RETURN OF FUNDS POLICY
TEXAS WESLEYAN UNIVERSITY
If a student receiving financial assistance withdraws from Texas Wesleyan University, then the University or the student may be required to return some of the federal, state, and/or institutional funds awarded to the student. These funds would be returned to the grant, scholarship, or loan fund from which the assistance was received. The student may also be eligible for a refund of a portion of tuition and on campus room and board paid to the University for the semester. The institutional refund policy is outlined in the University Catalog and is used to calculate the refund of institutional charges to the student.
To begin the withdrawal process from the University, the student should visit the Office of Records and Registration located in the O’Neal Sells Administration Building and complete a Withdrawal Notice form. We strongly encourage you to personally visit the Office of Financial Aid to complete Exit Counseling. During the exit counseling, we will review your financial aid records to assist you in understanding how the Return of Title IV Funds calculation will affect your student account. Once all appropriate signatures are obtained, the form should be returned to the Office of Records and Registration.
The federal Return of Title IV Funds policy requires a return of aid if the student received federal assistance from the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (SEOG), Academic Competitiveness Grant (ACG), National SMART grant, Federal Stafford Loan (subsidized and unsubsidized), and the PLUS loan program and who withdraw on or before completing 60% of the semester. The percentage of Title IV aid to be returned is equal to the number of calendar days remaining in the semester divided by the number of calendar days in the total semester. Scheduled breaks of more than four consecutive days are excluded.
For example, if you completed 30% of the term, you earn 30% of the assistance you were originally scheduled to receive. If 100% of the aid you were eligible to receive has been applied and/or refunded to you, Wesleyan is required to determine the amount to be returned to the program from which the assistance was received. The institutional return policy requires that institutional funds be returned to the institutional fund on a pro-rata basis if institutional funds remain after federal and state return calculations. If you have not received all of the aid which you earned at the time of your withdrawal, Wesleyan will calculate and notify you if you are eligible to receive a post-withdrawal disbursement.
The federal Return of Title IV Funds policy is separate from the University’s refund policy. Therefore, you may owe unpaid institutional charges to the University based on the return of funds calculated using the Return of Title IV Funds policy and/or the University’s refund policy. The University’s refund policy (based on withdrawal date) is as follows:
100% credit before the first day of class.
80% credit if 5% or less of the class calendar days has elapsed.
60% credit if 5.01% to 10% of the class calendar days has elapsed.
40% credit if 10.01% to 15% of the class calendar days has elapsed.
20% credit if 15.01% to 20% of the class calendar days has elapsed
0% credit if more than 20% of the class calendar days has elapsed
Fees are not refundable.
Worksheets used to determine the amount of funds to be returned to federal, state, and institutional sources are available upon request in the Office of Financial Aid.
EXAMPLE: A student withdraws on the 13th day (third week) of classes of a 107 calendar day semester. The tuition and fee charges totaled $5,005. The student was awarded and received the following financial assistance: $2,750 Federal Stafford Loan, $1,650 Federal Pell Grant, $300 SEOG, and $1,200 state grant. Under the Return of Title IV Funds policy, $2,750 would be repaid to the Federal Stafford Loan, and $1,113 would be repaid to the Federal Pell Grant. In addition, $480 would be repaid to the state grant fund. The Return of Title IV Funds policy allows that the student “earned” 13/107 of the federal financial aid requiring the remainder to be returned to the federal aid programs.
