Page 187 - Palo Verde College 2019-2020 Student Handbook / Planner

Financial Aid
aggregate matching method for FSEOG, so only the federal portion of FSEOG will be included in the calculation.
Withdrawal
All Calculations are based upon the withdrawal date as determined by the Admissions and Records office. Since PVCC is not required to take attendance, a student’s withdrawal date for the return of Title IV calculation will be:
The midpoint of the semester for students who do not officially withdraw; or,
A report will be run at the end of each semester to determine those students who received all F’s.
The Financial Aid Office will return any funds due from the institution while simultaneously notifying the student of any funds they may owe or offer the student any unearned funds, which were not disbursed. This process will occur within a thirty-day period. For students who do not officially withdraw, final transcripts will be used to determine the withdrawal date and PVCC will return funds and notify students within 30 days of receipt of final transcripts.
The percentage of Title IV aid earned will be calculated by counting the number of days from the beginning of the semester to the withdrawal date and dividing that number by the number of calendar days in the semester. Once that percentage is determined the Return to Title IV calculation is performed using the districts Colleague program to determine any amount the institution may owe, and/or the student as well as any required offer of a post-withdrawal disbursement. If the student owes any money or if they are entitled to additional funds, the appropriate letters are sent to the student (One indicating that the amount of funds they need to return and the manner in which to do so, or one offering them a “post withdrawal” disbursement). The calculations and the letters are sent within 30 days of the date of the institution’s determination that the student withdrew.
Student Eligibility:
To determine if a student was eligible to receive Title IV funds even though none were disbursed, the cash management rules of §668.164 (g) (2) will be applied. To be an eligible student, PVCC must have a completed financial aid file, which will include a valid SAR/ISIR.
Once the amount of earned Title IV aid is determined, the sum will be subtracted from the total of the Title IV aid that was disbursed. If the student received more than the earned amount, the unearned portion will be returned by the college and by the student in accordance with the method prescribed in regulation. The institutional charges for the semester will be multiplied by the percentage of Title IV aid unearned and compared to the amount of the Title IV aid to be returned.
Order of Return:
The smaller amount will be returned by the college in the following priority:
• Pell Grant
• FSEOG
The amount the college returns will be subtracted from the total sum that must be returned and the balance will be due from the student. The student will be responsible to return unearned funds in the same priority listed above.
School Owes Funds:
When the institution owes money back, a memo is given to the Manager of Administrative Services and a reverse transmittal of funds is done electronically through the Colleague system in the financial aid department. As soon as the reverse transmittal is done and the Administrative Services department receives it, they will return the appropriate amount to the federal programs no later than 45 days from the date of the withdrawal.
Student Owes Funds:
The student will have 45 days from the date they receive notice from the college to repay the unearned Title IV aid in full or to set up a satisfactory repayment arrangement with the Department of Education.
Grant overpayments will be reported to NSLDS marked with the appropriate flag corresponding to the action taken by the student. This reporting will take place within thirty days after the student signs a satisfactory repayment arrangement; if the student fails to repay the overpayment and enter into a repayment arrangement with the college within the 45-day period;
The student fails to meet the terms of the agreement signed with the college.
When the determination is made that the student did not receive all of the earned Title IV aid and the withdrawal date has been
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