20-21 Bacone College Academic Catalog

10. ACADEMIC AFFAIRS

10.9. Refund Policy for Financial Aid Recipients Who Withdraw or Do Not Receive Passing Grades in Any Enrolled Courses (Return of Title IV Funds)

To officially withdraw from all courses students must go online to www.bacone.edu and complete the withdrawal process electronically. If students have any questions with the electronic withdrawal process they are encouraged to contact Bacone College toll free at 888.682.5514 for assistance.

Students receiving federal financial assistance who completely withdraw from all classes, or fail to receive a passing grade in all courses during a period of enrollment, will be subject to the Return of Title IV Funds refund policy required by federal regulation. The Return of Title IV Funds are calculated during each period or term of enrollment. This policy applies to students receiving assistance through the PELL Grant, Supplemental Education Opportunity Grant (SEOG), Direct Subsidized Stafford Loan, Direct Unsubsidized Stafford Loan, and Direct Parent PLUS Loan programs.

This policy assumes students “earn” their financial aid based on the period of time in which they are enrolled through the semester. This policy refers to two types of withdrawals; official and unofficial. When a student officially withdraws from all courses, the Office of Financial Aid will receive notification and will determine the date of withdrawal, institutional charges, and all aid disbursed. At the end of each semester, those students who did not receive a passing grade in any of their courses may be considered an unofficial withdrawal. These students’ withdrawal dates will be at the midpoint in the semester, the last time they attended class, or any scheduled academic event related to the period of enrollment. For those students who fail to return from an approved leave of absence, the withdrawal date will be designated as the date the leave of absence began.

After determining students’ withdrawal dates, official or unofficial, the Office of Financial Aid must then determine if the amount of aid disbursed to the student is greater than the amount the student earned. Any unearned funds must be returned to the federal student aid programs. Students who remain enrolled beyond 60 percent of the semester are considered to have earned 100 percent of aid received. Students who are enrolled for less than 60 percent of the semester will likely be responsible for repaying a portion of the financial aid received.  When performing a Return to Title IV calculation, all students’ institutional charges, i.e., tuition, fees, and room and board, are included in the calculation, as well as all disbursed federal aid. Any refund amount calculated from this formula that the College must return will be returned to the appropriate federal aid programs as determined by the Return of Title IV Funds process. Any loan funds returned as a result of the Return of Title IV Funds process will go into repayment based on the regular repayment terms of their promissory note. Students must be aware that when the College is required to return unearned funds due to their withdrawal, they may have a balance due to the school. Bacone College must complete the Return to Title IV process within 45 days of the date of a student’s withdrawal. Students will be notified by mail within approximately two (2) weeks of this completed process.