Return of Title IV Funds
REFERENCES: 34 CFR Treatment of Title IV funds when a student withdraws; Federal Student Aid Handbook 2014-2015, Volume 5- Overawards, Overpayments & Withdrawal Calculations, Chapter 2- Withdrawals and Return of Title Funds.
The return of funds requirement is a complex process involving a fast online payday loans Holland great deal of interoffice cooperation. This procedure is applied to thirteen Colleges that make up CCCS, each College of which may have slightly varying internal processes and structure based upon organizational structure.
Process Overview & Applicability
Title IV funds are awarded to a student under the assumption that the student will attend courses for the entire enrollment period for which the assistance is awarded. Students who do attend and successfully complete the entire enrollment period, are assumed to have earned’ 100% of the Title IV funding disbursed. Schools are required to perform a Return of Title IV calculation for Title IV eligible students who do not successfully complete the entire enrollment period due to withdrawal (official or unofficial). If the amount disbursed to the student is greater than the amount the student earned, the unearned funds must be returned. If the amount disbursed to the student is less than the amount the student earned, and for which the student is otherwise eligible, the student is eligible to receive a post-withdrawal disbursement of the earned aid that was not received.
- The Return of Title IV calculations are required when a student has dropped, failed, received an unsatisfactory grade (U/D, U/F) or withdrawn, officially or unofficially, from any enrolled course during a period of enrollment at the College. Students who fail to complete some courses, but not all enrolled courses, may be included in the Return of Title IV calculations. Title IV funds to be included in the calculation are as follows: Federal Pell Grant, Federal Supplemental Educational Opportunity Grant, Iraq and Afghanistan Service Grants, Federal Direct Stafford Loan (subsidized and unsubsidized), Federal PLUS loan, and Federal Perkins loans. Note: Federal Work Study funds are not included in the calculation
- CCCS procedure does not require its Colleges to take attendance as a general rule. Under some circumstances, attendance may be taken as required by:
- An outside entity (i.e., accreditor, state) for a particular student or cohort of students;
- The College itself has a requirement that its instructors take attendance; or
- The College or an outside entity has a requirement that can only be met by taking attendance or a comparable process to demonstrate attendance in courses of that program or a portion of that program.
Therefore, all CCCS Colleges will, as a general rule, use the standard 50% of the term as the last date of attendance (LDA) unless an actual date can be documented by the College. In such cases, that date will be the last date of attendance for the Return of Title IV calculations. If the outside entity has a requirement for attendance for a sub-group of students, then that sub-group of students is bound by the College required to take attendance rules.
Establishing a Withdrawal Date
- Official Withdrawals: The withdrawal date is the date the student completes the College withdrawal process. When all courses receive a W’, the withdrawal date is considered the date of initiation by the student or school as in the case of cancelled courses or student appeals.
- Unofficial Withdrawals: The last date of attendance for an unofficial withdrawal is the documented date recorded by the College or, if no date is available, the midpoint of the student’s term of enrollment. The last date of attendance is the last date a student participated in an academically related activity.