Return/Repayment of Title IV Funds Policy

Return/Repayment of Title IV Funds Policy

Purpose: Federal Title IV student aid is provided to assist students to pay for part or all of the expenses relating to their attendance at the College.  Should a student cease to be enrolled for classes, the College is required by federal law to determine whether or not any of the aid provided to the student must be returned by the College or REPAID BY THE STUDENT to the programs from which the aid came.

• This policy, effective all students to whom Title IV funds are disbursed for attendance at the college, but who cease to  be enrolled for all classes prior to the sixty per cent (60%) point of the quarter for which the funds are disbursed.  

           NO return is required if the student's last date of attendance is after the 60% point of the quarter.  A

           student withdrawing after the 60% point will have earned all his/her aid for the quarter and will not be 

           required to return any funds.

• The determination of the amount to be returned is based upon a percentage of the Title IV funds disbursed. The percentage is derived by dividing the number of calendar days in the quarter that the student was enrolled (from the first day of classes up to and including the last date of attendance) by the total number of calendar days in the quarter.  A copy of the worksheet used to determine the amount to be returned may be obtained from the  Financial Aid Office.  

• Returns are made in the following order:  Unsubsidized Federal Stafford Loans, Subsidized Federal Stafford Loans, Federal PLUS Loans, Federal Pell Grants, Federal Supplemental Educational Opportunity Grants, other Title IV aid.  

•  Responsibilities regarding the return of Title IV funds:

    A. The College is responsible for:

1.   Providing each student with a copy of this policy

2.   Identifying students who are affected by this policy

3.   Determining the amount of Title IV funds to be returned

4.   Returning to the Title IV programs any funds they are due

    B.  A student affected by this policy is responsible for paying to the College the amount of any Title IV

          funds disbursed to him/her which are required to be returned.

• Financial aid recipients are strongly encouraged to consult with their financial aid advisor regarding the ramifications of withdrawal prior to dropping all classes.  

• A student wanting to withdraw must contact the Student Records Office.  He/she must complete an official withdrawal form and obtain all required signatures.  The withdrawal becomes official on the day that the processing of the withdrawal request is complete and is recorded by the Student Records Office.

• The College will notify the student of the amount he/she is required to repay within 30 days of the withdrawal date.

•  The student has 45 days from the date he/she is notified of a repayment obligation to pay the amount owed or to make repayment arrangements acceptable to the College.  Should this not occur, the repayment obligation will be reported to the U.S. Department of Education.  

•  A student owing a repayment of Title IV funds is INELIGIBLE for any Federal financial aid at ANY college and MAY NOT enroll at ANY college until repayment is made.