Federal Financial Aid Refund Policy

Summer 2025 Title IV Refund Schedule

Federal financial aid funds are awarded with the assumption that the student will attend school for the entire semester.  When a student requests a Total Withdrawal, s/he may not have earned the full amount of federal funds that paid to the account.  The date of the withdrawal determines the amount of federal aid earned.  If the amount that applied to the billing account is greater than the amount earned, the unearned funds must be returned.  If the amount that applied is less than the amount earned, the student is eligible for a post-withdrawal disbursement.

If you request a total withdrawal, you may leave the University with a balance owed.  See examples below.

Example 1: First Day of Term is January 13^th.  The semester is 108 days.  You withdraw on March 24^th.  You have earned just 57% of your federal financial aid.  You have not earned 43% of your federal aid.  Result: balance owed to Ferris.

	January 13	March 24
Tuition/Fees	$7,500	$7,500
Federal Aid	$5,750	$5,750
State/Institutional Aid	$1,000	$1,000
Personal Payment	$750	$750
Returned Federal Aid (43%)		-$2,473
Balance on Account	$0	$2,473

Example 2: First Day of Term is January 13^th.  The semester is 108 days.  You withdraw on February 8^th.  You have earned just 25% of your federal financial aid.  You have not earned 75% of your federal aid.  Result: balance owed to Ferris

	January 13	February 8
Tuition/Fees	$7,500	$7,500
Federal Aid	$5,750	$5,750
State/Institutional Aid	$1,000	$1,000
Personal Payment	$300	$300
Reduced Tuition/Fees		-$3,750
Reduced Federal Aid (75%)		-$4,313
Balance on Account	$450	$1,013

Your billing account will be credited according to the Tuition, Housing and Meals Refund Policy.  Federal financial aid funds will be returned according to the Return of Title IV (R2T4) regulations.  State financial aid funds will be adjusted if required by state regulations.  Institutional and private financial aid will be reviewed for program guidelines.  If you make personal payments, any credit remaining will be refunded to you.

Federal Financial Aid funds will be reduced according to the Return of Title IV (R2T4) regulations based on the percentage of the semester you attended. 

Federal Aid includes:

Direct Subsidized Loan                                   Direct Unsubsidized Loan

Direct PLUS Loan                                           Pell Grant

SEOG Grant                                                   Teach Grant               

Iraq/Afghanistan Service Grant