The amount
of unearned Title IV aid disbursed3 to the student must be
returned. The institution and the student share the
responsibility in returning funds. (The division of
returning funds will depend on what funds were received and how
they were disbursed.) Title IV funds returned by the
College must be in the following order: Unsubsidized loan,
Subsidized loan, PLUS loan, Pell.
Eligible earned aid not disbursed
prior to withdrawing will be applied first to any outstanding
student account balance for allowable charges.
Statutory Federal
Formula
Earned Percentage of Title IV Aid
Determine the calendar days completed in the semester of
enrollment divided by the total calendar days in the semester
of enrollment (exclude schedule breaks of 5 days or more AND
days that the student was on an official approved leave of
absence4)
Unearned Percentage of Title IV
Aid
100% Aid Disbursed - % Earned Aid = % Unearned Aid (Title IV
Return)
Example:
- Days completed = 19
- Days in semester = 115
- 100% Aid Disbursed = $5,000
% Earned Aid:
Days Completed / Total Days in
Semester or
19 / 115 = .1652 or
16.5%
Earned Aid in
dollars: 100% Aid Distributed X % earned aid
$5,000 X 16.5% =
$825.00
Unearned Aid (Title IV
Return): 100% distributed aid
- earned aid
$5000 - $825.00 =
$4175.00
|
1 Federal Title IV Funds (at SFMC-CON)
- Pell Grant, Stafford Student Loans (Subsidized and
Unsubsidized) and Federal PLUS loan.
2 Date of withdrawal - a
student who
wishes to withdraw from a semester must request the
appropriate form from the Registrar or Associate Dean and
obtain the necessarysignatures.
Non-attendance or verbal
notification to an employee other than the Registrar or
Associate Dean does not constitute a withdrawal. The
date of withdrawal is the date the form is filed.
3 Disbursed Aid that has been applied
to the student's account for tuition, fees and other allowable
charges and/or aid that was disbursed directly to the student
or parent (PLUS loan).
4 Leave of Absence - The student must
follow the leave of absence policy as written in the College
publications (Catalog, Student Handbook, SFMC-CON Website).
