Federal Title IV Return of Funds Policy

1. The amount of federal financial aid assistance that the student earns is determined on a pro-rata basis. Once the student has completed more than sixty percent (60%) of the payment period, all financial aid assistance is considered to be earned. Federal financial aid assistance includes the Pell Grant, Supplemental Opportunity Grant (SEOG), Talent Incentive Program (TIP) grants, Stafford Loans (subsidized and unsubsidized) and PLUS Loans for parents.
   
   
2. For students who withdraw from school before more than sixty percent (60%) of the term has been completed or who do not officially withdraw and receive all failing grades for the term, the Title IV Return Policy goes into affect.
   
   
3. Withdrawal date is defined as the actual date the student begins the institution's withdrawal process, the student's last date of academically related activity, or the midpoint of the payment period for a student who leaves without notifying the institution.
   
   
4. When a student receives federal financial aid in excess of earned aid,
   • the school returns the lesser of:
     • Institutional charges multiplied by the unearned percentage, or
     • Title IV federal financial aid disbursed multiplied by the unearned percentage
   • the student returns:
     • Any remaining unearned aid not covered by the school
     • Any loan funds are repaid in accordance with the terms of the promissory note. That is, scheduled payments to the holder of the loan over a period of time.
     • Any grant amount the student has to return is a grant overpayment, and arrangements must be made with the school or Department of Education to return the funds.


5. The student is billed for funds the college is required to repay. The Business Office invoices the student and accounts not paid within ninety (90) days are turned over to a collection agency.