The Return of Federal/Title IV Policy applies to students who withdraw, are approved for a leave of absence or are academically dismissed from the institution. Tuition refunds for these students are determined according to the following:
1. The term “Title IV Funds” refers to the federal financial aid programs such as Federal Direct Subsidized Loans, Federal Direct Unsubsidized Loans, and Federal Direct Graduate PLUS Loans.
2. A student’s withdrawal date can be:
- The date the student began the institution’s withdrawal process or officially notified the institution of intent to withdraw or
- The student’s last date of attendance as documented by academically related activity or
- The midpoint of the period of enrollment for a student who leaves without notifying the institution
3. Determination of the amount of Title IV Funds to be returned:
- Refunds on all allowable charges including tuition and fees will be prorated on a per diem basis based on the number of days in attendance as a proportion to the number of days in the term or period of enrollment, up to the 60% point in the semester. There are no refunds after the 60% point in time, as the federal regulations view the aid has been “100% earned” after that point in time.
In accordance with federal regulations, the return of Title IV funds is paid in the following order:
- Unsubsidized Direct Loans
- Subsidized Direct Loans
- Direct PLUS Loans
4. Institutional and student responsibilities in regard to the return of Title IV Funds
Harvard Medical School is responsible for:
- Providing each student with the information given in this policy
- Identifying students who are affected by this policy
- Completing the Return of Title IV Funds calculation for students who are subject to the policy
- Returning the Title IV Funds that are due to the Title IV programs
- Conducting a loan exit interview with the student
Students are responsible for:
- Returning to the Title IV programs any funds that were disbursed directly to the student which the student was determined to be ineligible via the Return of Title IV Funds calculation
- Attending an exit loan interview
Federal refunds must be made within 45 days of the date of withdrawal or leave.