Repayment of Title IV Federal Financial Aid is based on the U.S. Department of Education’s Return of Title IV Funds Policy. When recipients of Title IV aid (ex. Stafford loans, PLUS loans, Pell grants, SEOG, etc.) withdraw from the institution during a semester, the institution must calculate the amount of Title IV aid students earned as of the withdrawal date. The unearned portion must be returned to the Title IV programs in accordance with Federal Regulations.
The effective date for return to Title IV is determined by the date the student notifies Oakwood University and completes the withdrawal form. If the student fails to officially withdraw or appropriately notify Oakwood University, Oakwood will calculate at its discretion the return of the Title IV funds at 50%. A student receiving financial aid should consult with the Financial Aid Office concerning the possible impact of a withdrawal or a change in course load on awards received.