Return of Title IV funds

Students who are awarded Title IV (Federal) Financial Aid are subject to the Return of Title IV Funds Policy. Students are advised that Return of Title IV Funds calculations are required in the following circumstances. The calculation is made when the student withdraws or takes an Unapproved Leave of Absence.

Notice of Withdrawal - Withdrawals include academic dismissal, academic disqualification, and leaving the institution without proper notification.

Approved Leave of Absence - All requests for a Leave of Absence must be submitted in writing to the Student Advisement Office. An Approved Leave of Absence occurs when the student leaves at the end of an academic quarter and returns at the beginning of an academic quarter after an absence of exactly one quarter. Students are required to provide a written, signed and dated request for a leave of absence prior to the leave. Also, the student must not have taken another leave within a 12-month period.

Order of Return - The funds will be returned by FIDM and/or the student, as applicable, according to federal regulations. These federal regulations require that funds be returned to their original source in the following order. Only 50% of the Federal portion of the Federal Pell and Federal SEOG grants is subject to return by the student.

1. Federal Unsubsidized Stafford Loan Program
2. Federal Subsidized Stafford Loan Program
3. Federal Perkins Loan Program
4. Federal PLUS (parent) Loan Program
5. Federal Pell Grant Program
6. Federal SEOG Grant Program

Calculation of Return of Title IV Funds - Students who are subject to the Return of Title IV Funds Policy are:

• Awarded Title IV Funds - Students will be charged for all books, equipment and supplies which are received. Once the student has attended two quarters, no refund will be made. Students withdrawing from FIDM may return unused and in perfect condition books, equipment and/or supplies for a full refund, subject to a 25% restocking charge. They must be returned by appointment to the College Services Office within 20 days from the student's LDA. Used items are non - refundable.
• Attendance - Students whose attendance has not exceeded 60% of the quarter in which they have withdrawn. The percentage will be calculated by dividing
  a) the number of days from the first day of school to and including the LDA, by
  b) the total number of days in the quarter from the first day to and including the last day of school.
  The first and last days of school used in the calculation are published in the FIDM School Calendar.
• Debit Balance - In some instances, the Refund Policy may result in the student owing FIDM monies. The student agrees that any monies owed, including those as a result of any FIDM Institutional Refund and/or Return of Title IV Funds calculations are payable to FIDM within 30 days .
• Reapply for Financial Aid - Students returning from any absence must reapply for financial aid upon returning to FIDM. Previously awarded financial aid may not be available upon return depending on funding levels and the remaining units in the student's program.
• Questions? Additional examples and further assistance are available from the Admissions Advisors and the Fiscal Counselors in the Student Financial Services office.