Return of Title IV Funds Policy

Federal Student Aid (Title IV) funds are awarded to eligible students under the assumption that the student will attend school for the entire period for which the assistance is awarded. When a student withdraws, the student may no longer be eligible for the full amount of Title IV funds that the student was originally scheduled to receive.

If a recipient of Title IV grant or loan funds withdraws from school after beginning attendance, the school must perform an R2T4 calculation to determine the amount of Title IV assistance earned by the student. If the amount disbursed to the student is greater than the amount the student earned, the unearned funds must be returned. If the amount disbursed to the student is less than the amount the student earned, and for which the student is otherwise eligible, he or she is eligible to receive a post-withdrawal disbursement of the earned aid that was not received.

Millennium Beauty Institute is required to determine the earned and unearned portions of Title IV aid as of the date the student ceased attendance based on the amount of time the student was scheduled to be in attendance. Up through the 60% point in each payment period, a pro rate schedule is used to determine the amount of Title IV funds the student has earned at the time of withdrawal. After the 60% point in the payment period, a student has earned 100% of the Title IV funds the student was scheduled to receive during the period. For a student who withdraws after the 60% point in time there are no unearned funds. However, the school must still determine whether the student is eligible for a post-withdrawal disbursement.

A student is considered to have withdrawn from a payment period if the student does not complete all the clock hours in the payment period the student was scheduled to complete. The date of Millennium Beauty Institute's determination that the student has withdrawn will be the date the student provides official notification to the school of his or her intent to withdraw. For a student who withdraws without providing notification, the date of the school's determination that the student withdrew will be no later than 14 days after the student's last date of attendance as determined by the school from its attendance records.

Millennium Beauty Institute must always return any unearned Title IV funds it is responsible for returning within 45 days of the date the school determined the student withdrew, whether officially or unofficially. Millennium Beauty Institute will return any unearned Title IV grant or loan funds in the following order: Unsubsidized Direct Loans, Subsidized Direct Loans, Federal Pell Grant.

The R2T4 regulations do not prohibit Millennium Beauty Institute from having its own refund policy. Although Millennium Beauty Institute's refund policy will determine the charges a student will owe after withdrawing, those policies will not affect the amount of Title IV aid the student has earned under the R2T4 calculation.