Policy - Return of Title IV Funds

SUNY Oswego adheres to all Title IV policies related to the Return of Title IV funds as described in Volume 5, Chapter 2 of the FSA Handbook. 

The Financial Aid Office recalculates Title IV aid eligibility for a student who withdraws, is dismissed or who fail to attends at least 60% of a payment period (semester at Oswego).  

If a student officially or unofficially leaves SUNY Oswego prior to completing 60% of a given semester, the Financial Aid Office recalculates eligibility for Title IV funds in accordance with federal regulations and guidelines.  Recalculation of aid is based on the percentage of earned aid using the federal Return of Title IV funds formula.  This process uses a pro-rata formula based on last date of attendance.  If a student attends class beyond the 60% point in the semester, the student is considered to have earned 100% of the aid they are eligible to receive for the semester.

Software Used to Determine Return of Title IV funds

Oswego uses the SCT Banner student information system which includes a fully functional module to complete all necessary calculations and make all Return of Title IV Funds determinations.

Consumer Information

All information, requirements, and policies and procedures related to withdrawing from the College and the Return of Title IV Funds are available to all students. 

Last Date of Attendance

Official withdrawal

The last date of attendance for an official withdrawal is the date the student signs the withdrawal form to initiate the withdrawal process unless the student notes an earlier last date of attendance on the withdrawal form.

Unofficial withdrawal

If a student does not officially withdraw from all classes but fails to earn a passing grade in at least one course, the College assumes the student has unofficially withdrawn unless it can be documented the student completed the enrollment period. The last date of attendance for a student who does not complete the semester and does not complete the formal withdrawal process is the last date the student can document class attendance.  If no documentation is available, the last date of attendance is the midpoint (50%) of the semester. 

Timing of determination of Title IV Refund

Oswego identifies officially withdrawn students weekly and makes all required calculations.  The College returns all necessary funds within 45 days of the withdrawal.  For students who unofficially withdraw from the College, they are identified within 30 days of the end of the term and all required calculations and returns are completed within 45 days of the end of the semester. 

Determination of percent of semester attended.

As defined in statute, the percent attended equals the number of days completed up to the withdrawal date divided by the total days in the payment period or term.  Note, any break of five days or more is not counted as part of the days in the term.  This percentage is also used as the percentage of aid earned if the student leaves the College prior to completing 60% of the term. 

Unofficial Withdrawals

If a student does not officially withdraw from all classes but fails to earn a passing grade in at least one course, the College assumes the student has unofficially withdrawn unless it can be documented the student completed the enrollment period.  If a last date of attendance can't be determined, Oswego uses the mid-point of the semester to determine the percentage of Title IV aid earned.

Title IV Refund Process

Unearned aid is returned to the appropriate Title IV program based on the percentage of aid earned by the student.  The formula for Title IV aid to be returned = (100% of the aid that could be disbursed minus the % of aid earned) multiplied by the total amount of aid that could have been disbursed during the semester. 

Post Withdrawal Disbursement

If it is determined that the student is eligible for a post-withdrawal disbursement, the student is notified of the potential for a post-withdrawal disbursement within 30 days of the determination of withdrawal.  The disbursement is made within 180 days of the determination.

Order of Return of Title IV Funds

The College returns the unearned Title IV funds to the appropriate fund in the following order:

            -Unsubsidized Direct Stafford Loans

            -Subsidized Direct Stafford Loans

            -Federal Perkins Loans

            -Direct PLUS Loans

            -Federal Pell Grants

            -ACG Grants

            -SMART Grants

            -Federal SEOG Grant

            -Federal TEACH Grant

Title IV Overpayments

If it is determined an overpayment exists due to student's unearned Title IV aid, Oswego returns the overpayment that would otherwise be the responsibility of the student.  The student then owes the overpayment to Oswego and no reporting to NSLDS is required.

Written Notice

The student is notified in writing the results of the Title IV Refund process.  This notification includes a description of all unearned Title IV funds returned to the appropriate fund, including notification of any unearned funds returned to the Direct Loan program.