There are circumstances which require IPFW to reduce the amount of Financial Aid that was disbursed to your account. These circumstances are often the result of a student dropping classes, not-attending classes or not performing well in classes.
When this occurs, the Financial Aid Office reduces the award which results in these funds being pulled from your Bursar Student Account and sent back to the students’ loan or grant.
If a refund of excess Financial Aid has already occurred, you will be notified of the need to pay these funds back to the university. This notification will be made electronically in the form of an eBill and may also be made in the form of a letter from Financial Aid Office, Bursar Office, or both.
Federal financial aid, such as the Pell grant and Stafford loans, are officially known as Title IV Funds. If you withdraw from all of your classes, the Financial Aid Office is required by law to complete a Return of Title IV calculation and any aid that you didn't earn will be returned to the state or federal aid program. This is called Return of Title IV Funds.
"Earned" vs "Unearned" Financial Aid
Your financial aid awards are meant to pay for an entire semester.
For the period of time before you withdrew or stopped attending, you earned the aid that paid out.
For the period of time after you withdrew or stopped attending, the aid that paid for the rest of the semester is considered unearned.
How will we calculate the amount to be paid back?
We will compare the number of days of you were enrolled to the number of days in the semester/summer session. Example: If you withdrew from all classes when 30% of the term had been completed, 70% of your aid will have to be paid back.
Once the Return of Title IV calculation has been completed, the Financial Aid office will determine how much of your financial aid awards that you earned. Any unearned aid will be returned to the program it came from.
If you owe a balance after funds are returned, the university may use a collection agency or file a claim in Small Claims Court to recover funds you owe.
If you withdraw from all classes before 60% of the semester has been completed, you must pay back some of the financial aid you received.
If you withdraw from all classes early in the semester/summer session and receive a full or partial refund of fees, the amount you are required to pay back will be adjusted.
If you withdraw from all classes after 60% of the semester has been completed, you will not have to pay back funds.
If you are required to pay back financial aid, it will be repaid to the following programs in this order:
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