US Title IV Refund Policy
If a student withdraws or is expelled during the semester (payment period), US law specifies that Kingswood University must recalculate their Title IV (Stafford Loan) funding to determine what amount they have “earned.”
Calculation of Title IV Funding Earned
To earn 100% of Title IV funding a student must complete 60% or more of the semester. If a student has not completed 60% of the semester, the amount earned will be determined by the number of calendar days completed divided by the number of days in the semester. Therefore, a student who has completed 25 days of the 103 day semester will be eligible for 24.27% (25 divided by 103 equals 24.27%) of their previous Title IV eligibility.
If the student received (or the University received on the student’s behalf) less assistance than the amount that was earned, the student may be eligible to receive those additional funds. If the student received more assistance than was earned, the excess funds must be returned by the University and/or the student.
Returning Excess Title IV Funding
Kingswood University is required to return a portion of the excess funds equal to the lesser of the University’s charges multiplied by the unearned percentage of the fund or the entire amount of excess funds.
If the University is not required to return all of the excess funds, the student must return the remaining amount.
Title IV funds will be returned to the lender in the following order:
- Unsubsidized Direct Loans
- Subsidized Direct Loans
Kingswood will return all excess funds to the lender within 30 days of the last date of attendance.
When a student withdraws during a semester, the withdrawal date for Title IV refund purposes will be established as the earlier of the following dates:
- The date the student notifies the Registrar of their intent to withdraw.
- The date the student submits a withdrawal form.
If a student does not submit a withdrawal form or notify the Registrar of their intent to withdraw, their withdrawal date will be established as the last date of their class attendance.
If a student receives all failing grades for a semester and it is determined that this is a result of lack of class attendance, their last date of attendance will be established and used to calculate the amount of Title IV funding earned for the semester.
Student Finances Contact Info:
Shelley Vail – Director of Financial Aid
Phone: 506.432.4423 or 888.432.4444