Student Finance Policies
Having fulfilled all other requirements, a student is eligible for registration or graduation only if all financial obligations to the University have been met. Students with an outstanding balance will have a hold placed on their account. This hold denies access to registration and prevents the distribution of grades and transcripts.
Return of Title IV Funds
Students who completely withdraw from all courses prior to completing more than 60 percent of a semester will have their eligibility for aid recalculated based on the percent of the semester completed. This policy shall apply to all students who withdraw, drop out, receive failing grades in all courses or are dismissed from the University and receive financial aid from Title IV funds.
The term "Title IV Funds" refers to the following federal financial aid programs: Federal Direct Unsubsidized Loan, Federal Direct Subsidized Loan, Federal Direct PLUS Loans, Federal Perkins Loan, Federal Pell Grant, Federal Supplemental Educational Opportunity Grant, Iraq Afghanistan Service Grant.
Title IV aid is earned in a prorated manner on a per diem basis up to and including the 60 percent point in the semester. Title IV funds and all other aid are viewed as 100 percent earned after that point in time.
The percentage of Title IV aid earned shall be calculated as follows:
|Number of days completed by the student
Total number of days in the semester*
|= Percent of Title IV aid earned|
|**The total number of days in the semester includes weekends, but does not include any scheduled breaks of more than five days.|
A student's withdrawal date is determined by the University as (1) the date the student began the University's withdrawal process or officially notified the Registrar's Office of intent to withdraw; or (2) the midpoint of the semester for a student who leaves without notifying the University; or (3) the student's last date of attendance at a documented academically related activity.
University's Portion to be Returned
The percentage of Title IV aid unearned (i.e., to be returned to the appropriate program) shall be 100 percent minus the percent earned. Any unearned aid to be returned by the University is the lesser of (1) the entire amount of unearned aid or (2) the total institutional charges multiplied by the percentage of unearned aid.
Unearned Title IV aid shall be returned according to the following priority up to the amount received for the semester:
- Direct Unsubsidized Loan
- Direct Subsidized Loan
- Perkins Loan
- Direct PLUS Loan (Graduate Student)
- Direct PLUS Loan (Parent)
- Federal Pell Grant
- Federal SEOG
- Iraq Afghanistan Service Grant
Student's Portion to be Returned
When the total amount of unearned aid is greater than the amount returned by the University from the student's account, the student is responsible for returning unearned aid to the appropriate program(s). The same priority as above should be used. Any loan funds that must be returned by the student will be repaid according to the terms of the promissory note. There is a 50-percent discount on any grant funds that are to be repaid. Grant funds that must be returned are considered a federal grant overpayment. The student can either repay the amount in full or make satisfactory arrangements with the University or the Department of Education to repay the amount due. These arrangements must be completed within forty-five days of the date the University notifies the student of the overpayment status or the student risks losing eligibility for further federal financial assistance.
Return of Non-Title IV Funds
The portion of state, University, and other assistance that must be returned will be calculated based on the particular program's return policy.
The student will be billed for any amount due to the University resulting from the return of Title IV and Non—Title IV funds.
Refunds of Tuition/Fees
Students will be assessed tuition and fees according to the number of credits for which they are registered on Wednesday of the second week of the semester. Credits added after this date will be assessed tuition, but financial aid will not be adjusted.
Courses dropped by the close of business on Wednesday of the second week of the semester will be refunded 100 percent for tuition and fees. Courses dropped after this time for students who otherwise remain enrolled at Michigan Tech will not be refunded, and additional tuition and fees will be incurred if credits are added.
Half-semester courses, including most summer-semester courses or any other courses offered in a time module other than a fourteen-week semester, will be prorated according to the refund schedule and the equivalent percentage of time.