Return of Title IV Funds A student may find it necessary to withdraw from school or enter a leave of absence during a quarter. When this occurs, the student may owe a refund of Title IV funds. It is important that every student at Rosalind Franklin University of Medicine and Science (RFUMS) is familiar with the Title IV refund policies. Title IV refund policies have no relationship to the University tuition and billing policies. In other words, the amount of institutional charges a student owes for a term in which s/he withdrew is not equivalent to the amount of Title IV funding the student is entitled to. Often times, a student who is a recipient of financial aid that withdraws mid-term will not only owe all funds that were picked up for books and living expenses, s/he will also owe the University a payment to cover institutional charges (ie tuition). Return of Title IV (Federal) Aid The federal government mandates that students who withdraw from all classes may only keep the financial aid they have “earned” up to the time of withdrawal. Title IV funds that were disbursed in excess of the earned amount must be returned by RFUMS to the federal government. This could result in the student owing aid funds to RFUMS, the government, or both. To determine the amount of aid the student has earned up to the time of withdrawal, the Financial Aid Office will divide the number of calendar days the student attended classes by the total number of calendar days in the quarter (less any scheduled breaks of five days or more). The resulting percent is used to determine the pro-rated Title IV funds earned by the student. If the percent is 60% or more, the student will not need to return any Title IV funds. Allocating Returned Title IV (Federal) Aid Funds that are returned to the federal government are used to reduce the outstanding balances in individual federal programs. Financial aid returned must be allocated in the following order:
Students who circumstances require that they withdraw from classes are strongly encouraged to contact the Financial Aid Office and their academic department before doing so.
Contact the Financial Aid Office: financial.aid@rosalindfranklin.edu (847) 578-3217