Gwynedd Mercy University
AY2023-2024 Undergraduate Academic Catalog scholarships will be reinstated for the student IF funds are still available at the time of awarding .
Normally , students should complete the associate degree in four semesters of full-time enrollment : the bachelor ’ s degree in eight semesters of full-time enrollment . Mitigating circumstances may necessitate an additional semester ( s ). Students should understand that state and institutional financial aid is limited to a maximum of four semesters for the associate degree and eight semesters for the bachelor ’ s degree .
Eligibility for federal aid is limited to twelve semesters for the bachelor ’ s degree and six semesters for the associate degree .
Return of Title IV Funds The Office of Student Financial aid recalculates federal financial aid eligibility for students who withdraw prior to completing 60 % of a payment period or semester , drop out , or are dismissed . Recalculation is based 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 . Remember that when Title IV funds are returned , the student borrower may owe the institution a balance .
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 45 days 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 .
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