Title IV Refund Policy
(Effective with the 2000-2001 Academic Year)
For periods of enrollment, beginning on or after July 1, 2000 at Thomas Jefferson University, the Title IV refund policy is as follows:
The University Financial Aid Office will be notified by the University Registrar’s Office at the time a student withdraws, or otherwise ceases to be enrolled.
At the time notification is received the University Financial Aid Office will:
- Determine the number of calendar days completed and divide this by the total number of days in the academic term (e.g., semester). This will determine the percentage of the academic period that has been completed by the student, thereby determining the percentage of ‘earned’ Title IV aid.
- If the student has completed at least 60 percent of the academic period, then no further action is required.
- If the student has completed less than 60 percent of the academic period, then the Refund process will continue as follows.
- The percentage of unearned aid will be determined by subtracting the percentage of earned aid (as calculated in step 3) from 100 percent.
The amount of unearned aid will be determined by multiplying the percentage calculated in Step 4 by the total amount of Title IV aid (excluding FWS and the non-federal share of SEOG) for the designated academic period.
Once the amount of unearned aid is assessed, the amount that must be returned by Thomas Jefferson University will be determined as:
- the lesser of the "institutional charges for the payment period or period of enrollment times the percentage of Title IV aid unearned" or "total amount of unearned Title IV aid."
Based on the date of withdrawal-student has earned 45 percent of total TIV aid.
- Tuition for one semester at Jefferson Medical College is $15,038 (2000-2001 academic year).
- Student has received subsidized Stafford funds for $4,000 (net amount), federal Perkins for $2,000 and unsubsidized Stafford funds for $10,000 (net amount).
- 45 percent of tuition for the specified period is 6,767.
- 45 percent of total TIV aid is $7,200.
- Thomas Jefferson University is responsible for returning the lesser of the two, which is $6,767.
The student is responsible for returning the difference between the total unearned TIV aid ($7,200) and the amount TJU is responsible for returning ($6,767). For the example noted above this amount equals $433.
Thomas Jefferson University’s Financial Aid Office (TJU FAO) will notify the student as to the portion of Title IV funding that will be returned by the school as well as the amount that must be returned by the student. This notice will also include instructions as to how and the appropriate address to return said funds.
Both Thomas Jefferson University and the student are responsible for returning funds in the following order:
- Unsubsidized Federal Stafford Loan
- Subsidized Federal Stafford Loan
- Unsubsidized Direct Stafford Loan
- Subsidized Direct Stafford Loan
- Perkins Loan
- Direct PLUS
- Pell Grants
- Other Title IV aid
A student may exercise standard repayment options in fulfilling the obligation to return Title IV (loan) funds.
Maximum portion of grant funds that must be returned by the student is 50 percent.
If at the time the student withdraws, (s)he has ‘earned’ Title IV funds in excess of the amount disbursed, then Thomas Jefferson University’s Financial Aid Office (TJU FAO) will notify the student (within 90 days of the withdrawl date) as to the amount and type of funding that can still be disbursed. In doing so TJU FAO will provide the student the option of accepting or rejecting the ‘post withdrawl’ disbursement. Students will be required to respond to this notice within 14 days. If the student does not respond said funds will be cancelled.
If the 'post withdrawl' deferment results in a credit balance (after payment of all applicable university charges), the student will have the option to accept the refund or request the return of the funds to the applicable Title IV program. If a student does not respond in the specified 14 day period, then Title IV loan funds will be returned to the respective lending source.