Once the University’s portion of the return of funds has been calculated, the Financial Aid Office will reduce the student’s original financial aid award and return the funds within 30 days to the appropriate program(s) in the order specific in this policy. If this creates a “charge” on the student’s account in the Student Accounts Office, the Student Accounts Office will notify the student of the obligation. The student will be responsible for paying the debt to the University immediately. The student will not be allowed to register, receive an official transcript, and/or receive future financial aid until the debt has been paid in full.
Student’s Return of Funds
Once the student’s portion of the return of funds has been calculated, the Student Accounts Office will notify the student of the amount he has to repay. The student may select one of the following repayment options:
- The student may pay Faulkner the full amount of his debt and Faulkner will return the funds to the appropriate programs within 45 days, or
- The student may contact the U.S. Department of Education to establish a repayment plan.
The student will remain eligible for Title IV funds for 45 days from the date the University sends a notice to the student of the overpayment. To continue eligibility past 45 days, the student must pay the overpayment in full to Faulkner or make satisfactory arrangements to repay with the U.S. Department of Education on the 46th day. The University will report the student’s overpayment to the U.S. Department of Education, and if the student must return federal loan funds, the student’s lender will be notified of the amount owed by the student.
Unearned Title IV aid shall be returned to the following programs in the following order by both the student and the University:
- Unsubsidized Federal Direct Loan
- Subsidized Federal Direct Loan
- Perkins Loan
- Parent Loan to Undergraduate Students (PLUS)
- Federal Pell Grant
- Other Title IV Programs