This policy shall apply to all students at Aultman College of Nursing and Health Sciences who receive financial aid from Title IV funds and complete withdraw from, drop out of, or stop attending classes without officially withdrawing.
Federal regulations require each educational institution of higher learning to have a written policy for the refund and repayment of aid received by students who withdraw from all classes during a term for which aid has been received. These policies are effective only if the student completely terminates enrollment (for example, the student voluntarily withdraws from all courses or is dismissed from all classes prior to the end of the academic semester).
The Title IV programs that are covered by this law, and that are available at Aultman College, are:
· Federal Pell Grants
· Federal Stafford Loans
· PLUS Loans
Federal law requires that, when you withdraw from all your classes during the enrollment period, the amount of financial aid assistance that you have "earned" up to that point is determined by a specific formula.
The calculation of the Return of Title IV funds (and state funds, if applicable) is determined by the date that the student withdrew from all classes. A student's withdrawal date is determined by:
- The date the student officially notifies the institution of his/her intent to withdraw; or
- The student's last date of class attendance or at an academically-related activity, or
- The midpoint of the enrollment period for students who leave without notifying the institution (an unofficial withdrawal).
Funds are returned to the appropriate federal The enrollment period for a program measured in credit hours is one semester. The amount of financial aid that you have earned is determined on a pro-rata basis. Therefore if you withdraw after completing 40% of the enrollment period, you have earned 40% of the amount of federal aid for which you were entitled. The school takes all or a portion of your earned federal financial aid to pay any outstanding charges that remain on your school account.
Once you have completed more than 60% of the enrollment period, you earn all of your financial aid assistance for which you were entitled.
In accordance with federal regulations, financial aid funds are returned in the following order, if applicable:
1. Federal Unsubsidized Stafford Loan
2. Federal Subsidized Stafford Loan
3. Federal Parent Plus Loan
4. Federal Pell Grant
5. Other Title IV aid for which a Return of Funds is required (with the exception of Federal Work-Study – FWS)
The requirements for the return of Title IV program funds when a student withdraws are separate from the Aultman College refund policy. http://www.aultmancollege.edu/billing/refunds.aspx. Therefore, a student may still owe funds to the College to cover unpaid institutional charges. The College may also charge a student for any Title IV program funds that the College was required to return. A copy of the College's refund policy is published in the Student Handbook and can also be obtained from the College Office. If a student wishes to withdraw, he should meet with the Student Advisor and complete a Withdrawal form.
For more information about Title IV program funds contact the Federal Student Aid Information Center at 1-800-4-FEDAID (1-800-433-3243). Student Aid information is also available on the web at http://www.studentaid.ed.gov/.