In accordance with Title IV Federal Financial Aid regulations, a student “earns” Title IV aid (Pell Grant, Supplemental Educational Opportunity Grant, Perkins Loan, and Stafford Loan) in direct proportion to the time he or she remains enrolled, through the 60% point in the semester. A student who withdraws after the 60% point in the semester is considered to have earned 100% of his or her aid.
Federal law requires the University to determine the percentage of the payment period (in calendar days) the student attended before withdrawing. The percentage of the period attended generally becomes the percentage of aid earned. If the percentage attended is greater than 60%, the percentage of earned aid becomes 100%. If more aid was disbursed directly to the student, or to his or her account, than the student earned prior to withdrawal, the University determines the unearned aid amount, allocates responsibility for returning unearned aid between the institution and the student, and distributes the unearned aid back to the Title IV programs. An adjustment in aid may result in a student owing a repayment to the Title IV Federal Financial Aid Programs and/or a balance on his or her account at the University of Maine at Presque Isle. Unearned funds that a student owes to a grant program are treated as an overpayment or makes satisfactory repayment arrangements within 45 days from the earlier of (1) the date the institution sends the student notification of the overpayment; or (2) the date by which the institution was required to notify the student of the overpayment (30 days after the date of the institution’s determination that the student withdrew).
For those students who officially withdraw from the University, the withdrawal date is the earlier of the date the student began the withdrawal process or officially notified the Advising Center of intent to withdraw. If a student ceases attendance without providing the official notification of withdrawal, the date is either the midpoint of the semester or a date determined by documented academically related activity.
Unearned funds are distributed back to the Title IV programs in the following order:
- Unsubsidized Federal Stafford Loans
- Subsidized Federal Stafford Loans
- Unsubsidized Federal Direct Stafford Loans
- Subsidized Federal Direct Stafford Loans
- Federal Perkins Loans
- Federal PLUS Loans received on behalf of the student
- Federal Direct PLUS Loans received on behalf of the student
- Federal Pell Grants
- Federal Supplemental Educational Opportunity Grants (FSEOG)
- Other Title IV grant or loan assistance