Financial Aid Refund Procedure
If a student receiving financial aid is eligible for a refund, that refund is returned to the Federal Direct Financial Aid Program. If the amount of the refund exceeds the total amount of aid, the excess will be returned to the student. Federal regulations require that any student who has received a loan while attending NUNM and who leaves the college for any reason, including official leaves of absence, must participate in a loan exit counseling.
Return of Federal Title IV Funds
NUNM is required to recalculate federal financial aid eligibility for students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing at least 60 percent of an academic quarter. Recalculation is done from the actual date the student begins the institution’s withdrawal process. For students who leave without notifying the institution, calculations will be made from the last day of recorded attendance or the midpoint of the quarter. Recalculation is based on formulas that determine the amount of aid earned and the amount of aid to be returned. The formulas used for recalculation can be obtained from NUNM’s Financial Aid Office. Federal refund calculations are completely independent of NUNM’s tuition refund policies. . The school must return the unearned Federal Title IV Funds for which the school is responsible by repaying funds to the following sources, in order mandated by the U.S. Department of Education, up to the total net amount disbursed from each source.
Graduate Level Students
Undergraduate Level Students
|1. Unsubsidized Direct Stafford Loan|
2. Direct Graduate PLUS Loan
|1. Unsubsidized Direct Stafford Loan
2. Subsidized Direct Stafford Loan
3. Perkins Loan
4. Direct Parent PLUS
5. Pell Grant
6. Academic Competitiveness Grant
7. National SMART Grant
9. TEACH Grant
10. Iraq Afghanistan Service Gran
Note: The Federal Title IV refund calculations only apply to withdrawals from all classes. However, if a student changes track and if there is an adjustment made to her/his tuition charge, the Financial Aid Office may recalculate the student’s Cost of Attendance Budget to see if her/his aid eligibility has changed.
Student loans, unlike grants and work–study, are borrowed money that must be repaid, with interest, just like car loans and home mortgages. You cannot have these loans canceled because you didn’t like the education you received, didn’t get a job in your field of study or because you’re having financial difficulty. Loans are legal obligations that you’ll have to repay.
Exit Counseling is required before you withdraw, graduate, or drop below half-time attendance (even if you plan to transfer to another school). This counseling helps you understand your rights and responsibilities as a student loan borrower and provides useful tips and information to help you manage your loans.
Students departing from NUNM or ceasing to enroll at least half–time must complete online exit counseling.