Return to Title IV Funds Policy
Federal Regulations mandate that students who receive federal financial aid, which may include Pell Grant, Supplemental Grant, ACG, Smart Grants, Subsidized Student Loans, Unsubsidized Student Loans and Parent Plus Loans and withdraw from the university during the first 60% of the semester should be aware that a portion of these funds may have to be repaid. A student who remains enrolled and in attendance beyond the 60% point is considered to have earned all of their financial aid for the semester.
If the amount of aid disbursed to the student is greater than the amount the student earned, unearned funds must be returned to the federal programs. If the amount of aid disbursed to the student is less than the amount the student earned and for which the student is otherwise eligible, the student will receive a post-withdrawal disbursement of earned aid.
Arkansas State University – Newport will determine the withdrawal date based on the date the Admissions Office receives information that the student plans to withdraw.
When a student ceases to attend classes but does not complete the official withdrawal process they are considered to have unofficially withdrawn. In the case of an unofficial withdrawal, the mid-point of the semester will be used for the calculation of a Title IV refund unless otherwise documented.
ASUN will return all unearned funds for which it is responsible within 45 days from the date the student is determined to have withdrawn. After the return of funds to Title IV financial aid is adjusted per the calculation, a balance may be owed on institutional charges. The ASUN Business Office will notify the student of any balances owed to ASUN and it will be the student’s responsibility to pay any balance owed.
The order the funds must be returned to Title IV programs is as follows:
- Unsubsidized Student Loan Funds
- Subsidized Student Loan Funds
- PLUS Parent Loans
- Pell Grants
The calculator below estimates the percentage of federal aid that a student must return based upon when he/she withdraws. Please consider this financial responsibility should you be considering withdrawing from the university. Enter your withdrawal date in the calculator to get an estimate of the percent of funds you may have to repay.
The amount of repayment can also be calculated manually using the US Department of Education’s Return to Title IV Funds Worksheets. Click on the appropriate link below to download the worksheet:
If you have questions or need additional information contact Student Services/Financial Aid Office personnel.