Financial Aid Refund Policy
Any student receiving Federal Title IV funds will be subject to the following policy regarding the return of Federal Title IV funds:
Students who withdraw from all classes prior to completing more than 60 percent of an enrollment term (quarter) will have their eligibility for federal aid recalculated based on the percentage of the term completed, which shall be calculated as follows:
The percentage of the quarter completed is the percentage of aid earned. This is calculated by the number of days the student attended divided by the number of calendar days in the payment period (i.e. quarter). For example, if a student completely withdrew on the 20th day of a quarter that is 114 days in length, the student would have only earned 17.5 percent of the aid he or she received (20 divided by 114 = 0.175).
Clark State Community College and the student will be required to return to the federal aid programs the amount of aid received that was in excess of the aid "earned" for the period the student remained enrolled.
If the College returns funds to the Title IV aid programs, it could result in the student owing Clark State Community College charges that were originally paid at the time of disbursement. Students may also be required to return funds released to them for personal expenses. Unearned federal aid will be returned in the following order: Federal Stafford Loans (unsubsidized, then subsidized), Federal Plus Loans, Federal Pell Grant and Federal SEOG.
Students who remain enrolled through at least 60 percent of the payment period (quarter) are considered to have earned 100 percent of the aid received and will not owe a repayment of Federal Title IV grant funds.
Please note that students are responsible for any balance owed to Clark State Community College as a result of the repayment of federal aid funds.
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