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ATSU Policies

Overawards	Students Withdrawing from a course(s)
Institutional Refund Formula	Satisfactory Academic Progress
Return of Title IV Funds Formula	LOA Policy

Overawards

When an overaward occurs, the Director of Student Financial Assistance reviews the student's financial aid file. After necessary adjustments are made, the Director contacts the student informing him/her of the overaward and the adjustment which has to be made. Adjustments are normally made by reducing a subsequent loan disbursement. Upon rare occasions, a student must write a check to the lender to repay an overaward.

The following Refund Policies will be effective May 1, 2005:

Refund Policy for Students Exiting the School

A student who completely exits from the Arizona School of Health Sciences prior to the end of an academic quarter must complete an exit form. A student's eligibility for a refund will be determined by one of the two following formulas.

Institutional Refund Formula

If a student withdraws during a quarter, ASHS will determine how much tuition was unearned by the institution. It will be figured by calculating how many remaining calendar days there are in the payment period divided by the total calendar days in the payment period. The institution will pay back to the student (or lender) the unearned amount. After 60% of the payment period, the institution will have earned the total amount paid for that payment period. This method will apply regardless of whether the student received any financial aid or not. (The $50 technical fee will not be refunded since ASHS forwards that amount on to ecollege, our software provider.)

For example, if a student withdrew after 17 calendar days, but paid for 68 calendar days, ASHS would have earned 25.0% of tuition paid. Therefore, 75.0% of the tuition paid is unearned. ASHS would refund to the student (or lender) 75.0% of the tuition paid.

Tuition paid for 68 calendar days = $2,460
Calendar days attended by the student = 17
Calendar days remaining in the payment period = 51 (68-17)
51 ÷ 68 = 75.0% (Percentage of tuition unearned by ASHS)
75.0% of $2,460 = $1,845 (Tuition unearned by ASHS)
Amount ASHS refunds to the student (or lender) = $1,845

Return of Title IV Funds Formula

If a Title IV recipient withdraws during a payment period, the institution must calculate the amount of Title IV funds that was unearned by the student. Unearned Title IV funds will be based on how many calendar days are remaining in the payment period divided by the total number of calendar days in the payment period. Unearned Title IV funds must be returned to Title IV programs, up to 60.0% of the payment period for which the student was charged tuition. After 60.0% of the payment period, the student will have earned all Title IV funds for that payment period and no financial returns or refunds will be made.

For example, if a student paid tuition with Title IV funds for 66 calendar days, but withdrew after 37 calendar days, the percentage of Title IV funds earned would be 56.1%. Unearned Title IV funds would be 43.9%. Therefore, ASHS would have to return 43.9% of all Title IV funds to the lender. If the student paid ASHS $3,690 for tuition/fees, ASHS would return to the lender $1,619.91 on behalf of the student.

Tuition/fees paid with Title IV funds for 66 calendar days = $3,690
Calendar days attended by the student = 37
Calendar days remaining in the payment period = 29 (66-37)
29 ÷ 66 = 43.9% (Percentage of Title IV funds unearned)
43.9% of $3,690 = $1,619.91 (Unearned Title IV funds)
Amount ASHS repays to the lender = $1,619.91

The funds must be paid back to the federal loan programs in the following order:

Federal Unsubsidized Stafford Loan
Federal Subsidized Stafford Loan

Refund Policy for Students Withdrawing from a course(s):

An ASHS student who withdraws from a class in the quarter (but does not exit the program) must complete a drop/withdrawal form and will be subject to the following refund policy:

Student withdraws from a class before the quarter begins	100% refund
Student withdraws from a class on the 1st - 3rd calendar day of the quarter	75% refund
Student withdraws from a class on the 4th - 6th calendar day of the quarter	50% refund
Student withdraws from a class on the 7th - 9th calendar day of the quarter	25% refund
Student withdraws from a class on the 10th calendar day of the quarter or thereafter	0% refund

Satisfactory Academic Progress

Satisfactory academic progress is required in order for students to receive financial assistance. Students must maintain a 2.50 GPA for satisfactory academic progress. Students who are enrolled at least half-time are eligible to apply for federal financial assistance.

If there are further questions about financial assistance, please call 1-866-626-ATSU, Ext. 2529. Or if you prefer, you can e-mail the Financial Aid director at sjorden@atsu.edu.