| Process When a student who has received federal financial aid funds (Title IV funds) withdraws from the College during a semester, federal regulations require the College to determine the amount of “unearned” funds that must be returned to the federal aid programs.
This requirement is effective only if the student completely terminates enrollment (i.e., cancels his/her registration, withdraws, or is dismissed) or stops attending classes before completing more than 60 percent of the semester. The amount of Title IV funds “earned” is determined by multiplying the total amount of Title IV aid (other than federal work-study) for which the student qualified during the semester by the percentage of time the student was enrolled during the semester.
The percentage of time enrolled is determined by dividing the number of calendar days enrolled (through the withdrawal date) by the total number of calendar days in the semester (less any scheduled break of 5 or more days).
The difference between “earned” funds and total Title IV funds awarded is “unearned” and must be refunded. Once a student has completed more than 60% of the semester, he or she earns 100% of the Title IV funds awarded for the semester. The Unearned Amount of Title IV aid must be returned to the applicable Title IV aid programs in the following order: - Direct Unsubsidized Loan
- Direct Subsidized Loan
- Direct PLUS Loan
- Pell Grant
- ACG Grant
- Other Title IV aid
NOTE: The student will be billed and financially responsible for any and all payment(s) due to the College.
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