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2006-2007 Regional Centers Catalog - Mercer University

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Resignation Scenario: A regional academic center student formally resigns inthe Registrar’s Office on September 17th.Typical Charges: 3,528 TuitionFinancial Aid Disbursed: $5,000 Federal Subsidized Direct Loan, of which$1,472 has been refunded to the studentCalculation: Number of calendar days between August 20 (First Day of Class)and September 17 (the date of Formal Resignation) = 29 daysPercentage of charges to be retained* = 29 days = .2566 or 25.7%113 days*Note that this is the same calculation used for the percentage of Title IV Aid earned.Amount of tuition earned by the institution = $3,528 x 25.7% = $906.70Amount of tuition to be credited to thestudent’s account = $3,528 - $906.70 = $2,621.30Amount of Title IV funds earned by student = $5,000 x 25.7% = $1,285Amount of Title IV fund to be returned tothe Direct Loan Program = $5,000 - $1,285 = $3,715Amount of Title IV funds to bereturned by the <strong>University</strong> = $3,528 x (100-25.7%)= $2,621.30Amount of Title IV funds to be returned by the student = Since the studentreceived a Direct Loan, the student will be responsible for the repayment of theamount borrowed less the amount returned by the <strong>University</strong>, in accordancewith the promissory note signed by the student.Snapshot of Student Account:Tuition $3,528.00Direct Loan (5,000.00)Refund to Student 1,472.00Account Balance-0- At time of resignationTuition Credit (2,621.30)<strong>University</strong> Refund to DirectLoan Program 2,621.30Account Balance-0- After registrationLeave of AbsenceApproved Leave of AbsenceA student who is on an approved leave of absence retains in-institution statusfor Title IV loan repayment purposes. However, if the student does not returnfrom a leave of absence, the student’s loan grace period starts at the date theleave began.Generally, only one leave of absence may be granted within a 12-monthperiod. The <strong>University</strong> may grant one additional leave of up to 30 days for a reasonnot defined in the regulations, if it determines that the leave is necessarydue to unforeseen circumstances.40 / MERCER UNIVERSITY

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