Return of Title IV Financial Aid
This policy applies to students who withdraw (official or unofficial) or are dismissed from enrollment at Nunez Community College. It is separate and distinct from the Nunez Community College’s Refund 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.
Nunez Community College must provide within 30 days of the date of the college’s determination that the student withdrew, a written notification to the student.
The college has 45 days from the date the institution 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 applicable. If a response is not received from the student within the 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 90 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 or, in the case of a clock-hour program, was scheduled to be in attendance.
In accordance with federal regulations the calculated amount of the Return of Title IV Funds is allocated in the following order:
- Unsubsidized Direct Loans
- Subsidized Direct Loans
- Federal PLUS loans
- Direct PLUS loans
- Federal Pell Grants
- Academic Competitive Grants (ACG)
- Federal Supplemental Educational Opportunity Grants (FSEOG) for which a return of funds is required.