Return to Title IV Policy
Federal regulations require that when you officially withdraw from the College or stop attending your classes that the amount of Federal Title IV Financial Aid assistance that you have "earned" up to that point must be calculated using a pro-rata formula. If you received more Financial Aid than you earned, the excess funds will be returned on your behalf by the College to the program in which you received aid. In most instances this will leave you owing the College.
If you change your enrollment status within the first 14 days of classes, your financial aid will be adjusted accordingly and you may possibly owe the University.
If you have completed more than sixty percent (60%) of a period of enrollment (i.e fall term, spring term) you have earned all of your Financial Aid and your account will not be adjusted. Anything less than earning 60% of your aid will require an adjustment and billing.
Upon receipt of the official withdrawal notification from the Registrar's Office, the Financial Aid Office will perform the return calculation. You will be notified by mail. If there is any outstanding balance with the College you are responsible for making payment arrangements with the Business Office.
Students who withdraw from all classes prior to completing more than 60% of an enrollment term will have their aid recalculated based on the percent of the term they completed. For example, a student who withdraws completing only 30% of the term will have "earned" only 30% of any Title IV aid received. The remaining 70% must be returned. The Financial Aid Office encourages you to read this policy carefully. If you are thinking about withdrawing from all classes PRIOR to completing 60% of the semester, please CONTACT the Financial Aid Office to see how your withdrawal will affect your financial aid and your possible repayment.
"Title IV Funds" refers to the federal financial aid programs authorized under the Higher Education Act of 1965 (as amended) and includes: Federal Subsidized and Unsubsidized Stafford Loans, Parent Loans to Undergraduate Students (PLUS), Federal Pell Grants, Academic Competitiveness Grant (ACG),Teacher Education Assistance for College and Higher Education Grant (TEACH) and Federal Supplemental Educational Opportunity Grant (FSEOG).
A student's withdrawal date is:
· the date the student began the institution's withdrawal process or officially notified the institution of intent to withdraw; or
· the midpoint or later date of the period for a student who stops attending all classes without notifying the institution; or
· The student's last date of attendance at a documented academically-related activity.
Exception: For veterans receiving veteran's benefits the withdrawal date is the last date of attendance or date of the last documented
Notification of withdrawal should be in writing and addressed to the College’s Registrars Office.
The percentage of Title IV aid unearned to be returned to the appropriate program shall be 100% minus the percent earned. No program can receive a refund if the student did not receive aid from that program. Unearned aid shall be returned first by Northeast State from the student's account to the appropriate programs in the following order:
1. Unsubsidized Stafford Loan
2. Subsidized Stafford Loan
3. Parent Loans to Undergraduate Students (PLUS)
4. Federal Pell Grant
5. Academic Competitiveness Grant (ACG)
6. Federal SEOG
The Financial Aid Office will notify the student of the amount of repayment within 30 days of determining the student's withdrawal.