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Financial Aid Refund Policy

Title IV (Federal) funds are awarded to a student under the assumption that the student will attend school for the entire period for which the assistance is awarded. When a student withdraws*, the student may no longer be eligible for the full amount of Title IV funds that the student was originally scheduled to receive. If a student has received Title IV financial aid, a return of funds must be calculated under the Federal Return of Title IV Funds policy. The return is based on the number of days attended for the semester, divided by the total number of days in the semester (minus any scheduled breaks of at least five days in length)**. Returns are made to the financial aid programs in accordance with federal regulations within 45 days of the student’s withdrawal date (see below for the distribution order of the return of Title IV funds).

The federal formula requires a return of Title IV aid if the student received federal financial assistance in the form of a Pell Grant, Supplemental Educational Opportunity Grant, Federal Stafford loan or a PLUS loan and withdrew on or before completing 60% of the semester. No aid funds must be returned or repaid if you attend more than 60% of the quarter before withdrawing. Please be aware that if you withdraw from all classes within the first 60% of the quarter, you may owe immediate repayment of a portion of the federal aid you received as a credit balance (except Direct Stafford Student Loans, PLUS and Perkins Loans that are payable according to the terms of the promissory note). You will be notified of this obligation by regular mail. If the funds are not repaid to the school within 120 days, the repayment amount, called an overpayment, will be reported to the U.S. Department of Education.

If you did not receive all of the funds that you earned, you may be due a post withdrawal disbursement. Emmaus will use the post withdrawal disbursement of grant funds for outstanding tuition, required fees, and room and board charges for the semester in which you withdrew. Additional amounts, if any, will be offered to you as a direct disbursement. You will be notified, by regular mail, of your eligibility for a direct disbursement and must respond in writing to the school within 30 days.

If your post withdrawal disbursement eligibility includes Federal Direct Subsidized/Unsubsidized Loans, Emmaus must get your permission before it can disburse them. You may choose to decline some or all of the loan funds so that you don’t incur additional debt. You will be notified of your eligibility for a post withdraw disbursement that includes loans by regular mail and will have 30 days to give permission for federal student loan funds to be disbursed as part of the post withdrawal disbursement. In addition, you must also complete a required Loan Entrance Counseling Session and a Direct Subsidized/Unsubsidized Loan Master Promissory Note at: www.studentloans.gov If you choose to borrow as part of a post withdrawal disbursement and complete the necessary steps to borrow, Emmaus will originate and disburse the loan through the U.S. Department of Education’s Common Origination and Disbursement (COD) and will report the disbursement to the National Student Loan Data System.

After all Title IV aid return requirements have been satisfied, remaining credit balances will be used to repay Iowa State Aid funds, Emmaus institutional scholarships and other private sources, in that order. If a credit balance remains after all aid sources have been repaid, funds are returned to the student.

If you remain enrolled but fail to pass any classes, Emmaus will consider you as having withdrawn unless there is acceptable documentation of your attendance. If it is determined that you attended the entire semester and earned the failing grades, then no Return of Title IV Funds will be calculated. If attendance cannot be documented, you will be considered as not having commenced attendance and it would then be determined that you were not eligible for any of the aid received and all aid would have to be returned. In addition, since you failed to take the appropriate steps to officially withdraw, you may still owe the college for your tuition and other costs incurred.

Please contact the Financial Aid Office if you have any questions about refunds or the calculation of refund amounts.

Distribution Priority of Title IV Refunds & Repayment:

  • Unsubsidized Direct Stafford loans
  • Subsidized Direct Stafford loans
  • Federal Perkins loans (Emmaus does not participate in this program)
  • Direct PLUS loans (Parent)
  • Federal Pell Grants
  • Federal Supplemental Educational Opportunity Grants (FSEOG)
  • Federal Teach Grants for which a Return is required.
  • Iraq Afghanistan Service Grant for which a return is required.
  • Other Title IV Aid
  • Other, State, Private, or Institutional Aid
  • The Student

*Students must officially withdraw from the college by following the withdrawal procedure as listed on our web site. The procedure is: 

“Any student withdrawing from Emmaus must begin the process with an interview with the Dean for Student Development. In the interview, the Dean will communicate the necessary steps for withdrawal from the college”. 

For the purpose of determining a date of withdrawal for a Return to Title IV Funds calculation, the date will be the earlier of the date the student notified the Dean for Student Development of their intent to withdraw or the actual date the student completed the necessary steps for withdrawal from the college.

**Example: if the semester is 110 days in length and the student withdraws on the 55th day of the semester, the college is required to return 50% of the aid received.

If a student is not eligible for Title IV aid, the institutional refund policy applies.