| |
Refunds
Students not
receiving financial assistance and students awarded HOPE funds only,
will receive refunds in accordance with the Institutional Refund
Policy. Title IV recipients who totally withdraw from Lanier Tech
will have their refunds calculated in accordance with the Return
of Title IV Funds Refund policy. Students receiving Title IV funds
and HOPE funds will have their refunds calculated in accordance
with the Title IV refund policy and the Institutional Refund Policy.
The refund policies are outlined on the following pages.
Return
Of Title IV Funds Policy
When a Title IV recipient totally withdraws, Lanier Tech 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 school. 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 school. The school must return the unearned
aid for which the school is responsible by repaying funds to the
follow 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 school from the amount
of Title IV aid to be returned.
- Determine
return of funds by student.
Refund
Policy for Title IV & HOPE Recipients
If the student received federal Title IV funds in addition
to HOPE funds, Lanier Tech must follow the Title IV Return of Funds
policy to determine the amount of federal Title IV refund. To determine
the refund to HOPE, Lanier Tech must then follow the institutional
refund policy. If all or part of the student‘s Title IV aid
was disbursed directly to the student, the school must bill the
student for the refund. This notice will show all financial aid
received by the student, the amount earned by the student, and the
amount to be returned by the student to the school.
Refund
Policy for HOPE Only Recipients
If a refund is due and the student received HOPE funds but did not
receive federal Title IV funds, then such amounts must be refunded
to HOPE, rounded to the nearest dollar, by applying the institution's
refund policy to the student's original HOPE award for tuition and
HOPE approved mandatory fees.
Institutional
Refund Policy
Students not receiving financial assistance and students awarded
HOPE Funds only will receive refunds in accordance with the Institutional
Refund Policy. One hundred percent (100%) of tuition and refundable
fees will be refunded if the student formally withdraws by the end
of the third instructional day of the quarter. Note: An instructional
day is based on the academic calendar, not an individual student's
schedule. For the purpose of refund calculations, the first day
of the quarter is considered to be the official first day of class
shown on the college calendar. (It is not the first day of scheduled
classes for an individual student unless the student's classes are
set-up as a special part of term.) The college calendar gives the
last dates for refunds each quarter for all classes except those
that are set-up as a special part of term.
One hundred percent (100%) of the tuition and refundable fees will
be refunded if the student formally withdraws within the first three
(3) class days for any quarter. (It is not the first day of scheduled
classes for an individual student.) Unexpected college closure (for
example, due to inclement weather) that occurs within the refund
period will be taken into consideration in the calculation of refunds.
Under these circumstances, the President of the college may extend
the refund period. There will be no refund of tuition and fees (activity,
technology, registration, late, and insurance) if the student withdraws
after the one hundred percent (100%) refund period has passed. After
the third instructional day of any quarter, there will be no refund.
Any student who withdraws or is dropped from college after the one
hundred percent (100%) refund period has passed will forfeit all
rights to any benefits from the college activity fee.
Some courses may be cancelled due to low enrollment. In the event
of a cancellation, a student may choose to change to an alternate
course or may receive a refund. Refunds due to a course cancellation
will be at one hundred percent (100%). Refunds are processed when
a student withdraws or is withdrawn from the college without requiring
a request from the student. These refunds are processed through
the Office of the Registrar and the Business Office/Administrative
Services Office. The refund check will be mailed to the student's
address or deposited directly into the student's bank account if
the appropriate paperwork is completed and returned to the Business
Office/Administrative Services Office.
|
|
