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Return of Title IV Financial Aid

All students with Title IV aid must "earn" their aid before they are entitled to keep 100% of it.

If 100% of your Title IV aid is not "earned", loans and/or grants will be reduced. Based on the percentage of the semester completed, institutional charges, and the period of enrollment, the Title IV aid is separated into two "earned" and unearned" amounts. You are entitled to keep the "earned" portion, and must repay the "unearned" portion to UNM. UNM will send a bill to you for the "unearned" portion of your financial aid.

FinAid

For Students Who Withdraw From All Classes

If students begin instruction at UNM, receive federal financial aid, and then withdraw from all classes, their financial aid may be adjusted according to federal regulations. The regulations state that students earn their financial aid based on the period of time they were actually enrolled.

Enrolled days / total number of days in the semester = % of Aid Earned


The earned amount is subtracted from the awarded amount, and the difference represents the unearned amount that must be returned to the federal financial aid programs.

Financial aid to be returned = Amount of aid - Earned amount

Federal regulations require the repayment of all unearned financial aid, including funds for books and living expenses, within 45 days of withdrawal. Until students repay the required funds, they are ineligible to receive additional federal financial aid at any college. Students who withdraw after attending at least 60% of the semester are not required to return funds. When a return of federal Title IV funds is due, both the student and UNM have a responsibility for returning funds. UNM’s share of funds to be returned is the lesser of:

  • the total amount of unearned aid, or
  • the institutional charges multiplied by the percentage of aid that was unearned

The student recipient’s share of funds to be returned is the difference between the total unearned amount and the institution’s share. The institution’s share is returned to the federal Title IV student aid programs in an order specified by statute. Next, the recipient’s share is fully returned to the Title IV student aid programs from which they were awarded. Any amount owed to a grant program is reduced by half. The donor determines refund and repayment of institutional scholarships, athletic scholarships, private scholarships, and third-party scholarships.

Federal funds are returned within 45 days in the following order:

  1. Direct Loan (Unsubsidized)
  2. Direct Loan (Subsidized)
  3. Federal Perkins Loan
  4. Federal PLUS (Parent) Loan
  5. Federal Pell Grant
  6. Federal SEOG
  7. Other Federal Aid
  8. The donor determines refund and repayment of institutional, state, private, and third party scholarships

Offered in Modules

"Offered in Modules" is when a course(s) in a program do not span the entire length of a payment period or period of enrollment.
Examples of "Offered in Modules":

  • Two 8 week sessions within a 16 week semester.
  • Three 5-week sessions within a 15 week semester.
  • Winter intercession between Fall and Spring semesters.

Students considered to be withdrawn, if he/she does not complete all the days scheduled to complete within the payment period, term, or module.
School must document completed all courses with a passing grade.
If no passing grade in the last scheduled course, school must demonstrate student completed period.

Post Withdrawal Disbursements

If the financial aid earned by the student exceeds the aid disbursed, additional funds may be disbursed to the student in the form of a late disbursement. Additional disbursements are not permitted if the amount of earned aid is less than the total Federal Title IV aid that was disbursed prior to the University’s determination that the student withdrew.

Students who withdraw after attending 60% of the semester are not required to return funds.

UNM’s participation in the QA program allows UNM more control in determining which students will be selected for the verification process. If you are selected under UNM’s verification guidelines, we will notify you, and tell you exactly what documents and information we need from you and your family in order to complete your verification. We will not award any funds until the verification process is completed and reviewed by our staff.

**IMPORTANT** We do not want families to send us documents for verification unless we specifically request them - even if your Student Aid Report indicates that you were selected for verification by the federal processor. However, it is always a good idea to keep your tax and financial papers in a central location so you have quick access to them if necessary.

UNM reserves the right to request similar information for verification purposes for any student applying for aid.