Return to Title IV Refund Policy
1 POLICY
1.01 American students who withdraw or are withdrawn from the ND program will have their refunds processed to meet U.S. Department of Education CFR 688.22, Ministry of Training, Colleges and Universities as well as College guidelines.
2 SCOPE
This policy applies to all U.S. students, registered in the ND program at CCNM.
3 RESPONSIBILITIES
3.01 When a student withdraws or is withdrawn from the ND program, a designate form the Office of the Registrar will update their status and grades and make the refund calculation. It is the College’s responsibility to return unearned tuition where applicable. It is the student’s responsibility to return unearned additional funding where applicable.
4 PROCEDURES
4.01 U.S. students who withdraw from CCNM for any reason must give written notice to the Office of the Registrar/Student Services. Any tuition refunds or remaining financial obligations to the College will be determined from the last date of attendance. Failure to attend for 10 consecutive class days without notice may be deemed to constitute a withdrawal from the College. The date of withdrawal determination is the date of the form submission or the date of last attendance, whichever is earliest.
Return of Title IV Aid (US Department of Education Refund Calculation for Title IV Funds)
Upon withdrawal, the amount of aid a student has earned will be assessed based on the student’s withdrawal date, the amount of time spent in academic attendance and the amount of Title IV aid disbursed, or could have been disbursed, to the student. The following formula will be used to calculate the amount of Title IV aid earned:
(Number of Days Attended in the Payment Period/Total Number of Days in Payment Period = Percent Earned) × Total Amount of Aid Disbursed or Could Have Been Disbursed = Title IV aid earned.
Unearned Aid is equal to the unearned percentage (100 percent minus the Percent Earned) multiplied by the amount of aid disbursed toward institutional charges. If a student earned less aid than was disbursed, the institution would be required to return a portion of the funds and the student may be required to return a portion of the funds.
Example:
The amount of Title IV aid a student earns is determined on a pro rata basis. If a student completes 30% of a payment period, the student has earned 30% of the Title IV aid awarded for that payment period. Once you have completed more than 60% of the semester, you earn ALL of the assistance that you were scheduled to receive for that semester.
The amount of Title IV aid a student earns is determined on a pro rata basis. If a student completes 30% of a payment period, the student has earned 30% of the Title IV aid awarded for that payment period. Once you have completed more than 60% of the semester, you earn ALL of the assistance that you were scheduled to receive for that semester.
Refund Calculation for Withdrawal from the ND Program for Students Receiving Title IV (CCNM Refund Calculation Policy)
Upon withdrawal, the tuition refund will be assessed based on the time spent in the program. The amount owing (earned tuition) will be prorated and calculated using the following formula:
Upon withdrawal, the tuition refund will be assessed based on the time spent in the program. The amount owing (earned tuition) will be prorated and calculated using the following formula:
(Number of Weeks Attended / Total Number of Weeks) x Tuition= Earned Tuition (Tuition Owing)
The same formula will be used to calculate the unearned portion of funds to determine the refund of Title IV loans, however by using number of days attended instead of number of weeks by subtracting the Earned Tuition from the Tuition. (This is how CCNM determines refund of tuition for all students).
The formula used to determine the percentage of aid earned:
Term Tuition – [(Number of Days Completed as of the student’s withdrawal date / Total Number of Days in Term (payment period)) x Tuition= Earned Tuition (Tuition Owing)] = Unearned Tuition
Term Tuition – [(Number of Days Completed as of the student’s withdrawal date / Total Number of Days in Term (payment period)) x Tuition= Earned Tuition (Tuition Owing)] = Unearned Tuition
Once the time spent in the term exceeds 11 weeks, no refund will be issued. For US Department of Education refund calculations, once the number of days attended exceeds 60% of total days no refund will be issued. The student will be advised by the college through e-mail of the amount they are required to return.
After the amounts above are calculated, they will be credited to outstanding balances in the following order:
- Unsubsidized Stafford loan
- Direct Grad Plus loan
Return of Funds
The calculations noted above and refund, if applicable will take place as soon as possible, but no later than 45 days after the student’s withdrawal has been determined. If the R2T4 calculation is an amount that exceeds the school’s portion the student will be informed of the amount and the need to repay the funds directly to the US Department of Education. Any loan funds that the student must return, the student (or the student’s parent for a Direct PLUS Loan) repay in accordance with the terms of the US Loan promissory note.
The calculations noted above and refund, if applicable will take place as soon as possible, but no later than 45 days after the student’s withdrawal has been determined. If the R2T4 calculation is an amount that exceeds the school’s portion the student will be informed of the amount and the need to repay the funds directly to the US Department of Education. Any loan funds that the student must return, the student (or the student’s parent for a Direct PLUS Loan) repay in accordance with the terms of the US Loan promissory note.
Post Withdrawal Disbursement
Students will receive any loan funding less tuition due for the enrolment period within 14 days of the disbursement date. In a situation where all funds have not been disbursed and a student withdraws, loans will be offered to the student within 30 days, allowing the student at least 14 days to respond. After 14 days to respond if the student still chooses to accept the additional loan funds the balance will be posted to the student’s account and the credit will be paid within 14 days.
Students will receive any loan funding less tuition due for the enrolment period within 14 days of the disbursement date. In a situation where all funds have not been disbursed and a student withdraws, loans will be offered to the student within 30 days, allowing the student at least 14 days to respond. After 14 days to respond if the student still chooses to accept the additional loan funds the balance will be posted to the student’s account and the credit will be paid within 14 days.