Withdrawal from the College - Repayment of Title IV Funds
Repayment of Title IV Funds
The Federal Financial Aid Title IV Refund Policy requires colleges to calculate how much federal aid a student has earned if they withdraw or stop attending prior to completing more than 60% of the semester. Students may have to return a portion of the aid received, as well as owe the College a portion of the tuition and fees.
The policy allows a student to earn a portion of the Financial Aid awarded for each day of enrollment. In addition, the policy requires a student to repay the U.S Department of Education a portion of the unearned funds received depending on the withdrawal date. A student who remains enrolled beyond the 60% point earns all aid for the semester for which the aid was awarded.
Effective Spring 2012, if a student unofficially withdraws (stops attending) or a student’s academic transcript reflects unsuccessful completion of all courses in a term, the Community College of Rhode Island (CCRI) will calculate the student’s aid based on the latter date from one of the following: 50% completion date of the term or official documented last date of attendance, or an academic-related activity. Once the calculation is completed, if a student can provide official documentation of a later valid last date of attendance, or academic-related activity, CCRI may use that date to recalculate aid eligibility. Any grade changes that would reverse a calculation must be submitted to the financial aid office no later than August 31st of the current award year. It is the responsibility of the student to request a re-evaluation of their eligibility.
If you have any questions, please contact your campus Enrollment Services or Financial Aid Office.