Return of Title IV Funds
The college maintains a fair and equitable refund policy, as mandated by the U.S. Department of Education regulations. These refund and repayment rules only apply to students who withdraw completely and/or otherwise fail to complete the current period of enrollment.
Federal Title IV Regulations require a calculation for the return of Title IV Funds which are not earned by the student in that semester. This regulation requires the college to determine the amount of return through the following calculation:
- Official date of withdrawal
- Unofficial date of withdrawal (see catalog for details)
- Total number of days in the semester
- Percentage of Title IV funds earned and unearned
- Amount of funds to be returned by the student.
The College will notify the student within thirty (30) days of the determination of return of funds. The student has 45 days to retain Title IV eligibility by returning the amount in full, or making satisfactory arrangements to repay the funds to the U.S. Department of Education. Failure of the student to do either within the 45 days obligates the college to report the overpayment to the U.S. Department of Education. Afterwards, the student will lose eligibility for Title IV funds on the 46th day.
The student must return the unearned funds for which they are responsible to the appropriate loan programs in accordance with the terms of the loan, and to grant programs as an overpayment. Grant overpayments are subject to satisfactory repayment arrangements with the school, or overpayment collection procedures prescribed by the Secretary of the U.S. Department of Education.
Order of Return of Student Financial Aid Program Funds
Funds credited to outstanding loan balances for the payment period of enrollment, for which a return of funds is required, must be returned in the following order (not to exceed the original enrollment from each source):
- Unsubsidized Direct loans
- Subsidized Direct loans
- Federal Pell Grants for the payment period for which a return of funds is required
- Federal Supplemental Educational Opportunity Grants (FSEOG) for the payment period for which a return of funds is required