rasmussen.edu | 888-5-RASMUSSEN ACADEMIC INFORMATION AND UNIVERSITY POLICIES The percentage of Title IV aid to be returned is determined by dividing the number of calendar days attended (based on last day of attendance) by the number of total calendar days in the payment period or period of enrollment. Scheduled breaks of five or more consecutive days are excluded. If funds are released to a student because of a credit balance on the student’s account, the student may be required to repay some of the federal grants if they withdrew. The federal return of Title IV funds formula calls for a second calculation, similar to the one outlined above, where the school determines the percentage and amount of tuition which was unearned. The school compares the unearned tuition with the unearned Title IV aid, and returns the lesser of these two amounts. The amount of assistance that you have earned is determined on a pro rata basis. For example, if you completed 30% of your payment period or period of enrollment, you earn 30% of the assistance that you were originally scheduled to receive. Once you have completed more than 60% of the payment period or period of enrollment, you earn all the assistance that you were scheduled to receive for that period. Return of Title IV withdrawal exemption for programs with modules: In a program offered in modules (referred to as terms at Rasmussen), a student is not considered to have withdrawn for Return of Title IV purposes if the student successfully completes (earns a passing grade) coursework equal to or greater than the University’s definition of a half- time student for the payment period. Return of Title IV withdrawal exemption for all programs (with or without modules): A student who completes all the requirements for graduation from their program before completing the days in the period that they were scheduled to complete is not considered to have withdrawn for Return of Title IV purposes. A student withdrawing from school may be eligible for post-withdrawal disbursements according to federal regulations. A post-withdrawal disbursement occurs when a student who withdraws earned more aid than had been disbursed prior to the withdrawal. Post withdrawal disbursements are made first from available grant funds before available loan funds and must be done within 45 days of the school’s determination that the student withdrew. In addition, loan post-withdrawal disbursements must be done within 180 days of the school’s determination that the student withdrew. Rasmussen University credits the student’s account for any outstanding current period charges with grant funds. If there is any remaining post-withdrawal disbursement to be made to the student, an offer is made to the withdrawn student in writing (letter sent to student) within 30 days of the school’s determination that the student withdrew. The letter explains the type and number of fund(s) available and explains to the student the option to accept or decline all or part of the monies. A 14-day response time is given to the student for their decision. For any post- withdrawal disbursement of loan funds, the University must get the student’s permission before crediting the post- withdrawal loan funds to their student account. It may be in the student’s best interest to allow the school to keep the funds to reduce debt with the University. If no response is received within 14 days, the remaining post-withdrawal disbursement is cancelled. It may be in the student’s your best interest to allow the school to keep your the funds to reduce your debt with the University. If no response is received within 14 days, the remaining post- withdrawal disbursement is cancelled. Rasmussen University uses its Student Information System to calculate the federal return of Title IV and Institutional refund calculations based on the U.S. Department of Education regulatory requirements. The requirements for the return of Title IV program funds are different from the tuition refund policy and students who withdraw may owe unpaid institutional charges. Federal Distribution of Funds Policy Once the refund liability for a particular student has been determined, the federal portion of the refund shall be distributed back to the various programs in the following manner: • All refund monies shall first be applied to reduce the student’s Federal Direct Unsubsidized Stafford, Federal Direct Subsidized Stafford, and Federal Direct PLUS loans received on behalf of the student. • Any remaining refund monies will then be applied to reduce the student’s Federal Pell Grant award. • Any remaining refund monies will then be applied to reduce the student’s Federal SEOG award. • Other Federal SFA Programs authorized by Title IV Higher Education Act. Non Federal Refund Distribution Policy A. For Florida Campuses If the disbursement is made of the Florida State Assistance Grant (FSAG) while the student is enrolled, no refund will be due. If the disbursement is made while the student is no longer in attendance, a full refund to the FSAG program is due. A student must be attempting a minimum of six credits per quarter to be eligible to