Return of Funds Calculation
Students receiving Federal financial aid (referred to as Title IV financial aid and includes such awards as Pell, SEOG, and Direct Loans) who find it necessary to withdraw from all classes may be required to return a portion, or all, of their Title IV funding. Additionally, students who have failed their classes may also be required to return a portion, or all, of their Title IV funding. To determine the amount of aid to be returned, a Department of Education regulated calculation will be performed. Return to Title IV (R2T4) calculations vary based on the student’s period of enrollment. Prior to officially withdrawing, students should review the Satisfactory Academic Progress requirements to assure that this will not affect the receipt of future financial aid.
Traditional Day Students
For students enrolled in the Traditional Day program, the Return to Title IV calculation is as follows:
- Number of days completed divided by number of days in the semester = Percentage Completed
If a student completes 60% or less of their scheduled enrollment period, a portion of the student’s Title IV aid is required to be returned. The number of days completed is determined by the official withdrawal date provided by the Registrar’s Office. This date is dependent on the last date of an academically related event.
Returns and Notification
In the event that a student’s Title IV aid must be returned, Indiana Tech will return aid in the following order:
- Unsubsidized Direct Loans
- Subsidized Direct Loans
- Federal Perkins Loans
- Parent Loans for Undergraduate Students (PLUS)
- Federal Pell Grants
- Other Title IV Assistance
Students affected by a Return to Title IV calculation will be notified on an individual basis via U.S. Mail. The Return to Title IV calculation may result in a balance being owed to Indiana Tech. Please contact the Business Office directly to resolve any outstanding balances.