When
a Title IV recipient totally withdraws, Lanier Technical College must
use the following steps to return Title IV aid:
- Determine
a student's withdrawal date.
- Determine
the amount of aid disbursed for the payment period.
- Determine
the amount of Title IV aid disbursed plus the Title IV aid
that could have been disbursed for the payment period.
- Determine
the percentage of Title IV aid the student earned by dividing
the number of calendar days attended during the quarter
by the total number of calendar days in the quarter.
- Calculate
amount of Title IV aid earned by the student by multiplying
the above percentage by the total of Title IV aid disbursed
plus the Title IV aid that could have been disbursed for
the payment period.
- Determine
if student is due a Postwithdrawal Disbursement or if Title
IV aid must be returned. If the amount of Title IV aid earned
is greater than the total of Title IV aid disbursed then
subtract the Title IV aid disbursed for the payment period
from the amount of Title IV aid earned. This is the amount
of the post-withdrawal disbursement due. If the amount of
Total Title IV aid disbursed is greater than the amount
of Title IV Aid earned by the student, then subtract the
amount of Title IV aid earned from Title IV aid disbursed
for the payment period. This is the amount of Title IV aid
that must be returned.
- Calculate
amount of unearned Title IV aid due from the college. Multiply
institutional charges for the payment period times the percentage
of Title IV aid unearned. Compare this amount to the amount
of Title IV aid to be returned and enter the lesser amount.
- Determine
return of funds by college. The college must return the
unearned aid for which the college is responsible by repaying
funds to the following sources, in order, up to the total
net amount disbursed from each source. The aid programs
are as follows: Unsubsidized FFEL/Direct Stafford Loan,
Subsidized Stafford Loan, Perkins Loan, FFEL/Direct Plus,
Pell Grant, FSEOG Grant and Other Title IV programs.
- Calculate
initial amount of unearned Title IV aid due from student.
Subtract the amount of Title IV aid due from the college
from the amount of Title IV aid to be returned.
- Determine
return of funds by student.
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