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General Guidelines - Return of
Title IV Funds
Students who receive financial aid while
attending Glenville State College will not
receive any cash refunds upon withdrawal from
school until after all financial aid amounts
which were disbursed for that enrollment period
are repaid.
Title IV funds recipients are subject to the "Return
of Title IV Funds" policy which is based on the percentage
of the enrollment period completed and the amount of
title IV aid disbursed. This is a separate calculation
from the institution’s refund policy.
The percentage of time completed in the enrollment period
is calculated by dividing the number of days completed
by the total number of days in the enrollment period.
After 60 percent of the semester is completed there
is no return of title IV funds. The withdrawal date
is determined by the Registrar's Office. The amount
of earned aid is calculated by multiplying the amount
of disbursed title IV funds by the percentage of time
completed. The amount to be returned to the Department
of Education is determined by taking the total amount
of disbursed aid and subtracting from it the amount
of earned aid. The institutions share of the amount
to be returned is calculated by multiplying institutional
charges by the percentage of time not enrolled. The
student’s share is calculated by subtracting the amount
the school must return from the total amount to be returned.
Loans are repaid by the student according the terms
and conditions of the promissory note. Any grant amount
owed by the student is divided in half and must be repaid
to the school within 45 days of notification of the
repayment or will be turned over to the Department of
Education for collection, and the student becomes ineligible
for further federal financial aid. The student will
be billed for any amount the school must return due
to the student’s withdrawal that is not covered by the
institutional refund policy. Amounts can be rounded
to the nearest dollar.
Example: Jane Doe withdrew 38 days into a semester that
had 113 days; thereby completing 33.6% of the semester.
Title IV aid that was disbursed was $1273 Federal Direct
Loan and $1562 Federal Pell Grant or $2835. Earned aid
was 33.6% of 2835 or $953. Unearned aid was $2835 -
$953 or $1882. Jane did not live in the residence hall
and paid in state tuition and fees of $1104. The amount
the institution returns is 66.4% of $1104 or $733. The
student is responsible for the balance: $1882-733 =
$1149.
The school returns $733 to the student loan and bills
the student for any amount that the institutional refund
did not cover. The student then has remaining loan balance
of $1273 - $733 or $540. Of the $1149 repayment the
student owes, $540 is allocated to the loan which is
repaid according to the terms of the promissory note
and $609 is allocated to Federal Pell Grant. This amount
is divided in half and the student actually owes a repayment
to Federal Pell Grant of $304.
Jane Doe must repay this amount within 45 days. If payment
is not made, then the account is turned over to the
Department of Education and she becomes ineligible for
further federal aid.
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