|
Return of Title IV Funds
Policy
Revised March 2009
| If you are thinking about withdrawing from all classes PRIOR to completing up to and including 60% of the semester, you should contact the Financial Aid Office to see how your withdrawal will affect your financial aid. |
The Higher Education Amendments of 1998 changed the formula
for calculating the amount of aid a student and school can retain when the
student totally withdraws from all classes.
Students who withdraw from all classes prior to completing more than 60% of an enrollment term will have
their eligibility for aid recalculated based on the percent of the term
completed. For example, a student who
withdraws completing only 30% of the term will have earned only 30% of any
Title IV aid received. The school
and/or the student must return the remaining 70%. The Financial Aid Office encourages you to read this policy very
carefully. If you are thinking about withdrawing from all classes PRIOR to completing up to and including
60% of the semester, you should contact the Financial Aid Office to see how
your withdrawal will affect your financial aid.
1.
The policy shall apply to all students who withdraw, drop out
or are dis-enrolled from York County Community College (YCCC), and receive
financial aid from Title IV funds:
a)
The term .Title IV Funds. refers to the Federal financial aid
programs authorized under the Higher Education Act of 1965 (as amended) and
includes the following programs which are available at YCCC:
Unsubsidized Federal Stafford
Loans, subsidized Federal Stafford loans, Federal Parent (PLUS) loans, Federal
Pell Grants, and Federal Supplemental Equal Opportunity Grants (FSEOG).
b)
A student's withdrawal date is:
the date the student began the
institution's withdrawal process or officially notifies the institution of
intent to withdraw. This is accomplished by completing the "Withdraw Form" at
the Registration Desk in Student Affairs or
the midpoint of the period for a
student who leaves without notifying the institution; or
the student's
last date of attendance at a documented academically related activity.
The Financial Aid
Office will consider the last date of attending classes, taking an exam,
completing tutorial, computer assisted instruction, academic counseling or
advisement, or turning in an assignment.
2.
Title IV aid is earned in a prorated manner on a per diem
basis up to and including the 60% point in the semester. Title IV aid and all other aid is viewed as
100% earned after that point in time.
a)
The percentage of Title IV aid earned shall be calculated as
follows:
Number of days
completed by student /Total number of days in
term*
= Percent of term completed**
**The percent of term completed
shall be the percentage of Title IV aid earned by the student.
*The total number of calendar
days in a term of enrollment shall exclude any scheduled breaks of more than five days.
b)
The percentage of Title IV aid unearned (i.e., to be returned
to the appropriate Title IV program) shall be 100% minus the percent earned.
c)
Unearned aid shall be returned by YCCC from the student.s
account calculated as follows:
| |
Total institutional charges x percent of unearned aid = amount returned to program(s).
Unearned Title IV aid shall be returned to the following programs in the following
order: |
|
1.
Unsubsidized Stafford Loan 4. Federal Pell
Grant
2.
Subsidized Stafford Loan 5. Federal SEOG
3.
Parent Loans to Undergraduate Students (PLUS) 6. Other Title IV grant
programs
Exception: no program can receive a refund if the
student did not receive aid from that program.
d)
When the total amount of unearned aid is greater than the
amount returned by YCCC from the student's account, YCCC will return (on behalf
of the student) unearned aid to the appropriate program(s) as follows:
1.
Unsubsidized Stafford Loan* 4.
Federal Pell Grant**
2.
Subsidized Stafford Loan* 5.
Federal SEOG**
3.
Parent Loans to Undergrad. Students (PLUS)* 6. Other Title IV grant
programs**
*
Loan amounts are returned with the terms of the promissory note. No
further action is required other than notification to the holder of the loan of
the student's withdrawal date.
**Amounts to be returned on the
student's behalf to federal grant programs will receive a 50% discount.
3.
Refunds and adjusted bills will be sent to the student's home
address (PLUS refunds will be returned to the parent's address on file) on file
in the Business Office following withdrawal.
Students are responsible for making arrangements with the Business
Office on any portion of their institutional charges that are left outstanding
after the Title IV funds are returned. If a student has extenuating
circumstances in regards to their withdrawal, and it relates to the student's
outstanding institutional charges, s/he may address those issues by meeting
with the Assistant Dean of Students.
4.
Institutional and student responsibilities in regard to the
return of Title IV funds:
a)
YCCC's responsibilities in regard to the Title IV funds
include:
providing each
student with the information given in this policy
identifying students who are
affected by this policy and completing the Return of Title IV Funds calculation
for those students;
returning any
Title IV funds that are due the Title IV programs.
b)
The student's responsibilities in regard to the return of
Title IV funds include:
Becoming familiar with the Return
of Title IV policy
Knowledge of how complete withdrawal affects eligibility for Title IV
aid;
5.
The procedures, and policies listed above superseded those
published previously and are subject to change.
6.
Any notification of a withdrawal or cancellation of classes
should be done at the Registration Desk in Student Affairs. That date
will be forwarded and utilized by the Financial Aid Office for all Title IV
recalculations. |
