Funds are returned based on the official date that the student withdraws from a medical school program. The guideline the FAO uses for any Title IV fund is based on the percentage of the semester attended. A formal letter from the Director or Dean of the school determines the date used in calculating the amount of Title IV funds that are returned to the lender. Last Reviewed: May 19, 2015 Formula Calculation The calculation is based upon only the amount of Title IV Aid for which you were eligible. Duke’s policy uses the same federal formula to calculate how much university and/or state aid is earned if the student withdraws before the end of the quarter. The amount of earned financial aid is calculated on a daily basis from the first day of classes. The process uses calendar days rather than business days. Earned aid is determined by taking the number of days attended before withdrawing divided by the total number of days in the term (first day of instruction until the last day of finals, excluding spring break for semester students). The Return policy applies to students that withdraw on or before the 60% point of the term. Withdrawal after this date will not result in any adjustments to your financial aid for that given term. Students who have their aid returned will be notified in writing. Calculating Return of Title IV Aid Amount Once the earned and unearned aid percentages are determined (See TABLE 5), the next step is to calculate the dollar amount of unearned aid that must be returned. The Return amount is determined by multiplying the unearned aid percentage by the total of all Title IV aid received. Unearned Aid Percentage X Total of all Title IV Funds Received = Total Unearned Aid School Portion of the Return The amount of unearned aid that must be returned by Duke is a percentage of the institutional charges for the term. Once the dollar amount of the school portion of the Return is determined, it is compared to the total amount of all unearned aid. If the school portion is less than the total unearned aid, then Duke must return the amount of the school portion.
Funds are returned based on the official date that the student withdraws from a medical school program. The guideline the FAO uses for any Title IV fund is based on the percentage of the semester attended. A formal letter from the Director or Dean of the school determines the date used in calculating the amount of Title IV funds that are returned to the lender. Last Reviewed: May 19, 2015 Formula Calculation The calculation is based upon only the amount of Title IV Aid for which you were eligible. Duke’s policy uses the same federal formula to calculate how much university and/or state aid is earned if the student withdraws before the end of the quarter. The amount of earned financial aid is calculated on a daily basis from the first day of classes. The process uses calendar days rather than business days. Earned aid is determined by taking the number of days attended before withdrawing divided by the total number of days in the term (first day of instruction until the last day of finals, excluding spring break for semester students). The Return policy applies to students that withdraw on or before the 60% point of the term. Withdrawal after this date will not result in any adjustments to your financial aid for that given term. Students who have their aid returned will be notified in writing. Calculating Return of Title IV Aid Amount Once the earned and unearned aid percentages are determined (See TABLE 5), the next step is to calculate the dollar amount of unearned aid that must be returned. The Return amount is determined by multiplying the unearned aid percentage by the total of all Title IV aid received. Unearned Aid Percentage X Total of all Title IV Funds Received = Total Unearned Aid School Portion of the Return The amount of unearned aid that must be returned by Duke is a percentage of the institutional charges for the term. Once the dollar amount of the school portion of the Return is determined, it is compared to the total amount of all unearned aid. If the school portion is less than the total unearned aid, then Duke must return the amount of the school portion.
2016%20P%26P%20Manual.docx