To calculate the amount of Title IV assistance earned by a student, the school must first determine the percentage of Title IV assistance earned (as described in #3 above). The differences between amounts earned and the amounts received equal the unearned Title IV assistance and are subject to be returned by the school or the student or both.

The order of return of unearned Title IV assistance, returned by the school or student, is credited first to the outstanding Title IV loan balances for the student. Excess funds must be credited to outstanding balances in the following order:

• Federal Unsubsidized Stafford Loan
• Federal Subsidized Stafford Loan
• Federal PLUS Loan
• Federal Pell Grant
• Federal SEOG
• Other Title IV assistance for which a return of funds is required
• State Grants
• Institutional Aid (grants/scholarships/waivers/loans)
• Private Aid
• Vocational Rehabilitation
• Money paid on Account of Student
• Other

In this order the unearned Title IV assistance is fully distributed to the first type of aid the student received, up to the full amount received for the semester, and then on to the next and so on until all assistance is distributed.

If students would like to see an actual Return of Federal Funds worksheet, they may request one from the Financial Aid Office.