The Louisiana Tech University Financial Aid Office is required to administer a return of federal student aid funds policy that complies with the Higher Education Act Reauthorization of 1998. Federal financial aid includes Federal Pell Grant, Supplemental Educational Opportunity Grant (SEOG), Academic Competitiveness Grant (ACG), National SMART Grant, Perkins loan, Stafford loans, Grad PLUS loans, and PLUS loans. The policy that follows complies with the federal requirements.
Title IV funds are awarded to a student under the assumption that the student will attend school for the entire period for which the assistance is awarded. When a student withdraws, the student may no longer be eligible for the full amount of Title IV funds that the student was originally scheduled to receive.
WITHDRAW = PAYBACK
The Financial Aid Office recalculates federal financial aid eligibility for students, who fail to attend, drop out, resign (officially or unofficially), or are dismissed prior to completing greater than 60% of the enrollment period. The enrollment period is computed from the "classes begin" date to the "last day of classes" date. Recalculation is based on the percent of aid earned using the following formula:
|Number of days completed||= percent earned|
|Total days in the Enrollment Period|
The date used in the calculation is defined as the date of last attendance. The University must return any unearned aid that was applied to institutional charges. The student then owes the University the amounts returned to the federal aid programs. The student may also be required to return/pay some portion of the federal aid received as a refund to the student. For example, if a student was enrolled for 30% of the enrollment period, the student is entitled to only 30% of the aid received; thus, 70% of the aid must be returned.
Students who stop attending after greater than 60% of the enrollment period has passed do not owe immediate paybacks at all! Please be aware that students must have attended at least one class after 60% of the enrollment period. If this date occurs after the completion of greater than 60% of the enrollment period, the student is considered to have earned 100% of the Title IV aid received (see schedule of attendance).
While this return of Title IV funds policy applies solely to students who receive federal financial aid, it must be understood that the Louisiana Tech University refund policy may also be applied to financial assistance received from other than federal sources. The student may owe a refund to the University on the basis of their refund rules. Details of the University refund policy are located in the "Racing Form" and quarterly "Expense Sheet".