Georgia Baptist College of Nursing Catalog 2010 ... - Mercer University

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Georgia Baptist College of Nursing Catalog 2010 ... - Mercer University

Undergraduate ProgramAmount of Title IV funds to be Returned by the Student: *Since the student received aDirect Loan the student will be responsible for the repayment of the amount borrowedless the amount Returned by the University in accordance with the promissory notesigned by the student.Snapshot of Student Account:Tuition $1,959.00Direct Loan ($3,000.00)Refund to Student $1,041.00Account Balance-0- At time of resignationTuition Credit ($1,494.72)University Refund to Direct Loan Program $1,494.72Account Balance-0- After resignationResignation Scenario #2:An undergraduate student formally resigns in the Registrar’s Office on September 17thand turns in their dorm room keys and key card the same day.Typical Charges:Financial Aid Disbursed:$5,000 Federal Subsidized Direct Loan$2,000 FSEOG Award$9,145 Tuition $7,000 Total Title IV Financial Aid$1,750 Dorm Room $3,000 Institutional Scholarship$1,480 Meal Plan $2,000 Outside Scholarship$12,373 Total Charges $12,000 Total Financial Aid DisbursedCalculation: Based on the same calculations used in Scenario #1 = 23.7%Amount of Charges earned by the Institution: $12,375 x 23.7% =$2,932.87Amount of Charges to be Credited to the Student’s Account: $12,375 - 2,932.87 =$9,442.13Amount of Title IV funds earned by Student: $7,000 x 23.7% =$1,659.00Amount of Title IV funds to be Returned to the Title IV Programs: $7,000 - $1,659 =$5,341Amount of Title IV funds to be Returned by the University:the lesser of $5,341 or $12,375 x (100-23.7%) =$9,442.12The University will refund $5,341 as follows: $5,000 to Federal Subsidized Direct Loan$341 to FSEOG AwardAmount of Title IV funds to be returned by the Student: *Since the University returnedthe full amount due to the Title IV programs then there are no funds to be returned tothe Title IV programs by the student.Calculation of Remaining Credit for University Chargesand Distribution towards Non-Title IV funds:46

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