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Return of Federal Funds

Return of Federal Funds

This policy is implemented in accordance with the United States Department of Education’s federal regulations governing Title IV aid, 34 CFR 668.22 and applies to all students at Roane State Community College (RSCC) who receive Federal Financial Aid. Title IV programs include: Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), Subsidized and Unsubsidized Student Loans.

Students are awarded Title IV assistance under the assumption that the student will attend the entire period for which assistance is awarded. If a student withdraws officially, unofficially, or never attends, they may no longer be eligible for the amount of aid originally awarded. Financial aid awards will be recalculated if the student fails to begin attending a scheduled course or in the event the school cancels a scheduled course. A Return to Title IV will be calculated if the student withdraws,  whether officially or unofficially.

The Return to Title IV Calculation is based on the premise that a student “earns” federal financial aid for each calendar day the student attends classes. The percentage of Title IV aid unearned is to be returned to the appropriate program and shall be calculated using the Department of Education’s Return of Title IV program.

The amount of unearned assistance is determined by subtracting the percentage earned from 100%.

Roane State Community College is obligated to return these funds, including those that may have been previously been applied to the student account for institutional charges. Students are also obligated to return unearned funds beyond the institutional portion to the Department of Education. All recipients owing a repayment are immediately placed on  hold in the Roane State system. This stops all future transactions at the college until the student repays their obligation or makes satisfactory payment arrangements. Students who owe a balance to the Department of Education will be reported as an overpayment.

The Business Office will notify students in writing of the balance due to the institution and the balance due to the Department of Education.

 

Definitions

Withdrawal:  Occurs when the student completes the official withdrawal process (drops or withdrawals from all scheduled courses)

Unofficial Withdrawal: Occurs when a student ceases to attend registered classes and does not complete the official withdrawal procedures, or is reported by the course instructor as stopped attending. A last date of attendance is reported for any student receiving a grade of “F” in a registered course.

Canceled Course: Occurs when the institution cancels a course for the semester.

Date of Withdrawal: Is the date on which the official withdrawal occured or the last date of attendance whichever is the earliest.

Days in the term: The number of days in the term include calendar days beginning with the first scheduled day of your registered courses for the term and end with the last scheduled day of the registered courses for the term minus any scheduled break of more than five (5) calendar days.

 

Calculating Earned Aid

To calculate the percentage of Title IV Aid that a student has earned, divide the number of days the student attended by the total number of days in the term.

                     This image is an illustration of the mathematical equation to calculate the percentage of the term completed for return to title four purposes.  The calculation is as follows the number of days completed or attended by the student divided by the total number of days in the term equals the percentage of the term that was completed.

 

The percentage of term completed is the percentage of Title IV aid earned by the student.

 

Example:
Classes begin on January 12 and the exam period ends on May 3. The student begins attending all scheduled courses and withdraws on February 1. The semester includes a scheduled break of nine (9) days for spring break.

Step 1: Determine the number of days in the semester (denominator):
                    Number of calendar days in the semester minus the scheduled break of greater than five (5) days = 104                     scheduled days.

Step 2: Determine the number of days the student attended:
                    January 12 to February 1 (including weekends) = 21 days

Step 3: Determine the percentage of aid earned:
                    Divide the number of days attended (21) by the number of scheduled days (104)
                    21/104 = .20192 or 20.02%.

Step 4: Determine the amount of federal aid earned:
                    Multiply the total federal aid that was disbursed or could have been disbursed by the percentage of aid earned as                     calculated in Step 3.

Step 5: Compare the amount earned to the amount actually disbursed prior to withdrawing:
                    If more aid was disbursed than was earned, determine the amount that must be returned.
                    If less aid was disbursed that was earned, the student may be eligible for a post-withdrawal disbursement.

Step 6: Determine how much the school must return plus the amount the student must return. The amount of unearned aid that must be returned by Roane State is the lesser amount of unearned Title IV aid or the amount of unearned charges for the term. The student is responsible for repaying any amount the school must return which creates a debt to the college.

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