Policy and Procedure Checklist for Return of Title IV Funds
How will withdrawing from all my classes after the 50% refund date affect my financial aid?
A portion of your financial aid may need to be returned back to the Department of Education. A portion of student fees is no longer covered by financial aid, and the student is liable for paying the balance of school charges. This amount will be subject to immediate repayment and no further registration activity will be allowed. Official transcripts will not be released until the balance is paid in full.
Title IV Refund Calculation Process
To calculate the Return of Title IV Aid, the Financial Aid office:
- Determines the number of calendar days the student attended classes (Calendar day does not include scheduled breaks of at least five consecutive days or more.)
- Calculates the percentage of Title IV Aid Earned and Unearned
- Calculates the amount of institutional charges
- Determines the amount that must be returned to each Title IV program
- Calculates the student’s and school’s responsibility to the grant and loan programs
- Returns funds to the programs according to regulatory requirements
- Collects grant overpayment, or follows the overpayment procedures
Worksheets used to determine the amount of Return of Title IV aid are available upon request in the Financial Aid Office.
THE INSTITUTIONAL REFUND POLICY IS DIFFERENT THAN THE FEDERAL TITLE IV REFUND POLICY.
PLEASE SEE THE COLLEGE CATALOG FOR INFORMATION REGARDING THE INSTITUTIONAL REFUND POLICY FOR ALL INSTITUTIONAL FUNDING.
Unofficial Withdrawal and Financial Aid Eligibility
The Department of Education considers a student who has failed to receive a passing grade (F, I, IP & W) in all their registered courses or combination of these letter grades in a given term to have unofficially withdrawn from the college and ineligible for a portion of their financial aid.
However, if the college can substantiate that the student earned at least one of the "F" grades in the term, by participating in an academically related activity after a certain point of the term, the student is considered to have earned the "F" grade. Therefore, the student is not officially withdrawn from the college and eligible to receive financial aid.