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Return of Title IV Federal Financial Aid
Federal and State regulations assume that you “earn” your Federal financial aid awards directly in proportion to the number of days of the semester that you attend until you withdraw. If you completely withdraw from classes during a semester, the school must calculate the portion of the financial assistance you have earned and are therefore entitled to receive up to the time you withdraw.
The portion of your Federal student aid that you are entitled to receive is calculated on a percentage basis by comparing the total number of days in the semester to the number of days you completed before you withdrew. If you have received more assistance than you have earned, the unearned excess funds in most cases have to be returned to the Department of Education or lender (if you have received loan disbursements during the semester).
Once you have completed more than 60% of the semester, you have earned all (100%) of your assistance. If you withdraw from Red Rocks Community College before completing 60% of the semester, you may have to repay any unearned financial aid funds that were already disbursed to you. This amount includes all amounts paid to your student account and any financial aid refunds sent to you the student.
If you received excess funds based on this calculation, RRCC must return a portion of the excess.
The types of aid affected by return of funds are funds that are listed under Title IV of the Higher Education Act as well as some state programs. Affected programs are listed below:
- Unsubsidized Federal Stafford Loan
- Subsidized Federal Stafford Loan
- Federal PLUS Loan
- Federal Pell Grant
- Federal SEOG Grant
- CLEAP
If you are required to repay loan funds, this is done in accordance with the semesters of your promissory note. Any grant amount that a student must repay is considered a grant overpayment and therefore must be repaid within 45 days.
Example: A student received a Pell Grant for $1519.00 for 3/4 time enrollment of 11 credit hours. Tuition, fees and book charges for the term totaled $1133.01. The student withdrew on the 37th day of the term. The length of the term totaled 106 days. Student completes 37 of 106 calendar days (37/106).
| Percentage of Title IV Aid Earned | 34.9% | |
| Original Pell Award | $1519.00 | |
| Amount of Title IV Aid Earned | 1519 x 34.9%= | $530.13 |
| Amount of Title IV Aid Unearned (to be returned) | 1519 - 530.13= | $988.87 |
| Institutional charges incurred by the student | $1133.01 | |
| Percentage of Title IV aid unearned | 100% - 34.9%= | 65.1% |
| Institutional charges unearned | 1133.01% x 65.1%= | $737.59 |
| Pell Grant to be returned to the Dept of Ed by RRCC | $737.59 | |
| Amount Student must repay RRCC | $737.59 | |
| Total unearned aid – Institutional Charges x 50% | 988.87 - 737.59= | $251.28 |
| Title IV aid to be returned by student | 251.28 x 50% = | 125.64 |
| Total Amount that must be repaid by student | $737.59 + $125.64 = | $863.23 |
RRCC policy requires the student to repay the unearned institutional charges of $737.59 plus the student portion of $125.64 for a total of $863.23.
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| Contact Information | |
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| Priority Dates | |
Spring 2009 Summer 2009
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5420 Miller Street • Arvada, CO 80002 • 303.914.6010
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