Withdrawal from the University and the Return of Federal Title IV Aid
The law specifies how Saint Leo University must determine the amount of Title IV federal student assistance you have earned if you withdraw from school. The Title IV programs that are covered by this law are: Federal Pell Grants, Iraq and Afghanistan Service Grants, Federal Supple¬mental Educational Opportunity Grants (FSEOGs), TEACH Grants, and Direct Loans--Subsidized, Unsubsidized, PLUS, and Grad PLUS.
When you withdraw during a term (i.e., semester or summer term), the amount of Title IV federal student aid that you have earned up to that point is determined by a specific formula. If you received (or your parent received, if applicable) less assistance than the amount that you earned, you may be able to receive those additional funds. If you received more assistance than you earned, the excess funds must be returned by the school and/or you.
The amount of assistance that you have earned is determined on a pro rata basis. For example, if you completed 30% of the term, you earn 30% of the assistance you were originally scheduled to receive. Once you have completed more than 60% of the term, you earn all the assistance that you were scheduled to receive for that period.
If you did not receive all of the funds that you earned, you may be due a Post-withdrawal disbursement. If your Post-withdrawal disbursement includes loan funds, Saint Leo University (SLU) must get your permission before the loan funds can be disbursed. You may choose to decline some or all of the loan funds so that you do not incur additional debt. SLU may automatically use all or a portion of your Post-withdrawal disbursement of grant funds for tuition, fees, and room and board charges (if applicable). SLU needs your permission to use the Post-withdrawal grant disbursement for all other school charges. If you do not give your permission, you will be offered the funds. However, it may be in your best interest to allow SLU to keep the funds to reduce your debt at the University.
There may be some Title IV funds that you were scheduled to receive that cannot be disbursed to you once you withdraw because of other eligibility requirements. For example, if you are a first-time, first-year undergraduate student and you have not completed the first 30 days of your program before you withdraw, you will not receive any Direct Loan funds that you would have received had you remained enrolled past the 30th day.
If you receive (or your parent receives, if applicable) excess Title IV program funds that must be returned, Saint Leo University must return a portion of the excess equal to the lesser of:
Saint Leo University must return this amount even if it did not keep this amount of your Title IV program funds.
If Saint Leo University is not required to return all of the excess funds, you must return the remaining amount.
The complete Return of Title IV Funds policy is available upon request.
