Order of return of Title IV funds
A school must return Title IV funds to the programs from which the student received aid during the payment period or period of enrollment as applicable, in the following order, up to the net amount disbursed from each source:
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Unsubsidized Direct Loans (other than Direct PLUS Loans)
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Subsidized Direct Loans
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Federal Perkins Loans
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Direct PLUS Loans
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Federal Pell Grants for which a Return is required
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FSEOG for which a return of funds is required
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TEACH Grants for which a Return is required
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Iraq and Afghanistan Service Grant, for which a Return is required