Return of Federal Financial Aid
Contact: Director of Financial Aid
The account of the student who has federal aid and withdraws before 61% of the semester has elapsed will be evaluated according to U.S. Department of Education guidelines and formula.
This policy conforms to the Higher Education Amendments of 1998 and becomes effective for enrollment periods beginning after August 1, 2000. Title IV programs affected by this provision are Subsidized and Unsubsidized Federal Direct Loans, Federal Perkins Loans, Federal Direct PLUS Loans (Parent Loans for Undergraduate Students), Federal Pell Grants, Federal Supplemental Educational Opportunity Grants (SEOG), and Federal TEACH Grants.
Federal aid is earned by the percentage of the payment period the student completes. To figure the percentage of aid earned, divide calendar days completed in the semester by total days in the semester. Weekends are included, but scheduled breaks that are at least five (5) days in length are excluded. If the student completes more than 60% of the semester, 100% of the aid is earned for the semester and an immediate repayment obligation is not incurred. If the student completes 60% or less of the semester, the portion of federal aid determined to be unearned must be repaid to the federal aid programs.
William Jewell College will return Title IV aid from the student’s account according to the federal formula. A student may be required to return Title IV aid overpayment. If the College notifies the student to return an overpayment, the student has 45 days to return the funds to the College. If the 45-day requirement is not met, the U.S. Department of Education will be notified to begin collection. The student will be ineligible for further Title IV assistance until the overpayment is paid in full or satisfactory repayment arrangements have been made with the U.S. Department of Education.
Institutional refunds and the formula to determine the required return of federal and other student aid will be finalized within 30 days of the withdrawal date. An adjusted billing will be mailed by the Business Office to the student’s permanent address on record.
Federal student aid programs will be returned in the following regulated order:
- Unsubsidized Federal Direct Loan
- Subsidized Federal Direct Loan
- Federal Perkins Loan
- Federal Direct PLUS Loan
- Federal Pell Grant
- Federal SEO Grant
- Federal TEACH Grant