RETURN OF TITLE IV (FEDERAL) FUNDS
A federal aid recipient who completely withdraws from all classes 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. A student is considered not to have earned all of his/her federal aid if he/she withdraws during the first 60% of the semester. This federally-mandated formula is adjusted for summer attendance.
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:
Unsubsidized Federal Stafford Loan
Subsidized Federal Stafford Loan
Federal Parent Loan for Undergraduate Students
Federal Pell Grant
Federal Supplemental Educational Opportunity Grant (SEOG)
Federal Academic Competitiveness Grant (ACG)
This policy does not impact the tuition and fees a student is charged for the semester.
