Refund and Repayment Policy for Financial
Aid Recipients
Federal regulations require Danville
Community College to have a written policy for the return of
federal (Title IV) financial aid by students who withdraw during
a term for which federal financial aid was awarded. This policy
applies to all financial aid recipients who withdraw from the
College, are dismissed from the College, or who stop attending
before completing 60% of the enrollment period. Title IV
programs subject to this policy are Federal Pell, Federal SEOG,
CSAP, ACG, and Federal Stafford and PLUS Loans.
Refund
Policy
The amount of a refund of fees for students who withdraw will
be calculated as outlined in the DCC
Catalog and Student Handbook.
Repayment Policy
Financial
aid recipients are required to attend all classed in which they
enroll. Students who fail to begin attendance are not eligible
to receive any portion of the financial aid awarded and will be
required to repay all financial aid funds used for tuition,
fees, or bookstore charges as well as any cash received for the
non-attended course/s.
A student’s enrollment status at the end
of the drop/add period determines the student’s financial aid
for the term. Students who stop attending should withdraw from
the College following official withdrawal procedures as outlined
in the College Catalog.
Date
of Withdrawal
Students
who withdraw from the College before 60% of the term has elapsed
will have to return any funds that were disbursed but not earned
as of the date of withdrawal. For students who are dismissed or
who stop attending without giving notice of having withdrawn,
i.e., who do not follow official withdrawal procedures, the
withdrawal date will be the midpoint of the period or the date
the student last attended an academic function at the College.
Financial Aid Office Calculation
-
Percentage of Aid Earned = # Calendars Days Completed / #
Calendar Days in Term
-
Aid Earned = Amount of Aid for the Term x Percentage
Earned (See 1.)
-
Percentage Unearned = 100% - Percentage Earned
(Calculated in 1.)
-
Aid Unearned = Total Aid for the Term x Percentage
Unearned (See 3.)
-
The College determines the amount to be returned by
comparing total aid earned to total amount disbursed.
If aid earned is greater than the amount disbursed, the
student is eligible for a post-withdrawal disbursement.
If aid earned is less than the amount disbursed, the
difference must be returned.
-
The College must return the lesser of
a) Percentage Unearned x Total of Tuition, Fees, Bookstore
Charges
OR
b)
Total Amount Unearned.
7.
The student must return
Total Amount Unearned – Amount returned by the College
Except, the student is only
responsible for returning 50% of this amount
Repayment
by the College
The
College returns unearned funds that are repaid by the College or
the student to the financial aid programs in the following
order:
Unsubsidized Federal Stafford Loans
Subsidized Federal Stafford Loans
Federal PLUS Loans received on behalf of the student
Federal Pell Grant
ACG
Federal SEOG Grant
Other grant or loan assistance authorized by Title
IV of the Higher Education Act
Repayment
by the Student
The
student has 45 days after being notified of the repayment
obligation to return the funds. If unable to pay, the student
may contact the U. S. Department of Education, Department of
Debt Collection at 1-800-868-1810 to enter into a repayment
agreement which will permit the student to maintain eligibility
for financial assistance while making agreed upon payments on
the debt. Failure by the student to pay or provide proof of a
repayment agreement within 45 days of being notified of the
requirement to repay will make the student ineligible for any
further assistance.
Post-Withdrawal
Disbursement
If
it is determined that the student is eligible for a
post-withdrawal disbursement, the College will notify the
student in writing. The College is entitled to subtract from
the post-withdrawal disbursement amount any outstanding charges
due to the College by the student. The offer of a
post-withdrawal disbursement will be sent to the student within
30 days of the date the College determined that the student
withdrew. The student has 14 days to respond with a request to
receive such funds. If the student fails to respond within 14
days of the date the College sent the notice, the offer to make
a post-withdrawal disbursement will be withdrawn and no further
action taken.
Students who consider withdrawing from all classes as well as
students who are just not attending their classes are advised to
come to the Financial Aid Office for a calculation of their
expected return of federal funds.
Contact Information:
Financial Aid Office
1008 South Main Street
Danville, VA 24541
DCCFinAid@dcc.vccs.edu
Telephone: 434 797-8567 or 434 797-8439
Other areas in VA: 800-560-4291 Ext 8567 |
