ࡱ> 150Q bjbj`` 4keke %%%%9%*MMMMM<<<$ h<<<<<MM<MM<%M fR 0*, \R % %p<<<<<<<@<<<*<<<< <<<<<<<<< : 83-500 BOT 12-21-02, 02-26-03, 07-10-11, 09-30-15, 06-12-19 RETURN OF TITLE IV FUNDS (POLICY) Return of Title IV Funds occurs when a student withdraws from all classes without completing 60% of the semester. Upon the students withdrawal, the amount of financial aid that has been earned by the student is based on the number of days of attendance. Students who withdraw unofficially will also be subject to the Federal Return of Title IV Funds Policy (R2T4). According to federal guidelines of R2T4, students who receive financial aid and then withdraw from all course work before 60% completion of the semester may have to pay back a portion of the grants received. The amount is determined by using a federal formula and the date the student has totally withdrawn from classes. If 鶹 finds that the students expected Cost of Attendance incurred up to the time of withdrawal exceeds the amount of funds disbursed, the student does not owe a repayment. However, if the disbursement was greater than the students Cost of Attendance up to the withdrawal date, the student must repay the excess amount to 鶹. It is the policy of 鶹 to reimburse the Federal Student Aid Program and collect repayment from the student. Thus, the student will be in a repayment situation with 鶹 rather than the Department of Education. 鶹 will collect the funds from students. The date of withdrawal is based on the date indicated on the drop card (official withdrawal) or the last day of attendance according to student attendance records (unofficial withdrawal). It is 鶹s policy for our faculty to take attendance. Post Withdrawal Disbursements If the student received less federal aid than they earned, a post-withdrawal disbursement will be made to the students account for direct costs as soon as possible and no later than 14 days after the calculation of R2T4. If further post-withdrawal disbursement is due, notification will be sent to the student if any grant amounts will be directly disbursed. The post withdrawal disbursement of Pell Grant funds must be completed as soon as possible but no later than 45 days determining that the student has withdrawn. All Refund Distributions are returned in this order as prescribed by Law and Regulations: PELL Grant FSEOG Private, or Institutional Aid The Student. Federal Work Study (FWS) wages are excluded because they have been earned. 鶹 is responsible for notifying the student of the amount owed, for billing the student, and for collecting the repayment. 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