Refund Policy for Pell Grant, FSEOG, Stafford Loans
If a student completely terminates enrollment or stops attending classes before completing more than 60% of the enrollment period, a repayment may be required. The amount of the Title IV aid the student must return is determined by the Federal Formula for Return of Title IV Funds as specified in Section 484B of the Higher Education Act. This law also specifies the order of return of the Title IV funds to the programs from which they were awarded. The amount of Title IV aid earned is determined by using the Return of Title IV Funds software provided by the US Department of Education).
A repayment may be required when monies have been disbursed to a student from financial aid funds in excess of the amount of aid the student earned during the term. If less aid was disbursed than was earned the student may receive a late disbursement for the difference. If more aid was disbursed than was earned, the amount of Title IV aid that must be returned (i.e. that was unearned) is determined by subtracting the earned amount from the amount actually disbursed.
The responsibility for returning unearned aid is allocated between the college and the student according to the portion of disbursed aid that could have been used to cover college charges and the portion of disbursed aid that could have been disbursed directly to the student once college charges were covered. Ozarka College will distribute the unearned aid back to the Title IV program as specified by law. The student will be billed for the amount the student owed to the Title IV programs and any amount due to the college resulting from the return of Title IV funds used to cover college charges.
A repayment may be required when monies have been disbursed to a student from financial aid funds in excess of the amount of aid the student earned during the term. If less aid was disbursed than was earned the student may receive a late disbursement for the difference. If more aid was disbursed than was earned, the amount of Title IV aid that must be returned (i.e. that was unearned) is determined by subtracting the earned amount from the amount actually disbursed.
The responsibility for returning unearned aid is allocated between the college and the student according to the portion of disbursed aid that could have been used to cover college charges and the portion of disbursed aid that could have been disbursed directly to the student once college charges were covered. Ozarka College will distribute the unearned aid back to the Title IV program as specified by law. The student will be billed for the amount the student owed to the Title IV programs and any amount due to the college resulting from the return of Title IV funds used to cover college charges.