The college maintains a fair and equitable refund policy as mandated by the US 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.
Calculation for the Return of Title IV Funds
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 (50% of semester).
- Total number of days in the semester;
- Percentage of Title IV funds earned and unearned, and;
- Amount of funds to be returned by the student.
The college will notify the student within 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 US Department of Education. Failure of the student to do either within the 45 days obligates the college to report the overpayment to the US 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 grant programs in accordance with the terms of the grant programs as an overpayment. Grant overpayments are subject to repayment arrangements satisfactory to the school, or overpayment collection procedures prescribed by the Secretary of the Department of Education.
Order of Return of Student Financial Aid Program Funds
Funds credited to outstanding grant balances for the payment period of 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 for the payment period for which a return of funds is required.
Subsidized Direct Loans for the payment period for which a return of funds is required.
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
What’s the bottom line?
If at all possible, stay in school. Not only will you be able to continue your education, you can also avoid having to pay any money back to the College or government. Ask the Financial Aid Office for more information.