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Federal financial aid recipients who withdraw from or stop attending class prior to the end of the term are required by federal regulation to return “unearned” funds to the U. S. Department of Education (ED). The unearned amount to be returned is calculated according to a federal formula that is based on:
See the College Withdrawal Policy for withdrawal dates and other information.
Unearned federal financial aid is returned to ED in the following order:
Funds returned to loans reduce the current outstanding balance that must ultimately be repaid.
As required by federal regulation, funds that must be returned by the College are forwarded to ED within 45 calendar days of the date Ivy Tech determines the student has withdrawn from all classes. These funds are then billed to the student and the student is notified. The balance due to Ivy Tech must be paid before a student can re-enroll or receive additional financial aid.
Students who drop or withdraw from all classes before financial aid has been disbursed may have earned some financial aid by incurring educational costs. The amount of the post-withdrawal disbursement will be based on:
Grant funds awarded post-withdrawal will be automatically applied to the student’s Ivy Tech account and any credit balance will be refunded to the student.
Loan funds eligible for post-withdrawal disbursement will be offered in writing. The student (or parent, in the case of a PLUS loan) must respond within 14 days or the offer will expire.
Federal regulations require that students who withdraw before participating beyond the 60% point repay the portion of a grant (if over $50) that exceeds half of the scheduled total federal grants. This is in addition to the calculation of funds returned by the College and billed to the student.
If a student owes a grant overpayment, he/she will be notified by the College within 45 days of the date the school determines that he/she completely withdrew. The notification will include the following:
Contact information for ED Collections:
U. S. Department of Education
Debt Resolution Services
P. O. Box 5609
Greenville, TX 75403
Every semester, a student’s Satisfactory Academic Progress (SAP) status is evaluated, whether or not they received financial aid, and whether or not funds are returned under R2T4 regulations. For complete details, see the College’s SAP policy. Students who are considering withdrawing from one or more classes are encouraged to speak with their Express Enrollment Center or Financial Aid Office before making the decision.
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