It is the responsibility of the Office of Financial Aid to complete the calculation of the Title IV returns within the time frame required by federal regulation. Any student with Title IV funding that has attended at least one class will be run through the R2T4 calculation process. The Office of Financial Aid will inform students of any aid changes once the R2T4 calculation is completed. Exit Counseling is completed in the Office of Financial Aid if possible and if a student has received loans. All students that withdraw are emailed instructions to complete the counseling online at www.studentaid.gov. The University of Pikeville returns the calculated amount to the appropriate sources which may result in a bill owed to the University of Pikeville. The student receives notification from the Business Office of any remaining balance.
Title IV Return Calculation Procedures – The following steps outline the general procedures used to calculate a Title IV return:
- Determine the percentage of aid earned by calculating the percentage of the period that the student completed.
- Determine the amount of earned aid by applying the percentage of the total Title IV aid that was or could have been disbursed.
- Determine the amount of unearned aid by subtracting earned aid from disbursed aid.
- If unearned funds must be returned, determine the school’s and the student’s shares.
The portion of the unearned funds the school is responsible for paying is returned by the school immediately. The student is then notified of the school’s responsibility to return funds to the federal aid program, and is subsequently billed, via a balance on their institutional account for any funds the school was required to return. Any funds returned by the school represent a debt owed by the student to the University of Pikeville. A student may not enroll in subsequent terms, or have academic records released, until such time that all debts have been repaid to the institution. The University of Pikeville is required to return unearned financial aid assistance in a particular order when a student officially or unofficially withdrawals:
Unsubsidized Direct Loans
- Subsidized Direct Loans
- Federal Perkins Loans
Direct PLUS Loans
- Federal PELL Grant
- Federal SEOG
- TEACH Grant