State Technical College of Missouri FINANCIAL AID IMPACTS OF CLASSWITHDRAWALS
Return of Title IV Funds. The Higher Education Amendments of 1998 Public Law 105-244 dictates the formula for calculating the amount of aid a student and school may retain when the student totally withdraws from all classes. If students withdraw up through the 60% point in each payment period or period of enrollment, the school must determine the amount of Title IV 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.
The college encourages students to read this procedure carefully. If the student is thinking about withdrawing from
all classes PRIOR to completing 60% of the semester, he/she should contact Financial Aid to understand how withdrawing will affect financial aid.
This procedure shall apply to all students who withdraw from State Technical College of Missouri and receive financial aid from Title IV funds:
a. The term “Title IV Funds” refers to the federal financial aid programs authorized under the Higher Education Act of 1965 (as amended) and includes the following programs: Unsubsidized Direct Stafford Loan Subsidized Direct Stafford Loan Direct PLUS Loans Federal Pell Grants Federal SEOG
b. A student’s withdrawal date is the student’s last date of attendance at a documented, academically- related activity. Attendance information is collected from faculty to verify financial aid eligibility.
If
the student is not attending classes, he/she is required to complete the official withdrawal process of the college. Students who do not attend classes for two weeks and do not officially complete the withdrawal process, will be administratively withdrawn. The student’s last date of attendance will be used for administrative withdrawals.
Title IV aid is earned in a prorated manner on a per diem basis up to and including the 60% point in the semester. Title IV aid is viewed as 100% earned after that point in time.
a. The percentage of Title IV aid earned shall be calculated as follows: Number of days completed by student ÷ total number of days in the term (not counting breaks that include at least five consecutive days) = the percentage of aid earned. For clock hour programs the percentage of Title IV aid earned is calculated by the number of clock hours scheduled to be completed ÷ total number of clock hours in the term (not counting breaks that include at least five consecutive days).
b. The percentage of Title IV aid unearned shall be 100% minus the percentage earned. c. Unearned aid shall be returned first by State Technical College of Missouri from the student’s account calculated as follows: Total institutional charges times the percentage of unearned aid equals the amount to be returned to the program(s). Unearned Title IV aid shall be returned in the following order: 1. Unsubsidized Direct Stafford Loan 2. Subsidized Direct Stafford Loan 3. Direct PLUS Loans 4. Federal Pell Grant 5. Federal SEOG 6. Other assistance under Title IV for which a return of funds is required.
d. When the total amount of unearned aid is greater than the amount returned by State Technical College of Missouri from the student’s account, the student is responsible for returning unearned aid to the appropriate program(s) as follows: 1. Unsubsidized Direct Stafford Loan * 2. Subsidized Direct Stafford Loan * 3. Direct PLUS Loans
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