This policy applies to all students receiving Federal Pell Grants, Federal Loans, Federal PLUS Loans, Federal Supplemental Educational Opportunity Grants (FSEOG), Federal Perkins Loans, Federal Iraq Afghanistan Service Grants, and in some cases, state grants.
When a recipient of Title IV Federal grant or loan assistance withdraws or takes a leave of absence from the College during the semester, the College must determine per a federal formula, the amount of federal aid that the student may retain as of the withdrawal date. Any federal aid that the student is eligible to receive, but which has not been disbursed, will be offered to the student as a post-withdrawal disbursement. Any federal aid the student is not eligible to receive according to the federal refund policy will be returned to the federal government.
The student is entitled to retain federal aid based on the percentage of the semester she has completed. As prescribed by federal formula, the College calculates the percentage by dividing the total number of calendar days in the semester into the number of calendar days completed as of the withdrawal date. Fall and spring breaks are excluded as periods of nonattendance in the enrollment period. Once the student has completed more than 60% of the semester, she has earned all of the Title IV assistance scheduled for that period.
The amount of Title IV assistance not earned is calculated by determining the percentage of assistance earned and applying it to the total amount of grant and loan assistance that was disbursed. The amount the school must return is the lesser of:
- the unearned amount of Title IV assistance or
- the institutional charges incurred for the period of enrollment multiplied by the unearned percentage.
The order of return of Title IV funds is:
- Unsubsidized Federal Loans
- Subsidized Federal Loans
- Federal Perkins Loans
- Federal PLUS Loans
- Federal Pell Grants
- Federal Iraq Afghanistan Service Grants
- Federal Supplemental Education Opportunity Grants (FSEOG)
- Other Title IV assistance
Deadlines for Returning Title IV Funds
The amount of the refund allocated to the Federal Loan, Federal PLUS Program, Federal Pell Grant, Federal SEOG, and Federal Perkins will be returned by the College to the appropriate federal program accounts within 45 days of the date the student officially withdrew or was expelled, or within 45 days of the date the College determined that the student had unofficially withdrawn.
The amount of the refund, if any, allocated to the student will be paid within 45 days of the student’s withdrawal date or, if the student withdrew unofficially, the date that the Dean’s Office determined that the student withdrew.