All students who have federal aid will have unearned aid returned according to the 1998 Return of Title IV Funds Policy (Section 668.22 of the HEA) in the following descending order, up to the full amount disbursed.
After federal aid has been returned to the appropriate accounts according to the federal and state statute, the University returns financial aid to other accounts (outside agencies, and University) according to the prorated per diem percentage. Any refunds of charges will be applied to the student's account and all adjustments for aid, loans, fines, and nonrefundable fees or deposits will be made before eligibility for a cash refund is determined. If there is a student account balance resulting from the adjustments, the student is responsible for payment. If a student received a credit balance refund of Pell Grant, ACG Grant, SMART Grant, or Supplemental Opportunity Grant prior to the total withdrawal, he or she may be required to repay any unearned amount. Late disbursements of financial aid will be limited to the appropriate earned aid eligibility. In no case will funds attributable to the University of Indianapolis be refunded to the student after the total withdrawal.
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