Return of Title IV Policy/Withdrawing from Classes
If you withdraw from all classes prior to completing more than 60% of a semester, you may be required to repay a portion of the federal financial aid received for the semester.
Financial Aid Office is required by federal statute to recalculate federal financial aid eligibility for students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60% of a payment period or semester. All Title IV financial aid programs must be recalculated in these situations.
The return of Federal Title IV funds calculation determines the percentage of “earned” and “unearned” federal aid. This percentage is determined by dividing the number of days completed by the number of days in the payment period. If the student has completed more than 60 percent of the period, all funds have been “earned,” and there is no return of federal funds. If less than 60 percent of charges were “earned,” the formula determines the amount of aid which must be returned to the federal programs. There are no current provisions for extenuating circumstances with regard to Return of Title IV Regulations.
Federal funds must be returned in the following order: Unsubsidized Federal Stafford Loans, Subsidized Federal Stafford Loans, PLUS Loans, Federal Pell Grants, Federal SEOG, and other Title IV assistance. Contact the Financial Aid Office for more information.
Students who are no longer attending at least six credit hours at the time loan funds are scheduled to be disbursed are not eligible to receive those funds. The loan will be cancelled and all loan funds returned to the Department of Education.
Keep in mind that when Title IV funds are returned, the student may owe a debit balance to the college. The student should contact the Bursar’s Office to make arrangements to pay the balance. In any instance where it is felt that individual circumstances may warrant exception to the institutional refund policy, the student may appeal in writing to the Refund Committee. More about Refunds Policy and exception to the policy>