RETURN OF TITLE IV FUNDS
Only the Title IV programs are to be included in this calculation. BUCKNER BARBER SCHOOL INC. participates in the Federal Pell Grant program. Students receiving Title IV funds will be subject to these regulations.
The amount of Title IV aid earned is based on the student’s scheduled amount of time in academic attendance, and the total aid received; it has no relationship to student’s incurred institutional charges. Because these requirements deal only with Title IV funds, the order of return of unearned funds do not include funds from sources other than the Title IV programs.
Title IV funds are awarded to the student under the assumption that he/she will attend school for the entire period for which the aid is awarded. When student withdraws, he/she may no longer be eligible for the full amount of Title IV funds that were originally scheduled to be received. Therefore, the amount of Federal funds earned must be determined. If the amount disbursed is greater than the amount earned, unearned funds must be returned.
Up through the 60% point in each payment period the required pro-rata calculation is used to determine the amount of Title IV funds student has earned at the time of withdrawal. After the 60% point in the payment period, student has earned 100% of the Title IV funds specific to payment period.
BUCKNER BARBER SCHOOL INC measures progress in Clock Hours, and uses the payment period for the period of calculation.