POL-U5352.11 Repaying Unearned Financial Aid
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Dates and Approval
Effective Date:
November 15, 2006
Revised Date:
November 30, 2022
Approved by:
President Sabah Randhawa
Who does this policy apply to?
This policy applies to all students receiving financial aid and to the university's Financial Aid Department
Overview
There is no overview for this policy.Definitions
Student Account
The record of charges, payments, and adjustments for each student including student tuition, fees, on-campus housing and certain other campus charges. Every student has a student account. Most financial aid money is directly credited to the student account. Fines, amounts charged as a penalty for a statute or rule violation, are not included in charges to the student account.
Financial Aid
Any monetary assistance to help meet educational costs, such as tuition, fees, housing, books and educational supplies. Aid includes Federal grants, Federal and Institutional loans, State Grants, scholarships, etc.
Unearned Financial Aid
Any aid, distributed to the student, for which the academic or financial need requirements were not met. All aid has specific eligibility requirements which the student must meet. When such requirements are not met, all or a portion of that aid must be repaid to the granting agency or the university.
Policy Statements
1. Students Are Responsible for Repaying Unearned Financial Aid
Unearned financial aid will be charged to the student’s account.
2. Financial Aid Calculates and Returns Unearned Financial Aid to Granting Agency
Financial Aid will calculate the amount of unearned financial aid in accordance with Federal and State regulations and Accounting Services return the aid to the granting agency.
3. Financial Aid Notifies Students of Unearned Financial Aid
Financial Aid will send required notification to students of the amount of unearned aid which must be repaid.
4. Student Business Office Notifies Students of Balance Due from Unearned Financial Aid
Student Business Office will send notification to students of the account balance owed due to unearned aid which must be repaid.