The Federal Funds Return Policy applies to students who have received federal financial aid assistance and have officially or unofficially withdrawn from CVTC. The official withdrawal date is defined as the actual date the student begins the college's withdrawal process or the student's last date of academically related activity. The mid-point of the term is used for unofficial withdrawals.
The amount of federal financial aid assistance that a student earns is determined on a pro-rata basis. Once the student has completed sixty percent (60%) of the term, all financial aid is considered to be earned.
If a student withdraws from school before 60% of the term has been completed, drops a class before the start date, or does not officially withdraw and receives all failing grades for the term, the Financial Aid Office will calculate the amount of unearned financial aid and return financial aid funds in refund distribution order. The student is billed for funds CVTC is required to repay. The CVTC Business Office invoices the student, and account balances not paid within ninety (90) days are turned over to a collection agency.
If a student received all F's for a term, but attended at least one class the entire term and "earned" the grade of F, the student will not be considered an unofficial withdrawal if he/she completes the following:
- Prints a Verification of Attendance form. (available on the Financial Aid forms page)
- Has an instructor from one of the classes he/she attended the entire term complete and sign the form; and
- Returns the form to the Financial Aid Office within one (1) week after the term ends.
Specific submission deadlines for verified attendance will be published in the CVTC Student E-Notes and on My CVTC as a college announcement.
When a student receives federal financial aid in excess of earned financial aid,
- the school returns the lesser of:
- College charges multiplied by the unearned percentage, or
- Federal financial aid disbursed multiplied by the unearned percentage; and
- the student returns:
- Any remaining unearned financial 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.
Federal financial aid assistance includes the Pell Grant, Supplemental Educational Opportunity Grant (SEOG), Academic Competiveness Grant (ACG), Direct Loans (subsidized and unsubsidized), and PLUS Loans for parents.