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• MODERN[ TECHNOLOGY SCHOOL - SCHOOL CATALOG • REFUND POLICY continued ... FEDERAL RETURN OF TITLE IV FUNDS REFUND POLICY All institutions participating in the SFA programs are required to use a statutory schedule to determine the amount of SFA funds the student had earned when he or she ceases to attend, which is based on the period of time the student was in attendance. If a recipient of the SFA Program withdraws from the institution during a payment period or a period of enrollment in which the student began attendance, the institution must calculate the amount of SFA program assistance the student did not earn, and those funds must be returned. Up through the 60% point in each payment period or period of enrollment, a schedule is used to determine how much SFA program funds the student has earned at the time of withdrawal. After the 60% point in the payment period or period of enrollment, a student has earned 100% of the SFA funds. The students last date of attendance will be used to calculate the refund. Refunds will be made within 30 days of the drop date/date of determination. The percentage of the payment period or period of enrollment completed is determined by the total number of calendar days in the payment period or period of enrollment for which the assistance is awarded divided into the number of calendar days completed in that period as of the last date of attendance. Scheduled breaks of at least five consecutive days are excluded from the total number of calendar days in a payment period or period of enrollment (denominator) and the number of calendar days completed in that period (numerator). Days in which a student was on an approved leave of absence are also excluded in the calendar days for the payment period or period of enrollment. REMITTANCE TO THE FEDERAL GOVERNMENT If it is determined that a federal refund is due, the statute and regulations clearly define the order in which remaining federal student financial aid program funds are to be returned. Based on the student's financial aid award(s) (his/her parent(s) in the case of PLUS Loans), the return of federal funds will be remitted to the appropriate program in the following order: 1. Unsubsidized Federal Stafford Loan Program; 2. Subsidized Stafford Loan Program; 3. Federal PLUS Loan Program; 4. Federal Pell Grant Program; 5. Federal Supplemental Educational Opportunity Grant (FSEOG) Program; 6. Other federal, state, private and/or institutional sources of aid; and 7. The student. Published Jana ary 1, 2020/Effective through December 31, 2020 . All Rights Reserved ) Visit as at www.mtschool.edu