Policy for the Return of Title IV Funds
Federal Student Aid funds are awarded and disbursed at Cowley County Community College on a standard semester basis. Students are awarded under the assumption that the student will attend the entire semester for which the aid was awarded. When a student withdraws or ceases attending all courses, the student may no longer be eligible for the full amount of federal funds awarded and/or disbursed for the semester.
If a student receiving federal Title IV aid, which includes grants and loans, withdraws or ceases attending all courses within the first 60% of the semester for which the aid was awarded and disbursed, the college must determine how much of the aid awarded for the semester was actually earned based on the number of days in the semester the student actually attended or the date the student officially withdrew. The college will return to the appropriate program, all funds that were unearned for the semester based on the calculation. The student will be responsible for all unpaid charges on their student account due to proration and the return of federal funds. The student will be notified in writing of the unpaid charges and will have 45 days from the notification date to repay the college.
In determining the amount of funds to be returned, Cowley County Community College uses software provided by the Department of Education to calculate the amount of unearned aid to be returned by the college and/or by the student. This is a Pro Rata Calculation. In the event the funds have not been disbursed at the time the student withdraws, the college will calculate the amount that the student should have received at the time of withdrawal and disburse aid accordingly to the student.
In documenting an official withdrawal, the college will use the date posted in the registration system. For unofficial withdrawals, the college will use the date reported by the instructor of each individual course, as the last date of attendance.
Federal funds to be returned will be returned to the appropriate programs from which the student received aid in the order mandated by the Department of Education: 1.Unsubsidized Federal Stafford Loans 2.Subsidized Federal Stafford Loans 3.Federal PLUS Loans 4.Federal Pell Grants 5.Federal Supplemental Educational Opportunity Grants.
The Financial Aid Office monitors attendance throughout each semester. Satisfactory progress is checked with final grades at the end of each semester. Students determined to have officially or unofficially withdrawn within the first 60% of the semester will be required to repay federal aid that has been awarded. The amount to be repaid will be calculated within 30 days of the determination that a student has withdrawn. Students should access the policy on how to request an “Official Withdrawal”.
Timeframe for the return of Title IV funds
The college will return all title IV funds due based on the calculation, both the college portion and the student portion (if applicable) The return of funds will be made no later than 45 days after the date of the institution's determination that the student withdrew. The student will be notified in writing if they owe a balance to the college due to the return of title IV funds.
Post Withdrawal Disbursement
If the total amount of title IV grant or loan assistance, or both, that the student earned as calculated is greater than the total amount of title IV grant or loan assistance, or both, that was disbursed to the student or on behalf of the student in the case of a PLUS loan, as of the date of the institution's determination that the student withdrew, the difference between these amounts must be treated as a post-withdrawal disbursement.
The college will disburse directly to a student any amount of a post-withdrawal disbursement of grant funds that is not credited to the student's account. The college will make the disbursement as soon as possible, but no later than 45 days after the date of the institution's determination that the student withdrew. Loan funds that make up the post-withdrawal disbursement will be made only after obtaining confirmation from the student or parent in the case of a parent PLUS loan, that they still wish to have the loan funds disbursed.
- Case Sample: Return of Title IV Funds Calculation
- Case Sample: Post Withdrawal Disbursement Calculation
- Case Sample: No return required – 100% earned
Return of Title IV Funds Due to Overaward
Students are awarded Federal Pell Grant based on the amount of credit hours enrolled and charged for a semester. Those levels are the following: 12 hours – fulltime, 9-11 hours – three quarter time, 6-8 hours – halftime and 1-5 hours – less than halftime. If a student withdraws from a course(s) without charges for that course(s), after being awarded at a higher level of enrollment, the student may owe a repayment back on the Federal Pell Grant.
In the case of an overaward, Cowley will return the amount of the overaward back to the Pell Grant program within 30 days of the determination. The student will be responsible for repaying Cowley for the overaward balance. The student will be notified in writing of an overaward balance.