awarded federal financial aid.
If a recipient of Title IV federal financial aid (Federal Stafford Loan) completely withdraws from the Seminary prior to having completed at least 605 of the calendar days of the semester, a portion of the federal aid received will have to be returned to the appropriated federal aid programs by the school, student or both.
The percentage of federal aid “earned” is equal to the percentage of days completed out of the total number of calendar days in the semester, beginning with the official start date of the term through the last day of classes.
Breaks of five (5) days or more are excluded for this percentage calculation. The number of days completed is based on the official withdrawal date as determined by the Seminary. Please refer to the section titled ‘Withdrawal from the University’ above for guidance on the process of establishing a date of withdrawal.
The Seminary will be responsible for determining the amount of federal financial aid that is unearned and the amount that must be returned to the appropriate aid program.
Unearned Title IV aid must be returned in the following order:
1. Unsubsidized Stafford Loan
2. Subsidized Stafford Loan
3. Perkins Loan
4. Grad PLUS
5. PLUS Loan
6. Pell Grant
7. FSEOG Grant
8. Other Title IV Assistance
In some instances, the student may be required to repay some of the Title IV aid he or she received for non-institutional charges. Also, in some cases, a student may be eligible for a late disbursement of awarded aid the amount of aid received is less that the amount earned at the point of withdrawal.
Non-Title IV financial aid is not affected by this calculation of earned aid. State, institutional and private assistance will be subject to the normal refund guidelines established for the program or by the donor.
IF YOU ARE REQUIRED TO RETURN UNEARNED FUNDS, YOU WILL BE NOTIFIED BY THE FINANCIAL AID OFFICE. IF YOU ARE ELIGIBLE FOR A LATE DISBURSEMENT OF EARNED AID, YOU WILL BE NOTIFIED BY THE FINANCIAL AID OFFICE.
Should you have any questions regarding the information contained in this manual, please do not hesitate to contact the Financial Aid Officer for Payne. Payne Theological Seminary reserves the right to update and/or change any information within this document in compliance with the Department of Education regulations and/or i