Return of Funds If You Withdraw From CTU
Federal Student Financial Aid
Federal Title IV funds return
Return to Title IV (R2T4)
The federal formula requires a return of Title IV financial aid if you:
- Received federal assistance in the form of a Federal Pell Grant; Supplemental Educational Opportunity Grant (SEOG); Federal Perkins Loan; Ford Federal Direct Loan (subsidized or unsubsidized); PLUS (parent or graduate) loan; National SMART (Science and Mathematics Access to Retain Talent) Grant; Academic Competitiveness Grant (ACG); and
- Withdrew on or before completing 60 percent of the semester, the federal government mandates that you may only keep the financial aid you have earned up to the time you withdraw from all classes. Catholic Theological Union is required by the Federal government to calculate, collect and return a portion of Federal financial aid grant or loan funds received by the student.
If the withdrawal occurs before 60% of the semester is completed, any unearned funds must be returned as required by the Department of Education (as mandated by the Department of Education in 34 CFR 668.22(i).). The date of withdrawal is based on the official records of Catholic Theological Union in accordance with federal regulations.
The unearned portion of your aid must be returned to the federal Title IV program from which the aid was received by Catholic Theological Union and/or by you. If you are required to return any Title IV loan funds, you will be contacted by Direct Loans with return or repayment information. If Catholic Theological Union is required to return any Title IV funds, the change will be reflected on your student account.
To determine the amount of federal aid earned up to the time of withdrawal, the Business Office staff will divide the number of calendar days you attended classes by the total number of calendar days in the semester (less any scheduled break of five days or more). The resulting percentage is then multiplied by the total federal funds that you accepted. This calculation determines the amount of aid that you earned and are allowed to keep.
This policy can result in your owing Catholic Theological Union for tuition that was not covered by financial aid and/or owing the Department of Education for funds received by you that were not earned. If you are determined to be in an over-awarded position, you may become ineligible for future Title IV financial aid until such time as the over award has been resolved.