Return of Title IV Funds
A calculation for the return of federal funds will be completed within 30 days of the school’s determination that a student has ceased attendance without proper notification. Any financial assistance disbursements that must be returned to their original source of funding will then become immediately due and payable by the student to the University and in some cases to the U.S. Department of Education.
The following resignation calculation will be used to determine the prorated amount of tuition and fees to be credited to the student’s account and the amount of financial aid to be returned to their source programs:
- The total number of calendar days attended by the student = Percentage to the total number of calendar days in the term of enrollment be retained.
The total number of calendar days includes all days beginning with the first day of classes and ending with the last day of exams for the student’s official program of study, excluding scheduled breaks of at least five consecutive days or more.
When the percentage to be retained is equal to or greater than 60% NO tuition credit or refund of Title IV funds is required by the Mercer Institutional Refund Policy or the Federal Return Policy.
- Total tuition and fees for the term of enrollment X (100 – percentage to be retained) = Total tuition and fees to be credited to the student’s account.
- Total amount of Title IV Financial Aid disbursed X (100 – percentage to be retained) = Total Title IV Financial Aid to be returned**
** In most cases the University is required to return only the portion of Federal Financial Aid that has been paid toward institutional charges.
Any funds refunded to the student prior to resignation could be repayable by the student to the University or the U.S. Dept of Education. Should the University be required to return federal financial aid funds in excess of those retained for tuition and fees then the student would be immediately responsible for payment back to the University for the full amount of this excess refund.
- Total amount to be returned to Non-Title IV funds = Total tuition and fees to be credited to the student’s account less the total Title IV Financial Aid to be returned.
Federal Title IV financial aid funds must be returned in the following order:
- Federal Unsubsidized
- Federal Subsidized
- Federal Perkins
- Federal PLUS
Grants (& Other):
- Federal Pell
- Other Title IV (excluding College Work Study earnings).
Non-Title IV financial aid funds will be returned in the following order:
Mercer institutionally funded
Mercer Endowment funded
- Other Loans
- Other Grants/Scholarships
- Student/Parent Payments