The funds you are awarded are intended to help meet your educational expenses while attending the University. If you withdraw, drop out of school, drop below half-time, change enrollment status or leave without notice in any given enrollment period, your financial aid award may be reduced or canceled, and you may be required to return a portion of the aid awarded to you. If you are entitled to a refund of your tuition, all or part of the refund may be applied to the financial fund from which your aid was awarded. You may also be required to refund a portion of the funds disbursed directly to you. The amount of the refund is based on formulas established by the U.S. Department of Education. You should consult with a Bobcat Enrollment Specialist at the Bobcat Enrollment Center prior to dropping or withdrawing to avoid an unnecessary financial hardship.
Financial aid is refunded based on the date of withdrawal from St. Thomas University. Title IV aid is earned in a prorated manner on a per diem basis up to the 60% point in the semester. After this point in time, Title IV aid is viewed as 100% earned. Refunds to the federal student financial aid programs must be made prior to issuing a refund to the student. In accordance with federal regulations, refunds are allocated in this order:
1. Direct Unsubsidized Stafford Loan
2. Direct Subsidized Stafford Loan
3. Federal Perkins Loan
4. Direct PLUS Loan for Parents
5. Federal Pell Grant
6. Federal SEOG
7. Other Title IV Programs
8. Other Non-Federal financial aid
STU will complete the Return of Title IV Funds calculation for these students and will return any Title IV funds that are due to the Title IV programs. Students will be notified in writing of balance owed to STU and have 45 days from the date of the letter to arrange payment with the Business Office. Failure to pay within this deadline will result in your student account being reported to the collection agency. Student will be responsible for any fees access by the collection agency.