Return of Title IV Funds
When a student withdraws (or becomes withdrawn) during a payment period or period of enrollment, the amount of student financial assistance earned is determined by a specific formula. The unearned portion(s) is returned to the student financial assistance program(s). The amount of assistance earned is determined on a pro rata basis. That is, if the student completed 30% of the payment period or period of enrollment, the student earns 30% of the assistance originally scheduled. Once the student has completed more than 60% of the payment period or period of enrollment, the student earns all of the assistance to which they were originally entitled. If the student received excess funds that must be returned, Johnson & Wales University must return a portion of the excess equal to the lesser of the student’s institutional charges multiplied by the unearned percentage of the student’s funds, or the entire amount of the excess funds.