Withdrawing & Refunds
Tuition and fee payments made by any federal, state or local financial aid program will be credited back to the proper program if a student withdraws completely or reduces their course load.
TVCC REFUND POLICY
Student’s who officially drop a class or withdraw from TVCC shall have their tuition and mandatory fees refunded according to the schedule in the current college catalog.
RETURN OF TITLE IV REGULATIONS
Federal regulations [HEA Section 484B, 485(a)(1)(F), 34 CFR 668.22] require TVCC to calculate a refund and repayment of federal aid received by students who completely withdraw prior to the 60% point of a term for which payment has been received. The calculation will be performed as follows:
1. The total amount of Title IV aid awarded is determined.
2. The student’s withdrawal date in relationship to the total number of days in the term will be determined. This procedure will determine the actual percentage of aid earned.
3. The total amount of aid earned will be subtracted from the total amount distributed to the student. The difference will be the amount that must be returned to the agency from which the funds were granted.
4. The total institutional charges for the term will be determined and the unearned percentage will be calculated.
5. A comparison of the total calculated amount to be returned will be compared to the total calculated unearned institution charges. The lesser of the two amounts will be used as the actual amount that TVCC must collect from the student and repay to the Department of Education. The student will be responsible for repaying TVCC any monies TVCC repays to the Department of Education on the student’s behalf.
6. This amount must be paid in the following manner until the total calculated amount is fully returned:
a. Unsubsidized FFEL Stafford Loan
b. Subsidized FFEL Stafford Loan
c. FFEL PLUS Loan
d. Pell Grant
g. Other Title IV Programs
7. In addition to the above referenced calculation, the student may be required to repay additional unearned Title IV aid. If this is determined during the withdrawal process, TVCC will notify the student within (30) days of the student’s responsibility to repay this unearned amount of Title IV funds.
8. The student will lose Title IV eligibility if this amount if not repaid within (45) days.
9. If this amount is not repaid during this time, TVCC will notify the Department of Education of the student’s failure to repay the unearned amount. This action will block the student from receiving additional student financial aid until this amount has been paid and cleared from the student’s record. Once the account is referred to the Department of Education for collection, the student will need to contact the Department at the following:
U. S. Department of Education
Student Financial Assistance Programs
P. O. Box 4222
Iowa City, Iowa 52245
This calculation must also be performed for any student who fails to complete at least one course for the semester with a grade of “D” or better.