Financial Aid...Eligibility-Loosing Eligibility
If you lose financial aid eligibility, or drop
too many classes to qualify for financial aid, you may qualify for a
refund or have to pay back financial aid.
Refund Policy:
Students who
withdraw from classes during the first three weeks of a quarter are
refunded their instructional and general fees according to the schedule
established by the College.
If a financial aid program has paid for a student’s tuition and fees,
the refund is made to the program and not to the student. In the case of
a Federal Stafford Loan or Federal PLUS loan, the refund is made
directly to the lending institution.
Students who receive financial aid over and
above the cost of tuition and fees (i.e. a cash disbursement), and
withdraw from classes during the refund period may be required to return
all or part of the cash disbursement.
If OIG/OCOG recipients drop below 12 credit
hours after the freeze date, but during the institution’s refund period,
the amount of the OIG/OCOG refund to the Ohio Board of Regents will be
determined by the percentage reduction in the student’s actual fee
charges.
Returning unearned Title IV Funds
Financial aid students who completely withdraw from all classes
during a given quarter may be subject to owing federal funds back to the
Department of Education or Columbus State Community College. The
Return policy states that a student must attend through the 61% point of
the quarter in order to earn his/her federal financial aid.
Students are issued financial aid at the
beginning of the quarter in "good faith", meaning that the student will
follow through by attending and completing the classes that financial
aid paid for. Federal law requires calculations based on the number of
calendar days the student actually attended the course divided by the
total number of calendar days in the quarter. This equation provides the
percentage of earned financial aid.
Below is an example of how the policy works:
John Doe registers for 13 credit hours and starts attending his classes.
John withdraws from all of his classes on the Thursday of the second
full week of class.
The calculation would be as follows:
|
Pell |
$1,100.00 |
|
Subsidized Stafford Loan |
$848.00 |
|
Total |
$1,948 |
|
Completed Days |
11 |
|
Days in the quarter |
77 |
|
Percentage earned = |
15 percent |
|
15 percent x $1,948 = |
$292.20 |
|
Aid earned x Total aid
disbursed = |
Aid Earned |
|
Amount of Aid to be returned |
|
$1,948 - $292.20 = |
$1,655.80 |
|
Amount to be returned by
college |
|
Tuition/fees |
$700 |
|
$700 x 85 percent |
$595 |
|
College returns $595 to
Stafford Loan program |
|
Initial amount to be
returned by student |
|
$1,655 - $595 |
$1,060.80 |
|
Student owes $253 to
Stafford Loan |
|
Student owes $403.90 to
Pell program |
|
Pell to be repaid is
reduced by 50 percent. |
|
Student will repay the $253.00 when they enter into repayment on their
student loan. The $403.90 in Pell must be repaid immediately in order
for the student to regain financial aid eligibility. The student
will owe the money to the Federal Department of Education and will be
considered in overpayment status until the amount is repaid.
Overpayment status will prohibit the student from receiving financial
aid at CSCC or any other college. Payment arrangements may be made
by calling the Federal Department of Education.
Students will be notified of their calculation of Unearned Title IV
by the CSCC Financial Aid Office.
|
