Return of Title IV Funds Policy
The University is required by the Higher Education Act of 1965, as amended in 1998, to determine the amount of financial aid that a student "earned" for an academic semester when the student does not complete at least one course within that semester. When the "earned" aid is less than the disbursed aid, the institution and student are responsible for returning the "unearned" disbursed funds to the appropriate government agency.
What Students Need to Know About the Return of Title IV Funds
- Any student who does not complete at least one course within an academic semester for which financial aid is received, or could have been received, will be reviewed for a Return of Title IV Funds calculation. This includes students who drop (reduce their course-load), officially or unofficially withdraw, are dismissed or take a leave of absence during a semester.
- The Return of Title IV Funds is based on the premise that students "earn" financial aid for each calendar day that they attend classes. For example, if a student attends 32 days of a semester that is 80 calendar days in length, the student is considered to have "earned" 40 percent of his or her aid.
- Students who complete more than 60 percent of the semester are considered to have earned 100 percent of their financial aid.
- The Return of Title IV Funds policy is separate from the university's law tuition refund policy. A student who withdraws from the semester may be required to return unearned Title IV financial aid funds and may still owe University of Miami for institutional charges. Please refer to the Office of Student Account Services' website for the Tuition Refund Schedule & Policy.
- Title IV Funds represent federal financial aid. However, the Return of Title IV Funds does not apply to federal work-study, scholarships, state grants or institutional awards. Please contact the Office of Financial Aid for more information on the consequences of dropping classes if you receive these types of financial aid.
- If a student is required to return Title IV funds grant funds as a result of his or her drop, withdrawal or dismissal or is eligible for a late disbursement, the student will receive a letter from the Office of Student Account Services along with a copy of the Return of Title IV Funds Calculation. The student should follow instructions in the letter carefully to repay any funds due or to accept a late disbursement. Students with "unearned" financial aid funds must repay these funds to the University of Miami (UM) or set up a grants repayment agreement with UM's collections department within 45 days of notification or they will lose eligibility for future Title IV aid.
- Students who drop one or more of their classes may fail to maintain Satisfactory Academic Progress which may result in ineligibility for financial aid in the future. Please contact the Office of Financial Aid and speak to a financial aid counselor before dropping a course.