Gwynedd Mercy University
AY2022-2023 Graduate Academic Catalog
on the percentage of earned aid using the following federal Return of Title IV Funds formula : Percentage of payment period or term completed = the number of days completed up to the withdrawal date divided by the total days in the payment period or semester . ( Any break of five days or more is not counted as part of the days in the semester .) This percentage is also the percentage of earned aid . Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula : Aid to be returned = ( 100 % of the aid that could be disbursed minus the percentage of earned aid ) multiplied by the total amount of aid that could have been disbursed during the payment period or semester .
If a student earned less aid than was disbursed , the institution would be required to return a portion of the funds and the student would be required to return a portion of the funds . Keep in mind that when Title IV funds are returned , the student borrower may owe a balance to the institution . If a student earned more aid than was disbursed to him / her , the institution would owe the student a post withdrawal disbursement , which must be paid within 120 days of the student ’ s withdrawal . The institution must return the amount of Title IV funds for which it is responsible no later than 45days after the date of the determination for post withdrawal disbursement must be offered to the student within 30 days of the date of determination .
Refunds are allocated in the following order : Unsubsidized Federal Direct Loans Subsidized Federal Direct Loans Federal Parent Direct ( PLUS ) Loans Federal PELL Grant for which a return of funds is required Federal Supplemental Opportunity Grants for which a return of funds is required Unofficial Withdrawals ( all F Grades )
If a student who began attendance and has not officially withdrawn fails to earn a passing grade in at least one course offered over an entire period , Gwynedd Mercy University must assume , for Title IV purposes , that the student has unofficially withdrawn , unless it can be documented that the student completed the period .
Federal Exit Counseling
Students who have secured loans ( Perkins , Nursing , or Direct ( Subsidized / Unsubsidized )) will receive an exit counseling letter ( s ) if they :
• Graduate from the University
• Drop all their courses during a semester or drop to less than 6 credits
• Formally withdraw from the University
• Enroll in a semester at a rate of less-than-half-time ( less than 6 credits )
• Unofficially withdraw from the University ( stop attending all classes during a semester without formally notifying the University or fail to enroll in a subsequent semester )
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