Withdrawal and Return of Title IV Funds

Saint Leo University is a semester based school with classes offered in semesters and terms. Semester students are awarded on a traditional semester-based calendar with one disbursement per semester (or every 16 weeks). Term students are awarded on an alternative semester calendar with two disbursements per semester (over the course of two 8 week terms). Student accounts reflect tuition charges at the time a student registers for classes, however these charges will be reversed if the student drops or does not attend by the end of the drop/add period. A student officially withdraws by completing the steps outlined in Saint Leo University’s Attendance and Withdrawal Policies and Procedures.

Federal aid used in the return of Title IV funds calculation includes Federal Pell Grant, Supplemental Educational Opportunity Grant (SEOG), Federal Iraq Afghanistan Service Grant (IASG), TEACH, Direct Subsidized loans, Direct Unsubsidized loans, Direct Grad PLUS loans and Direct PLUS loans that have been disbursed or have yet to be disbursed. Federal Work Study is excluded.

The amount of Title IV federal aid earned by a student is determined on a pro-rata basis up to the end of 60% of the term. Once a student has completed more than 60% of a term, all awarded aid has been earned.

The calculation consists of the number of calendar days completed in a term or semester divided by the total calendar days in the term or semester. After calculating the percentage of aid earned, the total aid disbursed (and that has yet to be disbursed) for the term is multiplied by the percentage earned and rounded to the one-hundredth decimal.

A post-withdrawal disbursement of Pell and loan funds may be paid if the student is eligible to receive the funds. The student (or parent if a PLUS loan) will be notified within 30 days of the date of withdrawal of the opportunity to accept, reduce, or decline the post-withdrawal disbursement. Upon receipt of a timely response (within ten days) from the student (or parent), the university will disburse the loan funds as soon as possible and within 180 days of the withdrawal date.

Loan funds will be applied towards the outstanding payment period charges on the student's account and may pay up to the amount of the allowable charges (i.e. tuition, fees, room, board, and bookstore authorizations).

When grant funds must be returned by the student, the law provides that the student may repay 50% of a federal grant rather than 100%. The university will notify the student of the overpayment within 30 days of the date of withdrawal and return the overpayment of funds on behalf of the student. The university will debit the student’s account and collect any balance created by the return of funds. When loan funds should be returned (student or parent if PLUS loan), they will be repaid in accordance with the terms of the promissory note over a period of time.

Students will receive an email to their Saint Leo email address on file or a letter mailed to their home address on file as their withdraw calculation notification.

Withdrawal and Return of Title IV Funds Scenarios

The following scenarios are for term-based students that do not complete a Confirmation of Future Attendance form for their second term:

  1. If a student withdrawals from term 1 and is registered for term 2: The total number of days from term 1 and term 2 (112 days) is used to calculate a potential return of funds. After the drop/add period of term 2 is reached, the student’s account is reviewed. If the student is active in term 2, the term 1 calculation is reviewed and if necessary, removed. Term 1 awards are updated to reflect the original disbursement amounts. If the student is not active in term 2 after the drop/add period, the calculation remains the same.
  2. If a student withdrawals from term 1 and is not registered for term 2: A calculation is performed using the total number of days in term 1 (56 days). All future disbursements are canceled due to the student not being enrolled.
  3. If a student withdrawals from term 2, but had attended term 1: A calculation is performed using the total number of days in term 1 and term 2 (112 days).
  4. If a student completes term 1 and does not begin term 2, then a return of Title IV funds calculation is not needed.
  5. If a student does not attend term 1 but attends term 2 and withdrawals: A calculation is performed using only the total number of days in term 2 (56 days).
  6. If a student is not eligible for Title IV funds at the time of withdrawal, then a calculation is not required. For semester based students that are withdrawing, a calculation is performed using the total number of semester days (112 days). When a semester student receives a “Failure to Attend” status, the 50% calculation mark is based on half of the semester’s total number of days (half of 112 is 56 days). If a term-based student receives a “Failure to Attend” status for term 1, the 50% mark is half of the total number of days of term 1 and term 2 (half of 112 is 56 days). Similarly, if a term-based student receives a “Failure to Attend” status for term 2, the 50% mark is half of the total number of days of term 1 and term 2 (half of 112 is 56 days).