Return of Title IV Funds
This policy applies when students receiving financial aid cease to be enrolled.
Changing Your Schedule: If you decide to change your schedule (drop/add or change to a different section of the same class), you must complete a drop/add form through your academic advisor. This must be done regardless of whether or not you have attended the class(es) for which you have registered.
Financial Aid Recipients: If you are receiving financial aid (Title IV Funds), you may receive a credit if you drop or withdraw from all of your classes before the completion of 60% of your term. Your credit is based on the date your completed drop/add form is received by the Business Office, not on the last date you attended class. Therefore, it is important that you complete and turn in your drop/add form as soon as possible once you have decided to change your schedule. Failure to attend class does not change enrollment status or absolve you from financial or academic responsibilities.
Return of Title IV funds for classes on the standard schedule will be computed using the Department of Education R2T4 approved website which calculates the number of days that have passed in the term over the total number of days in the term. The total number of days in the term includes break time and weekends. A grade of "W" will be given for any class from which you withdraw after the first week of class.
Refund Distribution as Prescribed by Federal Regulation for Title IV Funds
In most cases, withdrawing from a class(es) does not mean that you will actually receive a cash refund of the monies paid to your account. You may, in fact, owe the government some of the money that was disbursed to you at the beginning of the term. The funds must be returned in the following order of refund source priority.
Unsubsidized Federal Stafford loans
Subsidized Federal Stafford loans
Federal PLUS Loans
Federal Pell Grants Academiic Competativeness Grant National SMART Grant
Federal Supplemental Educational Opportunity Grants (SEOG)
Other Title IV Programs
Other federal sources
Other state, private, or institutional aid
The student
Following is the Return of Title IV Funds for Cleary University financial aid students. Federal return of funds is prorated up to 60% of the program. Please direct any of your questions about the policy to financial aid personnel.
Following is the Return of Title IV Funds for Cleary University financial aid students. Federal return of funds is prorated up to 60% of the program. Please direct any of your questions about the policy to financial aid personnel.
| Term Type | Total Number of Calendar Days in Term | At 60% of Term |
| 11 Week Term | 77 days | Day 47 no refund |
| 12 Week Term | 84 days | Day 51 no refund |
| 13 Week Term | 91 days | Day 55 no refund |
| 14 Week Term | 98 days | Day 59 no refund |
After 60% of the term has past, no credit is available
Return of Title IV Funds
To determine the amount of aid that will be returned to the federal Title IV programs, the number of days from your term start date to your drop date will be calculated. That number will be the numerator and the total number of days in the term will be the denominator. The result is the percentage of federal funds that Cleary University will apply to your account.
In most cases, the Financial Aid Office will return aid funds to appropriate sources as required. In the case where the student has received a refund of a Title IV Grant, such as a Pell Grant, and the calculation resulted in the student owing a repayment of their Pell Grant funds, he/she is responsible for repayment of 50% of his/her portion of the obligation. Grant overpayments to the student are subject to either immediate repayment to the institution or a satisfactory repayment arrangement. The overpayment may be also sent directly to the Department of Education Collections department.
Note: Cleary's Institutional Refund Policy is different and not related to Return of Title IV funds. For information about the Institutional Refund Policy, please see the Business Office.