Please refer to the General Information section of this catalog for information on the College's Financial Refund Policy.
Return of Title IV Funds: If a recipient of Title IV aid withdraws during a payment period (or a period of enrollment), the institution must calculate the amount of Title IV aid the student did not earn. Unearned Title IV funds must be returned to the Title IV programs. [Sec 485 of Higher Education Amendments - 1998 (P.L. 105-244) effective October 7, 2000.]
Overpayment to Students: When a student withdraws, the College determines whether the student received an overpayment of Federal Student Aid. An overpayment is determined by subtracting the amount of all assistance disbursed to the student for non-institutional costs (not including Federal Work-Study, Stafford Loans, and PLUS loans) from the amount of non-institutional costs incurred. If the student received an overpayment, the student is required to repay the amount overpaid to the College.
Refund Distribution Policy: Any student who has withdrawn or been dismissed is accorded all terms and conditions of the institutional refund policy. If an institutional refund is due on a tuition account from which Title IV payments have been made, the College will deposit the refund to the Title IV account, not to exceed the amount awarded to the student from that account.
Any student receiving Title IV funds and withdrawing with a refund, the refund will be distributed according to priorities established in the following "Order to Return Funds under R2T4" list:
1. Unsubsidized Federal Stafford loans.
2. Subsidized Federal Stafford loans.
3. Unsubsidized Direct Stafford loans (other than PLUS loans).
4. Subsidized Direct Stafford loans.
5. Federal Perkins loans.
6. Federal PLUS loans.
7. Direct PLUS loans.
8. Federal Pell Grants for which a return of funds is required.
9. Academic Competitiveness Grants for which a return of funds is required.
10. National Smart Grants for which a return of funds is required.
11. Federal Supplemental Educational Opportunity Grants (FSEOG) for which a return of funds is required.
