Withdrawl From School
NEW FEDERAL RETURN OF FUNDS REGULATIONS FOR STUDENTS
WHO TOTALLY WITHDRAW FROM SCHOOL
(EFFECTIVE OCTOBER 7, 2000)
Changes in federal regulations for students who receive federally funded student financial assistance from the following programs will require a calculation, by Student Financial Aid to determine the dollar amount of "unearned" funds. The school and the student must return funds to one or more assistance programs in the following order:
- Unsubsidized Loans (USTF)
- Subsidized Loans (GSL)
- Perkins Loans
- Plus Loans
- Pell Grant
- Federal SEOG;
- Only Federal Title IV funds are considered.
- This change in regulation replaces the federal requirements to calculate a refund of tuition and fees to refund federal programs upon withdrawal from school.
- Return of Funds regulations also change and expand the calculation of repayment of cash received by the student who then withdraws from school.
- Regulations also change the determination of whether or not a student who has withdrawn from school can still receive a payment of federal student financial assistance "earned" before withdrawing.
OKLAHOMA CITY COMMUNITY COLLEGE IS STILL REQUIRED TO CALCULATE A REFUND OF TUITION AND FEES BY OKLAHOMA STATE REGENTS POLICY AS STATED ON YOUR FEE STATEMENT, IN THE CLASS SCHEDULES, CATALOGS, AND STUDENT HANDBOOKS PUBLISHED BY THE COLLEGE.
- "Earned" federal funds are determined for all recipients of Federal Title IV funds who totally withdraw from school before they reach the 60% point in the period of time for which they were paid. Normally this will be a sixteen week semester and 60% will be through 10 weeks.
- After the 60% point in the payment period, no calculations are required. There is a definite advantage to staying in school in order to "earn" the funds you receive.
- "Calculation of "earned" funds is based on the exact numbers of calendar days you attend before Withdrawal, as determined by the school, and the exact number of calendar days in the payment period. This percentage of time spent in attendance is the percentage of federal funds you have earned. Other funds received are "unearned."
- The school and you must return the percentage of "unearned" funds you have received to the Federal Title IV programs. . Each share (College and student) is calculated.