Title IV Funds Policy
Orange County Community College Return of Title IV Funds Policy
Federal regulations (the Higher Education Amendments of 1998, regulation 34 CFR part 668.22) require each school to have a written policy for the refund and repayment of Federal Title IV aid received by students who completely withdraw during a term for which Title IV aid payment has been received. Federal Title IV aid includes Federal Pell Grant, Federal Supplemental Opportunity Grant, Federal Academic Competitiveness Grant, Federal Perkins Loan, Federal Family Education Loan Program (Subsidized, Unsubsidized and PLUS loans). These policies are effective only if the student completely terminates enrollment (i.e., cancels his /her registration, withdraws, or is dismissed) or stops attending classes before completing more than 60% of the enrollment period.
Refund Policy: The amount of a refund of tuition and fees for students who withdraw will be calculated as outlined in the College catalog and bulletins.
Repayment of Title IV Funds Policy: The amount of Title IV financial aid a student must repay is determined by using the Federal Formula for the Return of Title IV Funds as specified in Section 484B of the Higher Education Amendment Education Act. The amount of Title IV assistance that the student earns is determined on a pro-rata basis. Once the student has completed 60% of the payment period (i.e, semester), all financial aid is considered to be earned.
Percent Earned = Number of calendar days completed up to the withdrawal date divided by the total calendar days in the payment period with an allowance for any scheduled breaks that are at least 5 days long.
Percent Un-earned = 100% minus percent earned
When a student has received Federal Financial Aid in excess of earned aid:
The school returns the lesser of :
Institutional charges multiplied by the un-earned percentage, or
Title IV Federal Financial Aid disbursed less Title IV aid earned
- Returns any remaining unearned aid not covered by the school
- Repays any loan funds in accordance with the terms of the promissory note
- Returns any grant amount the student has to repay. (This is considered a grant overpayment and arrangements must be made with the school or the Department of Education to repay the funds.)
Unearned Title IV Federal Financial Aid shall be repaid to the following programs in the following order:
- Federal Unsubsidized Stafford Loan
- Federal Subsidized Stafford Loan
- Federal Perkins Loan
- Federal Parent Plus Loan
- Federal Pell Grant
- Federal Academic Competitiveness Grant
- Federal SEOG Grant
The student is billed for funds the college is required to repay. If payment arrangements are not made the student's account will be placed in collection. Please contact the Business Office at (845) 341-4904 or (845) 341-4111 should you have any questions.
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