To calculate the amount of assistance earned by a student, BVU will first determine the percentage of assistance the student earned. The percentage of assistance earned is equal to the percentage of the period of enrollment that was completed as of and including the day the student withdrew, up to the 60 percent point in time. The percentage will be calculated using calendar days completed as of the day the student withdraws divided by the number of days in the enrollment/payment period. All scheduled breaks of five or more days, including Saturdays and Sundays, will be taken out of the calculation. The calculated earned percentage is applied to the total amount of assistance that was disbursed or could have been disbursed to the student (allowable post withdrawal disbursements included), or on the student's behalf, for the period of enrollment, as of the withdrawal date. If the withdrawal occurs after the 60 percent point, then the percentage earned is 100 percent and the student will be fully charged. Charges in all other situations will be assessed using the same percentage calculated for assistance earned.
BVU must return the lesser of the unearned amount of Title IV (federal) aid, or an amount equal to the total institutional charges the student incurred for the enrollment period, multiplied by the unearned percentage of Title IV assistance (which is the complement of the earned percentage). The student is required to return federal funds when the total amount of unearned assistance exceeds the amount the school must return. The student returns the difference between the total amount of unearned assistance minus what BVU returns. However, a student is not required to return 50 percent of Title IV grant assistance received. If it is determined that a student must return federal grant assistance, the student will be given 45 days from the day the calculation is performed to submit the owed amount to, or make satisfactory arrangement for payment. If payment is not made within 45 days, the Department of Education will be notified of the overpayment situation and the student may face losing consideration for future financial assistance until payment is received.
The order of the return of Title IV funds will be as follows:
- Unsubsidized FFEL Loans
- Subsidized FFEL Loans
- Unsubsidized Direct Loans
- Subsidized Direct Loans
- Perkins Loan
- FFEL PLUS Loans
- Direct PLUS Loans
- Pell Grants
- AC/SMART Grants
- TEACH Grant
- Other Title IV assistance for which return of funds is required
The order of the return of institutional funds will be as follows:
- BV Grant/Scholarships not endowed or restricted
- Endowed/Restricted scholarships
- Institutional Loans
If a student or parent feels that individual circumstances warrant exceptions from stated policy, the following appeal order can be followed:
- Accounts Receivable Coordinator
- Director of Financial Assistance
- Accounting Manager
- 4. Director of Business Services
- 5. Vice President for Business Services
- 6. President of Buena Vista University
If disciplinary action results in the loss of any college or college-contracted service for the student, there will be no refund, except pro-rated board costs, unless required by federal state or other regulations.
Contact the Office of Student Services for a copy of BVU's Medical Leave of Absence Policy.
Contact the Office of Financial Assistance for an example of a refund calculation.