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Withdrawals (Refunds)

Perry Technical Institute uses the student’s last date of attendance as the official withdrawal date. Up through the 60% point in each payment period or period of enrollment, a pro-rata schedule is used to determine how much FSA program funds the student has earned at the time of withdrawal. The Return of Title IV Fund Calculation is used to determine the amount that must be returned by the student and school. The amount of financial aid earned is the percentage of aid earned multiplied by the total amount of aid that was disbursed for the payment period or period of enrollment as of the day the student withdrew.

  1. If the day the student withdrew occurs on or before the student completed 60% of the payment period or period of enrollment for which the assistance was awarded, the percentage earned is equal to the percentage of the payment period for which assistance was awarded that was completed.
  2. If the day the student withdrew occurs after the student has completed greater than 60 percent of the payment period or period of enrollment, the percentage earned is 100%. Following federal policy using the Title IV Fund Calculation, the percentage of the payment period or period of enrollment completed is determined by calculating the total number of calendar days in the payment period divided into the number of calendar days completed in that period as of the day the student withdrew.

Funds will be returned in the following order:

  1. Unsubsidized Federal Stafford Loans
  2. Subsidized Federal Stafford Loans
  3. Perkins Loans
  4. Federal Direct Parent Plus Loans
  5. Federal Pell Grants
  6. FSEOG