Financial Aid: Return of Title IV Funds
Refund Policy for Students Who Receive Federal Financial Aid
Applicability
This refund policy applies to all full-time and part-time students
enrolled at Fitchburg State College who are receiving Federal Title
IV Financial Aid and withdraw from all classes.
This policy is mandated by federal regulation.
This policy deals only with the percentage of aid that is earned
by a student. Charges incurred by a student who withdraws
from the College are determined in accordance with the Institutional
Refund Policy.
Withdrawal Requirements
All matriculated undergraduate students that wish to withdraw from
the College must do so by contacting the Student and Academic Life office.
The official date of withdrawal for this policy is the date that
the student begins the official withdrawal process or the date that
the student officially notifies the College of his or her intent
to withdraw.
Refund Policy
Refund of Federal Title IV Financial Aid will be based on the date
a student completely withdraws from the College as described above.
During the first 60% of the semester a student earns Title IV funds
in direct proportion to the length of time that he or she remained
enrolled. A student who remains enrolled beyond the 60% point
earns all aid for the semester.
The percentage of the semester that a student remains enrolled
is derived by dividing the number of days that a student remains
in attendance by the number of days in a semester. Calendar
days are used, but breaks of at least 5 consecutive days are excluded
from both the numerator and denominator.
Unearned Federal Title IV Aid other than Federal Work Study must
be repaid by the student in the following order:
Federal Unsubsidized Direct Loan
Federal Subsidized Direct Loan
Federal Perkins Loan
Federal Parent (PLUS) Loan
Federal Pell Grant
Federal SEOG
Other Title IV Financial Aid
Students must repay 100% of unearned loans according to the terms
of their Promissory Note. 50% of unearned grants must be repaid
within 30 days of withdrawal from the College.
An example of the Return of Title IV Funds Policy is available
in the Financial Aid Office.
It is very possible that a student who
receives federal financial aid and withdraws from the College will
owe a balance to the FSC Student Accounts Office and may be required
to repay funds to the U.S. Department of Education. Students
considering withdrawal from FSC are advised to contact the Financial
Aid Office.
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