Return Of Title IV Funds/institutional Refund Policy
The percentage of assistance earned by a student who chooses to withdraw 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. If the withdrawal occurs after the 60 percent point, then the percentage earned is 100 percent as the student will be fully charged.
BVU will return the lesser of, the unearned amount of aid or an amount equal to the total institutional charges the student incurred for the enrollment period multiplied by the unearned percentage (which is the complement of the earned percentage above). The student is required to return federal funds when the total amount of unearned assistance exceeds the amount the school must return. 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 or make satisfactory arrangement for payment. If payment is not made within 45 days, the Department of Education will be notified of the overpayment and the student may face losing consideration for future financial assistance until payment is received.
If a student or parent feels that individual circumstances warrant exceptions from the stated policy, the following appeal order can be followed:
- Accounts receivable coordinator
- Director of financial assistance
- Accounting manager
- Director of business services
- Vice president for business services
- President of Buena Vista University
Contact the Office for Student Affairs for information about BVU’s Medical Leave of Absence Policy. Contact the Office of Financial Assistance for an example of a refund calculation.