Page 161 - CVTC 2022-2023 Student Handbook

Financial Aid Payments
• Onehundredpercent(100%)oftuitionandfeeamountsowedtotheCollegeis collected in full from any funds received; any remaining amounts are either deposited electronically in the account identified by the student in Cashier Connection or mailed in paper check form.
• Studentsmaychargetheirtextbookstoexcessfinancialaid.
Withdrawal and Return to Title IV (R2T4) Policy
The Federal Title IV Return of Funds Policy applies to students who have received federal financial aid assistance (Title IV Funds) and have officially or unofficially withdrawn from CVTC. The official withdrawal date is defined as the actual date the student begins the College withdrawal process or the student’s last date of academically related activity as identified by the instructor.
The amount of federal financial aid assistance that a student earns is determined on a prorated basis. Once the student has completed sixty percent (60%) of the term, all financial aid is considered to be earned. If a student (1) withdraws from school before 60% of the term has been completed, (2) drops a class before the start date, and/or (3) does not officially withdraw and receives all failing grades for the term, the Financial Aid Office calculates the amount of unearned financial aid and returns financial aid funds in refund distribution order. The student is billed for funds CVTC is required to repay. Account balances not paid by the end of the withdrawn term may be turned over to a collection agency and the Wisconsin Tax Refund Intercept Program.
When a student receives federal financial aid in excess of earned financial aid (for R2T4 purposes):
• theschoolreturnsthelesserof
o College charges multiplied by the unearned percentage, or
o Title IV federal financial aid disbursed multiplied by the unearned percentage;
and
• thestudentreturns
o any remaining unearned financial aid not covered by the College;
o any loan funds are repaid in accordance with the terms of the promissory note;
that is, scheduled payments to the holder of the loan over a period of time; o any grant amount the student has to return is a grant overpayment, and
arrangements must be made with the school or Department of Education to return the funds.
Financial aid is considered to be used first for institutional charges; therefore, if a student officially withdraws or unofficially withdraws and is scheduled to receive a refund of tuition and fees, all or part of this refund will be used to reimburse financial aid program(s).
The order of refund distribution as prescribed by Federal Regulation:
• UnsubsidizedFederalStaffordLoan • SubsidizedFederalStaffordLoan
• FederalPLUSLoan
• FederalPellGrant
• FederalSupplementalOpportunityGrant
• OtherTitleIVprograms
• Otherfederal,state,privateorinstitutionalaid
Any funds remaining after the above distribution are returned to students.
Veterans Educational Benefits
The Veteran Services Office at CVTC certifies enrollment of veterans and eligible dependents who utilize educational benefits while attending CVTC. The Veteran Services Office is located at the Clairemont Campus Business Education Center. Students may also
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PAYING FOR COLLEGE