Return of Title IV Funds and Refunds

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Return of Title IV Funds and Refunds

FEDERAL RETURN OF TITLE IV FUNDS POLICY

All students who resign from the College must submit written notice of resignation to the Registrar’s Office.

If a student, who is disbursed Title IV financial assistance, withdraws or stops attending class on or before completing 60% of the semester in which the Title IV aid was disbursed, the following Return of Title IV Funds policy will be applied.

This policy will apply to any student who receives Title IV aid and who officially or unofficially withdraws, drops out, or is expelled. Refer to the “Withdrawal from the College” section of the Centenary College catalog for requirements on officially withdrawing from school.

The amount of Title IV aid to be returned to the applicable federal programs will be determined, using the student’s withdrawal date, by calculating the percentage of the enrollment period which the student did not complete. Scheduled breaks of five or more consecutive days are excluded. Centenary College will return the lesser of the total of unearned aid or an amount equal to institutional charges multiplied by the percentage of unearned aid. The College must return unearned funds within 45 days of the date of determination of the withdrawal date. The order of the return of funds is: Unsubsidized Federal Direct Loan, Subsidized Federal Direct Loan, Federal Perkins Loan, Federal PLUS Loan, Federal Pell Grant, Federal Supplemental Educational Opportunity Grant. The student will be responsible for repaying any remaining unearned portion that was disbursed to them.

Failure to attend class or failure to resign properly could cause the student to receive a letter grade of “F” in all courses. In this case, the student would still be subject to the return of funds policy once an official withdrawal date is established. Merely discontinuing class attendance is not considered to be a formal resignation from the College. Students who were awarded financial assistance and who discontinue class attendance may be held responsible for repayment of all tuition and fees. Please refer to the “Class Attendance Regulations” section of the Centenary College catalog for requirements on class attendance.

In the event of resignation, the Centenary College institutional refund policy will be applied and tuition will be reduced by that amount. The student may be liable for any Title IV funds disbursed to their account in excess of the amount allowed by federal regulations. The school will collect the portion of any assistance owed by the student. If no payment is received, holds will be placed on the student’s account and the student will lose eligibility for Title IV aid unless the overpayment is paid in full or satisfactory repayment arrangements are made.  After the institutional refund has been credited, any remaining amount will be returned to the student.

 

Refund Policy for All Other Students

Failure to attend classes does not constitute a withdrawal. Official withdrawal is the date the student receives the approval of the Provost of the College to withdraw, and all institutional funds are based on that date, regardless of the date of last attendance.

Fall and spring semester tuition and refundable fees are refunded if the student withdraws on or before the 7th class day. A service charge of $25 will be made for withdrawal even if the student does not attend class. After the 7th class day, the following policy applies:

  1. All fees are charged.
  2. Between the 8th class day and the 3rd Friday after classes begin, three-fourths of tuition is refunded.
  3. Between the 3rd Friday and 4th Friday after classes begin, one-half of the tuition is refunded.
  4. After the 4th Friday of classes, no refunds are given, unless the student is a federal funds recipient.
    • Federal aid is earned in a prorated manner on a per diem basis based on the academic calendar up to the 60% point in the semester. Federal aid is viewed as 100% earned after that point in time. A copy of the worksheet used for this calculation can be requested from the FAO.
    • When aid is returned, the student may owe a debit balance to the college. The student should contact the Business Office to make arrangements to pay the balance.
  5. Room rent cannot be refunded regardless of date of withdrawal.
  6. Board for that part of the semester that has not been used will be refunded regardless of the date of the official withdrawal.
  7. Students who are separated from the College as the result of disciplinary action forfeit all refund rights.
  8. Summer session tuition and refundable fees are refunded if the student withdraws on or before the first Friday of classes. A service charge of $25 will be made for withdrawal even if the student does not attend class. After the first Friday of classes, the following policy applies:
  • All fees are charged.
  • After the first Friday of classes, no refunds are given.
  • Room rent cannot be refunded regardless of withdrawal date.
  • Board for that part of the session which has not been used will be refunded.
  • Students who are separated from the College as the result of disciplinary action forfeit all refund rights.

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Notice of Nondiscriminatory Policy The institution does not discriminate in its educational and employment policies against any person on the basis of gender, race, color, religion, age, disability, sexual orientation, national or ethnic origin, or on any other basis proscribed by federal, state, or local law.