WHAT ARE FEDERAL TITLE IV FUNDS?
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. It does not include scholarships from the University or other private organizations.
HOW ARE TITLE IV FUNDS APPLIED TO MY STUDENT ACCOUNT?
The U.S. Department of Education requires that Title IV funds be applied to specific allowable charges. Allowable charges include: tuition, mandatory fees, and room and board billed by the University.
- Mandatory Fees
- Room and Board, if contracted with the University
Non-Allowable charges include:
- Parking fines
- Health Insurance
- Health service/lab fees
- Library fines
- Late fees
WHY DO I HAVE AN EXCESS OF TITLE IV FUNDS?
Excess Title IV funds occur when the total amount of Title IV aid funds disbursed to your student account exceeds charges for tuition, mandatory fees, and room and board contracted by the University.
WHAT IS THE PURPOSE OF THE TITLE IV AUTHORIZATION FORM?
Marymount University , In compliance with federal regulations, must obtain the voluntary permission from the student to apply federal financial aid proceeds to pay for charges other than tuition, mandatory fees, and room and board contracted by the University.
WILL SIGNING THE AUTHORIZATION FORM HELP ME?
Yes. By signing the form, any excess Title IV funds will be permitted to be applied to prior non‐allowable charges as well as any future non‐allowable charges during the loan period. Furthermore, signing the form will help prevent an “account hold” for unpaid charges, which would prohibit you from registering and enrolling for future semesters, obtaining grades/transcripts, and receiving your diploma.
WHAT IF I DON’T GRANT THE AUTHORIZATIONS?
If you do not grant authorization, your federal financial aid and loans cannot be used to pay for charges other than tuition, fees, University housing and meal plans and any excess aid will be refunded to you. Therefore, you may receive a refund and simultaneously have an outstanding balance for any charges that could not be paid with your Title IV aid. Receiving a refund does not indicate that there are no pending charges on your account.
IF I SIGN THE AUTHORIZATION FORM, WILL I STILL BE ABLE TO REQUEST A REFUND FOR THE CREDIT BALANCE ON MY STUDENT ACCOUNT?
Yes, your authorization is permission for the University to hold excess Title IV funds on your student account but it does not prevent you from requesting a refund. You may request a refund of excess Title IV funds or any other eligible credit balance on your student account during your enrollment at the University.
DO I NEED TO SIGN A NEW AUTHORIZATION FORM EACH SEMESTER?
No, by signing this document, you are granting the University authorization to retain excess Title IV funds while you are a student at the University, including breaks in enrollment. You may rescind your authorization at any time.
DOES HAVING AN EXCESS OF TITLE IV FUNDS MEAN THAT I HAVE A CREDIT BALANCE ON MY STUDENT ACCOUNT?
Not necessarily. An excess of Title IV funds means that the amount of your federal financial aid exceeds the allowable charges (as defined above). You may login to your eBill account to determine if you have a credit balance or an amount due to the University.
WHERE SHOULD I SEND MY SIGNED TITLE IV AUTHORIZATION FORM?
You may obtain a form at TITLE-IV-FEDERAL-FINANCIAL-AID-AUTHORIZATION-FORM-FOR-STUDENTS. To submit the form by email (from your official Marymount email account) to firstname.lastname@example.org, fax the form to (703) 526-6979 or bring it to the Student Account’s Office located in Rowley Hall.
If I still have questions, who can I contact?
Office of Student Accounts
2807 North Glebe Road
Arlington, VA 22207
Phone: (703) 284-1490