SWC Return to Title IV Funds Policy

 Return of Title IV Funds occurs when a student withdraws from all classes without completing 60% of the semester. When you receive Pell grant and Federal Supplemental Opportunity Grant to attend Sisseton Wahpeton College, you are agreeing to complete courses covered by your financial aid. According to the Department of Education regulations, if you withdraw from all classes prior to completing more than 60% of a semester, your aid will be recalculated based on the percent of the semester you have completed. The percentage used in calculating a repayment will be the date the student has totally withdrawn from classes.

The date of withdrawal is determined by the student attendance records. The date of school‘s determination that the student withdrew is determined by the Registrars withdraw form. When a student withdraws unofficially or administratively, the student’s last day of attendance is used to calculate the amount of the financial aid to return. If you are thinking about withdrawing from all of your classes or decide to stop attending classes, please contact the Financial Aid Office to determine how this will affect your financial aid and possible repayment.

 It is the policy of Sisseton Wahpeton College to send all calculated Return to Title IV funds to the Department of Education for collection; this will determine the student’s eligibility for future Title IV funding, regardless of the institution.

 This policy applies to students who withdraw (official, unofficially or fail to return to class) or are dismissed from enrollment at SWC. The R2T4 process is separate and distinct from the SWC Policy. The calculated amount of the “Return of Title IV Funds” that is required for students affected by this policy are determined according to the following definitions and procedures, as prescribed by regulation.

SWC has 45 days from the date the college determines that the student withdrew to return all unearned funds for which it is responsible. The school is required to notify the student if they owe a repayment via written notice. The school must advise the student or parent that they have 14 calendar days from the date the school sent the notification to accept a post-withdrawal disbursement. If a response is not received from the student or parent within the p[permitted time frame or the student declines the funds, the school will return any earned funds that the school is holding to the Title IV programs.  Post withdrawal disbursement must occur within 180 days of the date the student withdrew.

 The Return of Title IV Funds (R2T4) regulation does not dictate the institutional refund policy. The calculation of Title IV funds earned by the student has no relationship to the student’s incurred institutional charges. 

A school is required to determine the earned and unearned Title IV aid a student has earned as of the date the student ceased attendance based on the amount of time the student spent in attendance.

 Withdrawal before 60%:

 The college must perform a R2T4 to determine the amount of earned aid up through the 60% point in each payment period or period of enrollment. The institution will use the Department of Education’s prorate schedule to determine the amount of R2T4 funds the student has earned at the time of withdrawal. After the 60% point in the payment period or period of enrollment, a student has earned 100% of the Title IV funds he or she was scheduled to receive during the period. The institution must still perform a R2T4 to determine the amount of aid that the student has earned.

 Withdrawal after 60%:

For a student who withdraws after the 60% point-in-time, there are no unearned funds. However, a school must still determine whether the student is eligible for a post-withdrawal disbursement. 

Example of calculation:

  1. Determine the percentage of Title IV aid earned by the student by taking the calendar days completed in the payment period, divided by the total calendar days in the payment period (excluding breaks of 5 days or more)

                         18 (completed days)  =  15.3% (% of completed calendar days)

                             118 (total days)

       2. Determine the amount of Title IV aid earned by the student by multiplying the percentage of Title IV aid earned times the total of the Title IV aid disbursed plus the Title IV aid that could have been disbursed for the payment period.

                            15.3% X $2805.00 = 429.17 (amount of aid earned by student)

 

       3. If this percentage is greater than 60%, the student earns 100% of the disbursed Title IV funds or aid that could have been disbursed.

 

  1. If this percentage is less than 60%, then the percentage earned is equal to the calculated value.

 

  1. Funds are owed to the appropriate federal program based on the percent of aid earned using the following formula:

                           Aid to be returned = (100% minus the percent earned) multiplied by the amount of aid disbursed toward institutional charges. If a student earned less aid than was disbursed, the institution would notify Title IV and the student would be responsible to pay it                               back to Title IV.

       6. When Title IV funds are calculated, the student may owe a balance to the college.

 

Official Withdrawal

An Official Withdrawal occurs when the student notifies an instructor, financial aid director, and the registrar by completing the Withdrawal form. The date of the withdrawal will bre the date on the written notification.

Unofficial/Administrative Withdrawal

An Unofficial/Administrative Withdrawal occurs when the student fails to attend class for a two week period of time without contacting the instructor or for four weeks before the college’s last day to Withdraw. The last day of attendance will be the last day the student attended class.

Post Withdrawal 

It is the policy of Sisseton Wahpeton College to send all calculated Return to Title IV funds to the Department of Education for collection; this will determine the student’s eligibility for future Title IV funding, regardless of the institution.

 

 

Passed 12/14/2016

 

 

Accreditation, Approval, or Licensure ( 34 CFR 668.41(a) –(d); 34 CFR 668.43 )

Names of associations, agencies, or governmental bodies that accredit,approve, or license the school and its programs.
Procedures for obtaining or reviewing documents describing accreditation, approval, or licensing. 

Academic and Financial Aid Appeal 2017 34 CFR 668.41 (a)-(d), 34 CFR 668.42, 34 CFR 668.43

Transfer Information – 34 CFR 668.43

Family Educational Rights and Privacy Act (FERPA) (20 U.S.C. § 1232g; 34 CFR Part 99)

Retention Rates 34 CFR 668.41 and Graduation Rates

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