Return of Title IV Funds Policy
The term “Return to 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 Loans, Subsidized Direct Loans, Direct PLUS Loans, Federal Pell Grants, and Federal SEOG Grant.
The Return to Title IV Funds policy applies to financial aid students who withdraw from all classes (officially or unofficially) in a semester. Official withdrawals are when a student submits completed drop forms to the PCCC Registrar. Unofficial withdrawals are when a student stops attending all classes during the term. The students’ withdrawal date is:
- The date the student began the institution’s withdrawal process – Official Withdrawal
- The midpoint of the semester for a student who leaves without notifying the institution – Unofficial Withdrawal
Title IV aid is prorated based on the number of days attended up to the 60% point in the semester. Title IV aid is considered 100% earned after 60% of the semester is completed. A copy of the worksheet used for this calculation can be requested from the Financial Aid Office. In accordance with federal regulations, when a Return to Title IV calculation must be completed, financial aid refunds returned to the Department of Education are allocated in the following order: Unsubsidized Direct Loans, Subsidized Direct Loans, Direct PLUS Loans, Federal Pell Grants, and Federal SEOG grants and other Title IV Assistance, other federal sources of aid.
*Students withdrawing before the last day to add/drop for a given term will receive a 100% refund.Notices of possible refunds and adjusted bills will be sent to the student’s home address following withdrawal.
Institutional responsibilities in regard to the return of Title IV Funds include:
- Providing each student with the information given in this policy.
- Identifying students who are affected by this policy and completing the Return of Title IV Funds calculation for those students.
- Returning any Title IV Funds that are due the Title IV programs.
The student’s responsibilities in regard to the return of Title IV Funds include:
- Paying any outstanding balance that results from a Return to Title IV calculation.
The fees, procedures, and policies listed above supersede those published previously and are subject to change at any time. Any notification of a withdrawal or cancellation should be in writing and addressed to both the Registrar and Financial Aid.