Students

Title IV Refund Policy

Federal Return of Title IV Funds Policy

The Higher Education Amendments of 1998 established a Return of Title IV Funds policy to replace pro-rata and refund/repayment policies established by earlier amendments. This new policy requires both schools and students to return to the federal funds amounts which are not earned. The amount earned is defined as the percentage of the federal aid applied or disbursed which corresponds to the percentage of the school term completed, (as calculated using calendar days), at the time a student withdraws from school. Students who receive federal student aid and withdraw before 60% of a term has been completed will be required to return a portion of any type of federal aid they have received, other than Federal Work Study wages! At the 60% completion point of each term, the full amount of the aid is considered to have been earned, and no return of funds is required for withdrawal beyond that point. (Students who have received federal student aid and who withdraw without completing classes can lose eligibility for future aid because of failure to make satisfactory academic progress, regardless of the point at which they withdraw.)

The portion of Title IV funds to be returned will be calculated by the Financial Aid Office at the time of official withdrawal, or at the time the Registrar and Financial Aid Office become aware a student has withdrawn without written notification. Students who withdraw officially will receive a written notification of funds to be returned by the college and by the student.

 

***PLEASE NOTE: THE COLLEGE REFUND POLICY AND THE FEDERAL RETURN OF TITLE IV FUNDS POLICY ARE INDEPENDENT OF EACH OTHER. THE RETURN OF TITLE IV FUNDS MAY RESULT IN COLLEGE COSTS NOT PAID AND DUE FROM THE STUDENT. TRANSCRIPTS AND/OR GRADE REPORTS WILL NOT BE ISSUED TO STUDENTS FOR WHOM COLLEGE COSTS ARE NOT PAID.***

  

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