Return of Title IV (Federal) Financial Aid
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 at Polk State College: Federal Pell Grant, Federal Supplemental Educational Opportunity Grant, and Federal Direct Loan Program. These policies are effective only if the student completely terminates his or her enrollment by official withdrawal, is dismissed from classes, stops attending classes without an official withdrawal before completing more than 60% of the enrollment period, or fails all courses at the end of the semester. When a student withdraws during a term, the amount of federal financial aid earned by the student is determined on a pro-rata basis up to the end of 60% of the term. For example, if the student has completed 30% of the term, he or she has earned 30% of the aid originally scheduled to be received. Upon completing more than 60% of the term, the student has earned all of his or her federal financial aid. (Federal Work Study funds are excluded from the return of Title IV funds requirements.) Repayment of Title IV funds will be required when aid has been disbursed to a student from financial aid funds in excess of the amount of aid the student earned during the term.
The responsibility for returning unearned aid is shared between the College and the student. The amount is calculated according to the portion of disbursed aid that could have been used to cover institutional charges and the portion that could have been disbursed directly to the student once institutional charges were covered. Polk State College will distribute the institutional portion of the unearned aid back to the Title IV programs as specified by law. This amount will be charged back to the student’s account. The student will be notified of his or her portion due back to the various aid programs. The student will also be notified of any balance due to the College, which must be taken care of immediately to avoid collection action. Polk State College will notify the Department of Education of all amounts due from the student. It will be the student’s responsibility to make arrangements for repayment with the Department of Education. Non-compliance on the student’s part will result in the student being ineligible to receive future Title IV assistance. Students earn the federal portion of their financial aid by attending classes. An example is as follows:
|Date of Withdrawal||#of Days of Class Attend||#Days in Semester||%Completed||% of Refund to DOE|
Order of Return of Funds
1. Unsubsidized Federal Direct Loan
2. Subsidized Federal Direct Loan
3. Federal PLUS Loan
4. Federal Pell Grant
5. Federal Supplemental Educational Opportunity Grant
To All Students
If you are thinking of withdrawing or just leaving, please, think very carefully about it. Immediately see one of our Financial Aid Assistants in Student Financial Services to discuss your academic or personal reasons for leaving. Perhaps you can stay but take fewer courses. Maybe there are services (like tutoring or personal support) that will help you stay. Talk to your instructors; see what advice and help they can offer. Don’t leave unless you must. But if you must, please remember that there could be financial penalties.
Begin the withdrawal process at the Office of Admissions. You will be notified of how much you owe and how you will have to repay it. If you leave this debt unpaid, the Financial Aid Office will have to put a NATIONAL HOLD on your student aid eligibility. After the hold is placed, you will be required to contact the Department of Education and arrange for regular re-payments. After the repayment arrangement is made, you may regain your student aid eligibility. Polk State College does not have the authority to waive or write off the repayment requirement, regardless of the reason for the withdrawal, including extenuating circumstances such as illness, accident, or personal loss.