Page 66 - Palo Verde College 2018-2019 Student Handbook / Planner
P. 66

                                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.
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.
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.
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.
The student will have 45 days from the date they receive notice form 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;
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 determined, the Financial Aid Office will send the student a letter offering the undisbursed financial aid. The student will be instructed to respond to

   64   65   66   67   68