Return of Federal Title IV Funds Policy
Financial aid recipients who withdraw before 60% of the semester is completed will also be required to return a portion of the federal financial aid received. For further information, please consult the Financial Aid Office.
Funds to be returned:
MCC returns unearned funds received from Federal student assistance programs to the proper program accounts and/or lenders in accordance with Federal Title IV student assistance regulations, as amended, under 34 CFR, section 668.22(d) of the Reauthorization of the Higher Education Act of 1965.
Students receiving assistance from Federal Title IV programs are required to complete a minimum number of days scheduled to be completed. If the student completely withdraws from school during the semester or stops attending, but fails to officially withdraw, they will be required to return the unearned part of the funds received to help pay educational expenses for the semester. Liability for return of Federal Title IV funds will be determined according to the following guidelines:
- If the student remains enrolled and attends class beyond the 60% mark of the semester in which aid is received, all federal aid is considered earned and not subject to this policy.
- If the student completely withdraws from all classes before completing 60% of the semester, a pro-rated portion of the federal aid received must be returned to the federal aid programs equal to the percentage of the semester remaining.
- If the student does not officially withdraw from classes, and stops attending all courses for which a grade is yet to be assigned, a pro-rated portion of the federal aid received, based on the documented last date of attendance, must be returned to the federal aid programs. If the college is unable to document the last date of attendance, one-half of all federal aid received during the semester must be returned to the federal aid programs.
Return of Federal Title IV funds will be distributed according to statutory regulations. Worksheets/Formulas provided by the US Department of Education will be used to determine the amounts and order of return.
If the student owes money to the college as a result of an official or unofficial withdrawal, the student is notified via receipt of a revised bill from Student Accounts.
Student’s who will be eligible for a Financial Aid refund after tuition and fee charges are paid, may charge books and supplies at the Blue Colt bookstore, two weeks prior to the start of the term and within the first two weeks of the semester.