INTERCOAST COLLEGES - Laserfiche WebLink

Home Browse Search

and there will be no unearned funds. The student is obligated to pay only for the educational services rendered. If the student obtains a loan to pay for their enrolled program, the student will be responsible for paying the full amount of the loan plus interest, less the amount of any refund. Return of Unearned Title IV Funds School's Responsibility: If the school received more funds than the student earned, the school must return the excess funds. The time frame for returning unearned Title IV funds is refunded as soon as possible but no later than 45 days after the date of determination of the student's withdrawal. Any Title IV credit balance will be allocated first to repay any grant overpayment owed by the student due to the current withdrawal. The institution will return such funds to the Title IV grant account within 14 days of the date that the institution performs the R2T4. If an overpayment does not exist, any Title IV credit balance will be paid per the student (or parent if a Plus loan credit balance) instructions indicated on the Title IV Credit Balance Form. The Title IV credit balance is paid as soon as possible but no later than 14 days from the date the R2T4 was completed. Effective 71112021, Title IV unearned aid funds are returned in the following order: Unsubsidized Federal Direct Stafford Loans Subsidized Federal Direct Stafford Loans Federal Direct PLUS Loans Federal Pell Grant FSEOG Return of Unearned Aid Student Responsibility: After the institution has allocated the unearned funds for which it is responsible for refunding, the student must return any Title IV aid amount that exceeds the school's portion. The amount of Title IV funds that the student is responsible for returning is calculated by subtracting the amount of unearned aid that the institution is required to return from the total amount of unearned Title IV aid to be returned. The student (or parent in the case of funds due to a Parent PLUS Loan) must return or repay, as appropriate, the amount determined. Post -Withdrawal Disbursement (PWD): Title IV Aid earned but have not yet been disbursed to the student, and the student is eligible for the funds; the student may be eligible for a post -withdrawal disbursement. A student is eligible for a post -withdrawal Title IV aid disbursement If the student has met the required conditions necessary for a late disbursement. These conditions include a student having a valid SAR/ISIR with an official EFC. In the case of Title IV loans, an originated loan prior to the withdrawal date and not be a subsequent loan disbursement. InterCoast will send a notification to the student (or parent in case of a Plus PWD) within 30 days of the date of determination requesting a response of the student's or parent's desired action to either accept or decline a portion, or all, of the PWD loan. The student or parent has 30 days to respond. If the student or parent does not respond within the 30-day timeframe, InterCoast will accept requests at a later date. The student/parent will be notified in writing of the outcome of the late request. All post -withdrawal disbursements are applied to the student's account first. If a credit balance is created, the credit balance is handled accordingly and paid to the student/parent as soon as possible but no later than 14 days from when the credit balance was created. Post -withdrawal disbursements cannot be made after 180 days from the date of determination that a student withdrew and no later than 45 days for PWD grant funds disbursed directly to the student. A post -withdrawal disbursement would be made from available grant funds before available loan funds. Sample Summary of the Requirements of 34 CFR 668.22 Treatment of Title IV Aid When a Student Withdraws (Sample taken from page 5-121 in the 20-21 FSA Handbook) The law specifies how your school must determine the amount of Title IV program assistance that you earn if you withdraw from school. I ntercoastColleges School Catalog 18 1 Page