3. Payment – Directive on the reimbursement of studies and commitments created by the return of Title V funds. In htto://www.purdue.edu/dfa/contact/policies-appeals.html#withdrawal you will find the policy and procedure for the official withdrawal of volunteers from the university. You will find the policy and procedure of involuntary withdrawal of the university under www .purdue.edu/studentregulations/student conduct/invwithdrawal.html. You understand and accept that you are responsible for paying tuition and tuition fees under the refund and restitution of Title IV rules at www.purdue.edu/business/bursar/payments/refunds.html if you drop or withdraw certain or all classes for which you register or if you must resign in accordance with the involuntary payment policy. If you have received or received title IV financial assistance (see paragraph 3) and are down before the closing of 60% of the semester (officially or informally (by not receiving a successful grade in at least one course), the university is required to return a portion of Title IV funds paid to the university through Title IV programs on your behalf, these funds are considered “unearned” in accordance with Title IV. The refunds and restitution of the Title IV fund policy (the internet link above) explain how this calculation of the “undeserved” funds of Title IV will be made in the event of an official or unofficial withdrawal from the university. You have read the terms of repayment and restitution of the Title IV fund policy and understand that these conditions are included by reference. Following your withdrawal from school, the university performs the necessary calculations to determine the portion of Title IV funds received on your behalf that are considered undeserved under Title IV. This unearned amount represents an overpayment of university higher education benefits by federal programs on your behalf. The University`s repayment of this amount not earned to federal programs will reduce the amount of your Title IV loan credit among the fund changes you have signed with Title IV programs, but you will also be required to repay the amount not earned at the university as part of the University`s advance to Title IV programs.
The university considers its advance on Title IV programs to be a thirty-day interest-free loan from the university to you. After the university advance on these unearned credits to The Title IV programs and the notification that the university made to you to receive this advance, you agree to refund the total amount of this advance (without interest) no later than thirty (30) days after the notification date of the advance. If the full amount is not paid within this thirty (30) days period, you will be late under this loan, in which case you will resort and hereantime to pay interest late on the outstanding principal balance, from time to time, with a rate of eight percent (8%) interest until a judgment of money is pronounced and, subsequently, according to the judgment, interest at the highest rate allowed by law. The undersigned continue to understand and say that in the event of default of this loan and transfer to a lawyer or collection agency, the university has the right to account for the amount recovered (i) the amount of reasonable legal fees incurred in the recovery of the debt;ii) the amount of collection costs; (iii) the amount of legal costs incurred in the recovery of the debt, all provided as provided for in the Indiana Code Section 21- 14-2- 11.In supplement, in the event that funds are repaid by the university on the basis of a balance or overpayment of your account at any time of the academic year, and you can then withdraw a federal obligation to repay a portion of Title IV financial assistance directly to the federal program that provided assistance in accordance with federal law relating to the restitution of Title IV.