Financial Aid Repayment Example
Repayment Example: A student received a total of $3313.00 in financial aid ($2000 in Federal Pell Grant and $1313.00 in Federal Stafford Loan). The student attended 30 days and then did a complete withdrawal. There are 117 days in the enrollment period.
To calculate the percentage of aid that the student earned, divide days attended (30) by days in the enrollment period (117). Aid earned equals 25.6%, aid unearned equals 74.4%. Of the $3313.00 aid disbursed, aid earned is $848.13 and aid unearned is $2464.87.
To calculate the institutional portion of unearned aid, multiply 74.4% by the total institutional charges of $555.00 ($555.00=tuition/fees). The institution must return $412.69 to the Tile IV Aid programs. To calculate the grant portion for the student to return, take the total unearned, $2464.87, minus the school's return, $412.69, minus the student loan return, $900.31, and minus 50% of the grant received, $1000, to get the grant repayment amount of $151.87. The loan repayment amount is derived by taking the net loan disbursed, $1313 minus the insitution's return, $412.69, for a total loan repayment of $900.31.
TIV AID | DAYS | TOTAL DAYS | EARNED | UNEARNED |
$3,313.00 | 30 | 117 | $848.13 | $2,464.87 |
INSTITUTION | STUDENT
TO | STUDENT TO | STUDENT TO |
TOTAL OBLIGATION MINUS 50% |
$555.00 | $412.69 | $151.87 |
$900.31 | $1,464.87 |
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