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Repayment of Title IV Funds
- The amount of Title IV financial aid that a student must repay is determined by using the Federal Formula for Return of Title IV funds, as specified in Section 484B of the Higher Education Act. The amount of federal Title IV financial aid assistance that the student earns is determined on a pro-rata basis. Once the student has completed more than 60 percent of the payment period, all financial assistance is considered to be earned.
- Percent earned equals number of calendar days completed up to the withdrawal date (defined as the actual date the student begins the institution’s withdrawal process, the student’s last date of academic-related activity, or the midpoint of the payment period for a student who leaves without notifying the institution) divided by the total calendar days in the payment period with an allowance for an scheduled breaks that are at least five days long.
- Percent unearned equals 100 percent minus percent earned.
- When a student has received federal financial aid in excess of earned aid, then the school returns the lesser of:
- Institutional charges multiplied by the unearned percentage, or
- Title IV federal financial aid disbursed multiplied by the unearned percentage.
- When a student has received federal financial aid in excess of earned aid, then the student:
- Returns any remaining unearned aid not covered by the school.
- Repays any loan funds in accordance with the terms of the promissory note (that is, scheduled payments to the holder of the loan over a period of time).
- Returns any grant amount the student has to repay (considered a grant overpayment and arrangements must be made with the schools or Department of Education to repay the funds).
- Unearned Title IV federal financial aid shall be repaid to the following programs in the following order:
- Federal Unsubsidized Stafford Loan.
- Federal Subsidized Stafford Loan.
- Federal Parent Loan for Undergraduate Students (PLUS).
- Federal Pell Grant.
- Federal Supplemental Educational Opportunity Grant.
- Other Title IV Programs.
- The student is billed for funds the College is required to repay. The Business Office bills the student; and any account that is not paid will result in restrictions to the student’s school account, and referral to the College’s collection agency.
- The tuition and fees, procedures, and policies listed in the Business Office web pages supersede those published previously and are subject to change at any time.
The College will not dismiss or waive a student liability created by a refund issued to a student based on financial aid when such aid is subsequently cancelled or reduced. Contact the Business Office at (585) 343-0055 ext. 6212 with questions regarding student account charges.