RETURN OF TITLE IV FUNDS. When a student withdraws from their program, a campus is required to determine the earned and unearned portions of Title IV aid. The determination is based on the amount of time the student spent in attendance or, in the case of a clock-hour program, was scheduled to be in attendance. Up through the 60% point in each payment period or period of enrollment, a pro rata schedule is used to determine the amount of Title IV funds the student has earned at the time of withdrawal. After the 60% point in the payment period or period of enrollment, a student has earned 100% of the Title IV funds he or she was scheduled to receive during the period. For a student who withdraws after the 60% point-in-time, there are no unearned funds. If the amount that the student has paid is more than the amount that the student owes for the time he/she has attended, then a refund will be made within 15 days. If a student who has received Title IV, HEA program assistance is owed a refund, the school will allocate the refund in the following order: Federal Direct Loan Program, Federal Parent Loan for Undergraduate Study (PLUS), Federal Pell Grant, any other Title IV Assistance, to student. If there is a balance due, the student is responsible for paying it. .
RETURN OF TITLE IV FUNDS. After a return of unearned federal aid has been calculated, the portion of aid to be returned to federal programs is distributed in the following order:
RETURN OF TITLE IV FUNDS. The U.s. Department of education requires institutions and students to repay or refund unearned student aid funds. student aid may be considered unearned if a student withdraws completely during a term in which federal Title iv money was received. refund and repayment regulations specify, in a complex formula, exactly how much is due back to the federal programs from the institution and/or the student. The Higher education Act Amendments of 1998 adopted a new approach for the return of unearned federal funds. The new approach became law on October 7, 1998, and was implemented during the 2000/2001 year. schools have certain responsibilities if a student with Title iv funds: • Officially withdraws, • Drops out, • is expelled, • earns all F’s or W’s for the semester • Takes an unapproved leave of absence, or • Fails to return from an approved leave of absence. When a student completely withdraws, the institution determines what percent of the term has not yet expired (determined on a day-to-day basis). That percentage becomes the amount of money that was not “earned” by the student or institution. When only 40 percent of the term remains, 100 percent of funds are considered to be earned. The return of Title iv funds applies only to federal financial aid funds received, excluding federal work-study earnings. There is no impact on state or institutional funds. Cuesta College complies with all refund requirements established by the federal Title iv financial aid regulations. These regulations may differ from the college’s regular refund policy. The college’s current financial aid return to Title iv policy may be obtained from the Financial Aid Office. Financial Aid Office Locations The Financial Aid Office locations are: • san Xxxx Obispo Campus Library Building, room 3121B, san Luis Obispo, CA, 93403, (000) 000-0000 • North County Campus, Building N3000, room N3015, 0000 Xxxxx xxxxx Xx., Xxxx xxxxxx, CA, (000) 000-0000 • Xxxxxx Grande Center, Xxxxxx Grande High school, 000 Xxxx, Xxxxxxx Xxx., Xxxxxx Xxxxxx, XX, (000) 000-0000 • Nipomo Center, Nipomo High school, C/O Cuesta College, san Luis Obispo, CA, (000) 000-0000 • information can be accessed on the Cuesta College website at xxxx://xxxxxxxx.xxxxxx.xxx/finaid • FAX (000) 000-0000 The Director of Financial Aid will make available the institutional accreditation documents and the Title iv participation agreement upon student request. The Title iv Code for Cuesta College is 001192.
RETURN OF TITLE IV FUNDS. If a student ceases attendance after receiving a lump sum FSEOG payment (of less than $501, or after receiving a disbursement in a second payment period that includes funds for the previous period), only that portion of the FSEOG intended for the payment period in which the student was attending class should be included in the Return calculation.
RETURN OF TITLE IV FUNDS. The Department is encouraged to pursue efforts to simplify and streamline the return of title IV funds process for IHEs and students.
RETURN OF TITLE IV FUNDS. The U.S. Department of Education maintains a “return of Title IV Funds” policy for students who receive Federal financial aid and withdraw from school before completing sixty percent (60%) of the payment period or period enrollment. This policy is separate from the state-approved institutional tuition refund policy described above. The federal policy defines the proportion of Title IV funds that the student is qualified to receive. The federal policy for “return of title IV Funds” defines that a student who has attended up through the sixty percent (60%) point in each payment period/period of enrollment has fully earned the Title IV funds for the payment period/period of enrollment. For a student who has attended less than the sixty-one percent (61%) point, the percentage of the Title IV funds earned is calculated by the following ratio: Number of calendar days elapsed* from start Date of the payment period to the last dates attended Percentage of = Title IV Funds Number of calendar days in payment period/ Earned** period of enrollment This ratio is multiplied by the federal financial aid disbursed plus the amount that could have been disbursed to equal the Title IV funds earned. Total disbursed minus earned equals the federal funds that must be returned to the funding program *Presuming the student attended sixty (60%) percent of all scheduled classes. If the student attended lass than sixty (60%) percent of all scheduled classes, “elapsed time” is not applied, actual hours are applied. ** Rounded to the nearest whole number To comply with the Higher Education Reconciliation Act of 2005, the institution will return unearned federal student aid funds for which it is responsible no later than 45 days after the date the institution determines that the student has withdrawn from school. Order of Refund The school will calculate the amount of financial aid earned up to the last date of attendance using a formula mandated by the U.S. Department of Education. If the amount of Federal Financial Aid Funds received is more than the amount of the aid earned, the difference must be returned to the appropriate “Title IV” program in the following order:
RETURN OF TITLE IV FUNDS. This policy applies when students receiving financial assistance cease to be enrolled, are expelled or leave without notice. The reauthorization of the Higher Education Act requires the college to calculate a Return of Federal Student Aid Funds for students who withdraw (officially or unofficially) from all classes. Any unearned portion of federal student aid funds will be returned to the appropriate aid programs.
