GA-1030 Withdrawal and Return of Title IV Funds Policy

1.0        Purpose

Students may not always attend the entire term of enrollment as planned. Federal policy, as outlined in 34 CFR 668.22, requires that Title IV financial aid be adjusted in proportion to the amount of time the student is enrolled up to the point of having attended 60% of the term. This policy describes VTCSOM's process for the return of Title IV aid. 

2.0        Policy

In compliance with the Federal Return of Title IV Funds policy, students who resign before the completion of 60% of the semester, payment period, or period of enrollment must have their Title IV aid adjusted in most circumstances except in select cases where a leave of absence has been granted.

For a student who withdraws after 60% of the semester, payment period, or period of enrollment, there are no unearned funds.

A determination of the amount of Title IV assistance that the student earned as of the student’s withdrawal date is required. State and institutional aid will be adjusted likewise, except institutional aid determined by the VTCSOM Certifying Official. 

Compliance with this policy lessens the risk of a student receiving more financial aid than that for which they are eligible. 

The VTCSOM will disburse Direct Unsubsidized Loans and Direct PLUS loans for graduate students.  The order of funds to be returned is as follows:

• First, Direct PLUS Loan funds will be returned.
• Second, the Unsubsidized loan funds will be returned.
• Third, VTCSOM institutional funds will be returned if student is due a refund from institutional refunds.

3.0        Approval and Revisions

Approved by Financial Aid Office