The government has established a statutory schedule to determine the amount of Title IV funds a student has earned as of the date he or she ceases attendance. The amount of Title IV Program assistance earned is based on the amount of time the student spent in academic attendance; it has no relationship to the student's incurred institutional charges.

Once institutional and/or student liability has been determined, the refund is distributed to the Federal programs in the following order:

1. Federal Family Education Unsubsidized Stafford Loan;
2. Federal Family Education Stafford Loan;
3. Federal Family PLUS Loan;
4. Federal Pell Grant;
5. Federal SEOG;
6. Other federal, state, private, or institutional student financial assistance;
7. Student.