When a student withdraws from school before completing an enrollment period or falls below the minimum enrollment level for a specific aid type by withdrawing from a class, WVU must determine whether any of the student’s financial aid must be repaid.
Title IV funds are federal student aid funds, which are from federal student aid programs administered by the U.S. Department of Education. Title IV funds include Direct Subsidized/Unsubsidized Loan, Direct Graduate PLUS Loan, Direct PLUS Loan, Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (SEOG), and Federal Perkins Loan. Students earn Title IV federal student financial aid based on the length of time enrolled. If more than 60% of the enrollment period is completed, all Title IV funds are considered “earned”, and no funds have to be repaid.
If charges over and above the amount of retainable Title IV financial aid are not covered by other funds, WVU will bill the student to make up the difference.
Students owing a repayment to any federally sponsored student aid program cannot receive any federally supported student financial assistance for future enrollment periods until repayment arrangements have been made with either the WVU Office of Student Accounts or the U. S. Department of Education.
Repaying a Student Loan
Although you generally have up to 10 years to repay Federal Perkins and Direct Loans, you might want to pay them off sooner. Calculating monthly repayments for repayment periods of various lengths will give you some idea of your choices.
The following is a repayment chart based upon the Standard 10-year Repayment Plan. Your actual monthly payment amount may be lower. The final year of repayment may be less than 12 months.
Direct Student Loan Repayment Chart
|Initial Debt When Loan||Payment Amount||Total Amount|
|Enters Repayment||Per Month||Paid|