ORDER OF RETURN OF TITLE IV FUNDS
FCSON must return to the U.S. Department of Education any Title IV funds that it collected for a student but, based on refund calculations; the student was not in school long enough to receive all of the Title IV financial aid.
The financial aid must be returned to the Title IV program(s) that the fund came from. If the aid came from more than one Title IV program, it must be returned in the priority order listed below.
Note that this list contains only those programs in which FCSON is currently eligible to participate.
Unsubsidized Direct Loans (other than Direct PLUS Loans)
Subsidized Direct Loans
Direct PLUS Loans
Federal Pell Grants for which a Return is required
RETURN OF TITLE IV FUNDS
FCSON has 45 days from the date it determines that a student withdrew to return all unearned funds. The school will notify the student in writing if he or she owes a repayment.
FCSON responsibilities regarding the return of Title IV funds are to:
- Provide students with information on the return policy;
- Identify students for whom return calculations should be made and to complete those calculations; and, Return any Title IV funds that are due to the correct Title IV programs.
OVERPAYMENT OF TITLE IV FUNDS:
Any amount of unearned grant funds that a student must return is called an overpayment. The student must make arrangements with FCSON to return the amount of unearned grant funds.
STUDENT RESPONSIBILITIES REGARDING THE RETURN OF TITLE IV FUNDS
Students must do the following, related to Title IV funds:
Return to the Title IV program(s) any funds received but for which was determined to be ineligible based on the Return to Title IV calculations; Notify the Dean and/or Registrar in writing of an intent to withdraw or of the decision not to return to school (to drop) following the completion of a course. Notify the Dean and/or Registrar in writing that the student is rescinding notification of intent to withdraw.
WITHDRAWAL FROM THE PROGRAM
Student refunds shall be made within thirty days after the school has determined that a student has withdrawn unless another refund period is mandated by the use of state or federal financial aids funds. If a student cease attending school but does not notify the school officially of their withdrawal, the school will treat the student as withdrawn within fourteen days of the student’s last date of attendance or participation in an academic activity.
A student’s withdrawal date used to calculate refunds will be the student’s last date of attendance and participation in an academic activity. Students who wish to withdraw from the program may complete an official withdrawal form to be submitted to the administrative office. Refunds will be made based on the refund policy above; requests for refund will not be accepted.
Any student who obtained a student loan from a lending institution and who withdraws or is terminated from FCSON must notify the institution in writing of the withdrawal. Refunds will be made directly to the lending institution per the FCSON refund policy. The student will be responsible for any tuition balances remaining after the institution’s refund determination has been made. The student is responsible for managing the loan and its repayment. It should be noted that student loans from a lending institution must be repaid regardless of the student’s academic outcome.