Financial Aid Refund and Adjustment Policy
Refund and Adjustment Policy for Title IV Funds
The term Title IV Funds refers to the federal financial aid programs authorized under the Higher Education Act of 1965 (as amended) and includes the following programs: unsubsidized Federal Stafford loans, subsidized Federal Stafford loans, Federal Perkins loans, Federal PLUS loans, Federal Pell Grants, and Federal SEOG.
The Financial Aid Office is required to return funds received under Title IV if a student withdraws from all classes during the term before completing more than 60% of the term. The adjustments are calculated based on any of the following actions:
- The date the student began the institution’s withdrawal process with a counselor or the Registrar’s Office, or
- The student’s last date of attendance at a documented academically-related activity, or
- The midpoint of the semester for a student who leaves without notifying the institution, or
- The date the student is reported by the faculty for non-attendance.
Title IV aid is earned in a prorated manner on days attended up to or greater than the 60% point in the semester. Title IV aid is viewed as 100% earned after that point in time.
All withdrawals for financial aid students are monitored by the Financial Aid Office. Students who withdraw from courses and/or reduce their course loads after registration may have their financial aid reduced accordingly.
In accordance with the federal regulations, the Financial Aid Office will return funds to the Title IV Fund programs in the following order: Unsubsidized Federal Stafford Loans, Subsidized Federal Stafford Loans, Federal Perkins Loans, Federal PLUS Loans, Federal Pell Grants, Federal SEOG, other Federal sources of aid.
The Financial Aid Office will assume the responsibility of returning the funds to the Title IV programs for overpayments to the College and the student. It is the student’s responsibility to repay the College any overpayments (within 90 days of the date the student withdrew) which were disbursed directly to the student, which the student was determined to be ineligible to receive, based on the Title IV funds calculation. Failure to repay the overpayment to the College will jeopardize the student’s eligibility for further Title IV aid at the college as well as at other higher education institutions.
Refund and Adjustment Policy for State Funds
Students in state aid programs (example: TAG, EOF) must complete more than the first four weeks of the semester to earn 100% of the aid they have been awarded. Aid will be reduced if the student does not meet the attendance requirement. Aid adjustments based on the number of weeks of attendance will be made according to the College’s published refund policy. The Financial Aid Office will assume the responsibility for returning overpayments received by the College and the student to state aid programs. Students are responsible for paying the college any overpayments which were disbursed directly to the student which the student was determined to be ineligible to receive, based on the refund calculation.
The procedures and policies listed above supersede those published previously and are subject to change at any time. Any notification of a withdrawal should be in writing and addressed to an academic counselor.Financial Aid Refund and Adjustment Policy