receive Bright Futures scholarship funding. If a student receiving Bright Futures scholarship funds withdraws 138 from course(s) after the drop/add period, the student will be required to repay the institution for the amount of the scholarship for those course(s) withdrawn from. B. For Minnesota Campuses Refunds for state aid programs are calculated on a proportional basis. To calculate the minimum refund due to the Minnesota State Grant program, the SELF Loan program, and other Minnesota State Aid Programs (with the exception of the State Work Study program), the following formula is used: Amount of funds (financial aid and cash) applied to institutional charges (including post-withdrawal disbursements of Title IV aid applied to institutional charges) less: Amount of institutional charges that the school can retain per our state mandated refund policy less: Amount of Institutional Share of the Title IV Refund = Remaining refund due to the State Aid programs Ratios are then determined for each of the State Financial Aid programs as part of the total Non-Title IV financial aid disbursed to the student (for the period during which the student withdrew). These ratios are then multiplied against the remaining refund due to the State Aid programs to determine the proportional minimum refund due to both the State Grant and SELF programs. If the student received funds from other State Aid programs, those refunds would be calculated in the same manner. Note that for purposes of calculating institutional charges in the State Refund Calculation, the definition for Title IV programs is used. • Any remaining refund monies will then be applied to reduce the student’s Minnesota State Grant award and/or Minnesota SELF Loan. • Any remaining refund monies will then be applied to any other sources. C. For North Dakota Campuses If the disbursement is made of the North Dakota State Grant while the student is enrolled full time, no refund is due. If the disbursement is made while the student is no longer in attendance, a full refund to the North Dakota State Grant program is due. D. For Illinois, Kansas, and Wisconsin Campuses Please note that Illinois, Kansas, and Wisconsin do not have state grant programs, so the Non-Federal Refund Distribution Policy does not apply to students attending campuses in Illinois, Kansas, or Wisconsin. Exit Interviews Students contemplating the termination of their education at Rasmussen University should contact the Dean, Campus Director, or Advisor. ALL CONTENT IS SUBJECT TO CHANGE BY ADDENDUM All students graduating or withdrawing are required to complete a mandatory online exit interview. During this interview, students receive information regarding their loan(s) including address and telephone numbers of lenders, deferment requests, a list of qualifications, a sample repayment guide, loan consolidation information, and review of loan terms. Academic and financial aid files are not complete until both exit interviews have been completed. The Advisor is available for assistance for the duration of the student’s loan. Rasmussen University reserves the right to withhold the release of academic information, and other records, pending settlement of any amount due to the University. Extended Quarter Break Stop-Out Policy Rasmussen University encourages students to remain continuously enrolled in their program through graduation. Rasmussen University recognizes that, on occasion, an accepted student may experience an extraordinary personal situation for which the student may need an extended break between quarters. A student with an extenuating circumstance may apply for the Extended Quarter Break Stop-Out. Students who are enrolled and meeting the standards of Satisfactory Academic Progress at the end of one quarter may apply for an extended break for either Term 1 or 2 of the following quarter. The student must successfully complete Term 2 immediately prior to the Stop-Out quarter. Under no circumstances will a Stop-Out be approved for a student to take two consecutive Term Stop-Outs (i.e., Term 2 of Fall Quarter and Term 1 of Winter Quarter or Term 1 & 2 of the same quarter). The student must commit to returning in the immediate next Term following the approved Extended Quarter Break Stop-Out or the student will be withdrawn from Rasmussen University. Students who are receiving Title IV funding must be scheduled to take at least six instructor- led credits in the Term immediately following the Extended Quarter Break Stop-Out period. The student must meet with his or her Advisor in order to obtain a Stop-Out Request form. The Advisor will provide the student with the necessary information to make an informed decision. The Stop-Out Request form must be signed on or before the last business day to drop courses in the quarter for which the Extended Quarter Break Stop-Out is being requested. Stop- Out Request forms received after the last day to drop courses will not be honored. Students will remain continuously enrolled and will not be eligible to receive financial aid at any other institution during this break. Students who are approved to take an Extended Quarter
