Return of Title IV Federal Financial Aid
Students who stop attending a class during the semester may not be eligible for some or all of the financial aid received for the semester. Funds for which students are no longer eligible must be returned to the appropriate program fund. Students considering withdrawing or taking a leave of absence during the semester are strongly encouraged to visit the Financial Aid Office and the Cashier's Office to determine the possible changes to their charges and 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 you attend the class from which you withdraw. If you withdraw from a class during the 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 the class is scheduled to the total number of days of the class 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 loan servicer/lender (if you have received loan disbursements during the semester).
Once you have completed more than 60% of the class, you have earned all (100%) of your assistance for the class. If you withdraw from Red Rocks Community College before completing 60% of the class, 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.
If you received excess funds based on this calculation, RRCC must return a portion of the excess. You will be required to repay that excess amount to RRCC.
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
- Colorado Student Grant
For a sample return of title IV aid refer to the Financial Aid Handbook.