Return of Title IV Funds
Important Notice to All Federal Financial Aid Recipients: The federal Higher Education Act (HEA) of 1965 was amended in 1998 and new regulations were established about the Title IV Student Financial Aid programs. Students earn their Title IV Federal Financial Aid by attending class and if they are not enrolled long enough to earn all their aid, the ‘unearned’ portion must be returned to the appropriate Title IV program.
Title IV Financial Aid programs include Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (SEOG), Federal Work-Study (FWS), and Federal Stafford Loans. Federal Work-Study earnings are not affected by the Title IV regulations concerning the return of unearned Federal Financial Aid. Only Federal grants and loans are affected by this policy.
Official Withdrawal occurs when a student completely withdraws from all classes in a semester before completing 60% of the semester, the Financial Aid office is required to adjust the amount of Pell Grant, FSEOG, and /or Federal Loans awarded to a student to return the unearned Title IV funds.
An Unofficial Withdrawal occurs when a student leaves ATC without notifying the institution and/or fails to earn a passing grade in any class. At the end of each term, the Registrar provides Financial Aid with a list of all students who have received all F’s and/or WF combinations. ATC requires instructors to report, for all students awarded a non-passing grade, the student’s last day of attendance. ATC uses this information to determine whether a student who received all F’s and/or WF combination grades withdrew.
Order of Return of Title IV funds
A school must return Title IV funds to the programs from which the student received aid during the payment period or period of enrollment as applicable, in the following order, up to the net amount disbursed from each source:
- Unsubsidized Direct Loans
- Subsidized Direct Loans
- Federal Perkins Loans
- Direct PLUS Loans
- Federal Pell Grants for which a Return is required
- FSEOG for which a return of funds is required
- TEACH Grants for which a Return is required
- Iraq and Afghanistan Service Grant, for which a Return is required
Click HERE to review the complete Return to Title IV Policy
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