Return of Title IV (Federal) Funds
A federal aid recipient who completely withdraws from all classes, stops attending all classes as reported by their professors or a combination of both before completing 60% of the semester will have his/her federal aid re-evaluated to determine what portion of the aid was earned versus what portion must be returned. This federally-mandated formula is adjusted for attendance in modular or "part of term" classes.
The formula is as follows:
- The College will determine the percentage of time the student was enrolled as of the student’s last documented date of attendance.
- The College will determine the amount of aid earned by the student.
- The College will compare the amount of aid earned to the amount of aid disbursed. This step determines whether a late disbursement is due to the student or whether funds must be returned to the Title IV programs.
- The College will allocate the responsibility for returning unearned aid between the school and the student.
- The College will distribute the unearned funds back to the Title IV programs according to the following distribution per federal regulations:
|Unsubsidized Federal Direct Loan|
|Subsidized Federal Direct Loan|
|Federal Direct Parent PLUS Loan|
|Federal Pell Grant|
|Federal Supplemental Educational Opportunity Grant (SEOG)|
This policy does not impact the charges a student is billed for the semester. This means the student could owe the College for any amount not covered by the aid earned and/or payment(s) made.