The Billing Specialist will send a separate bill. That is, scheduled payments to the holder of the loan over the length of time allowed for example standard repayment plans are based on a year repayment schedule. The amount of unearned Pell Grant funds to be returned is called an overpayment.
The maximum amount of a grant overpayment that must be repaid is half of the grant funds received or were scheduled to receive. If the student did not receive all of the funds that were calculated to be earned before withdrawing, a post-withdrawal disbursement may be due to the student.
WCTC may automatically use all or a portion of a post-withdrawal disbursement of grant funds for tuition, fees, and room and board charges. The school must disburse grant funds no later than 45 days from the date the school determined the withdrawal date. Permission must be received by the school within 14 days of this notification. Other actions such as completing entrance loan counseling and a promissory note may need to be completed before disbursement can occur.
There are a number of federal financial aid funds that cannot be disbursed to a student once they withdraw because of other eligibility requirements. For example, a student loan must be originated before a student withdraws or it is not eligible for disbursement.
Depending on how much of the semester has elapsed, students who withdraw from WCTC may be eligible for a refund of a portion of the tuition and fees paid to WCTC for the semester. The complete refund schedule for tuition and fees is as follows:. If a student who is subject to the return of funds formula for financial aid also qualifies for a tuition refund, be aware that the refund amount will first be used to pay any amount to be returned to federal financial aid sources, as dictated by the formula.
If there is any refund remaining after the federal aid funds have been repaid, it will be used to repay any state or institutional aid funds received. As stated earlier, both the school and the student may be required to repay financial aid that was received, but not earned, according to the formula.
As this period is longer than that which WCTC has for its tuition refund schedule, it is possible that students whose accounts were paid in full before the withdrawal will owe money to the school after the withdrawal. This can happen when the federal formula requires a larger repayment to the aid sources than the amount provided by the tuition refund.
When this happens, the student will be responsible for the difference, and will be billed by the WCTC Billing Specialist. If a student leaves school without providing notification, WCTC has 30 days after the end of the semester to recognize this unofficial withdrawal and use the federal formula to decide if funds need to be returned. This most commonly occurs when all the grades for a given term reflect all letter grades of F, W or a combination thereof. WCTC reserves the right to amend the Title IV return of funds policy at any time in order to comply with federal regulations.
If you are unable to withdraw online or in person, call Registration at Academic Progress and Return of Financial Aid Policy The Federal Student Aid program requires that schools maintain a Satisfactory Academic Progress SAP policy in order to ensure that students are progressing successfully through their program s as a condition of receiving financial aid. Contact Information Office Hours. College Center, Room C Office Hours Monday - Thursday 8 a.
Friday 8 a. Satisfactory Academic Progress Criteria To maintain financial aid eligibility, students must meet all four Satisfactory Academic Progress criteria as outlined below: Term Criteria Minimum 2. This includes the following requirements: Minimum 2. Return of Federal Aid For students considering withdrawing from all credit classes, WCTC recommends talking with an academic advisor or program counselor - especially if receiving financial aid.
Federal law states that students who stop attending classes prior to the 60 percent point of the semester do not earn all of their financial aid; therefore, a portion must be returned to the federal government. Students may owe WCTC and the federal government. The withdrawal date is defined as the last date of attendance or academically related activity, such as submitting an assignment or taking a test.
The approximate 60 percent dates are early November for the fall semester, early April for the spring semester, and mid-July for summer. The formula to calculate this repayment is as follows: Number of days completed by student up to withdrawal date divided by the total number of days in the semester. Pro Rata Calculation The formula used in this federal return of funds calculation divides the aid received into earned aid and unearned aid.
Divide the number of calendar days the student has attended classes by the number of calendar days in the semester minus any scheduled breaks of five days or more. This percentage is multiplied by total federal funds disbursed to the student. This is the earned aid that a student may keep or be eligible for as a post-withdrawal disbursement.
Returning Funds Once the amount of unearned federal aid is calculated, WCTC's repayment responsibility is the lesser of that amount or the amount of unearned institutional charges. Post-Withdrawal Disbursement Eligibility If the student did not receive all of the funds that were calculated to be earned before withdrawing, a post-withdrawal disbursement may be due to the student. Institutional Refunds and repayment of aid already received Depending on how much of the semester has elapsed, students who withdraw from WCTC may be eligible for a refund of a portion of the tuition and fees paid to WCTC for the semester.
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Filter By Categories cost-of-college financial-aid-and-scholarships student-loans salary-and-career. Limits on Federal Financial Aid Federal financial aid is determined by your level of financial need. There is no time limit on unsubsidized or PLUS loans. Lynne DeAmelio-Rafferty. Lynne is a freelance writer with experience in writing, teaching, and management. She has a M. Her Bachelor's is in Psychology and Criminal Justice. She is also certified in Early Childhood Teaching and Administration.
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Meeting the % Duration Limit Rule (M) Students that have attempted % of the published credits for their current active program, as listed on their. Example: credit Bachelors' degree x % = credits. Student will be ineligible for financial aid if they attempt more than credits. Example: Maximum Hours (% Rule): In order to continue receiving financial aid, a student must complete his/her program of study before attempting % of the credits.