Return of Federal Title IV Funds

If a student completely withdraws from CBU, the unearned amount of Federal Financial funds must be returned to the appropriate Federal Aid programs. The unearned amount of the Federal Financial Aid is calculated by dividing the number of days completed in the term by the number of days in the term, exclusive of breaks of five or more days. No refund is required if the student has completed more than sixty percent (60%) of the term. All unofficial withdrawals will be calculated using the fifty percent (50%) point of the term or the last known date of academic related activity provided by the Instructor.

An unofficial withdrawal happens when a student stops attending classes and/or receives a zero GPA for that term/semester. CBU is required to calculate a return of Title IV funds (Stafford, PLUS loans, Pell grants), which may create a tuition liability for the student, resulting in them owing CBU money, unless they can prove that they attended at least one class past the sixty percent point of the term/semester.

The United States Department of Education requires repayment of funds in the following order:

  • Unsubsidized Direct Loans
  • Subsidized Direct Loans
  • Federal Perkins Loans
  • Federal Plus Loans
  • Federal Pell Grants
  • Federal SEOG
  • Other Federal Financial Aid programs

Examples of the refund calculations for the Federal Financial Aid are available in the Financial Aid Office during normal working hours.