Return of Financial Aid Funds Policy

IWP students who withdraw from their respective programs for any reason may qualify for a tuition refund on a per semester basis.  Students must, however, keep in mind that a withdrawal may also subject the student the Return to Title IV process.  When a student who is a recipient of Title IV loans (unsubsidized and Grad PLUS) withdraws during a payment period or period of enrollment in which the student began attendance, the institution must determine the amount of Title IV loan assistance earned as of the student's withdrawal date.

According to the Information for Financial Aid Professionals (IFAP) website:

Up through the 60% point in each payment period or period of enrollment, a prorate schedule is used to determine the amount of Title IV funds the student has earned at the time of withdrawal.  After the 60% point in the payment period or period of enrollment, a student has earned 100% of the Title IV funds he or she was scheduled to receive during the period.

Additionally,

Federal regulations require that students receiving federal loan assistance toward tuition, fees, and living expenses must refund aid received to the Department of Education in the event that:

- the student fails to register for the period of enrollment for which they were charged and aid was awarded or;
- the student withdraws, drops out, takes an unapproved leave of absence, fails to return from an approved leave of absence, is expelled, or otherwise fails to complete the period of enrollment for which they were charged and aid was awarded.

It is important that you notify the Office of Financial Aid of any change in your course schedule (specifically, in the case of withdrawals and/or leave of absences).  While this may not effect but a small number of students, it is important that if you have any questions regarding the Return to Title IV policy, you should contact the Office of Financial Aid as soon as possible.