Title IV Refund Policy
Under Federal Financial Aid rules, the college recalculates Federal* financial aid eligibility for students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60% of a semester. Recalculation is based on the percent of earned aid using the following formula:
Percent earned = Number of days completed up to the withdrawal date** / total days in the semester (including weekends and breaks under 5 days).
Federal financial aid is returned to the federal government based on the percent of unearned aid using the following formula:
Aid to be returned = (100% - percent earned) X the amount of aid disbursed toward institutional charges.
When aid is returned, the student may still owe a balance to the college. The student should contact the Student Service Center to make arrangements to pay the balance.
*Federal financial aid includes Federal Pell Grant, SEOG grant, Perkins Loan, Direct Student Loan - subsidized and unsubsidized, and Direct PLUS Loan.
**Withdrawal Date is defined as the actual date the student began the institution's withdrawal process, the student's last date of recorded attendance, or the midpoint of the semester for a student who leaves without notifying the college.