Refund Policy for Students Participating in Federal Title IV Student Aid Programs
If a student participates in Federal Title IV Financial Aid, the college will first calculate the Return to Title IV and then apply the Institutional Refund Policy. For those students not participating in Federal Title IV Financial Aid, only the Institutional Refund Policy will apply. Federal Title IV funds include Federal Pell Grants, Federal College Work-Study, Supplemental Educational Opportunity Grants, Direct Loans and Direct PLUS Loans. A student's Title IV monies are adjusted when the student drops a course or earns an NS (no show) grade. An NS grade does not establish attendance. Each NS grade results in a $500 charge. Title IV Funds cannot be used for this $500 charge.
Return of Title IV Funds: The school must return any unearned portion of monies received under any of the Title IV programs. This calculation is based on the parameters set forth in section 668.22(e)(1) of the Higher Education Act of 1965, as amended. This is a proportional calculation based upon the student’s date of withdrawal. Students must attend 60.01% of an enrollment period in order to earn all of their financial aid for the applicable semester. Students will be notified of any balance owed to the college as a result of the refund calculations.
This is a synopsis of the Return to Title IV calculation and not the entire policy. The student may see the entire policy along with work sheets and examples in the Financial Aid Office’s Policies and Procedures Manual. Students who withdraw and reenter are subject to all the regulations and policies in effect at the time of reentry.