Policy:  Financial Aid Refund Policy
Responsible Unit: Student Affairs
Category: Financial Aid   Office of Origin:  Financial Aid Policy Contact by Title: Director of Business Services
Created Date: Effective Date:   Revised Date(s): 2.12.2020
Compliance:  HEA Sec. 485(a)(1)(F), 34CFR 668.41(d)(2)-(4), FSA Handbook Vol.2 Chpt 6, FSA Handbook Appendix F; Financial Aid Guidance Memo Reference: FA 20-002 Topic: Ohio College Opportunity Grant (OCOG) Date: 18 July 2019 Relevant Statute: ORC 3333.122HLC Federal Compliance FDCR.A.10.070
Scope:  College employees, officers, students
Approving Body (ies) and Date(s) (approved by each):  Presidential and Dean Approval 11.5.2020.
Policy Statement 
Any unearned amount of institutional charges and federal financial aid must be returned to the Financial Aid program, other sources of aid, or the student as a refund, as defined by federal, state and institutional regulations.

Federal Withdrawal Refund Title IV Funds: 
The federal government mandates that students who withdraw from all classes may keep only aid earned up to the time of withdrawal. Title IV funds disbursed in excess of the earned amount must be returned to the federal government by the College and/or the student. A student could owe these funds to the College, the federal government, or both.

State and Institutional Refund: State and institutional funds will be adjusted whenever a student drops credits hours or withdraws completely during the semester.  Those funds must be refunded to either the State (per regulations) or to the College.  institutional funds will be refunded based upon the Title IV Withdrawal Refund schedule when appropriate.

Federal Withdrawal Refund: Withdrawal From Class and Return of Funds
Ohio College Opportunity Grant Refund

Related Document

Withdrawal, Drop, Refund Policy