Financial Aid Return of Title IV Funds (R2T4) Policy FAQs
Note: Refunds/returns of Title IV funds are made in accordance with applicable Federal rules and regulations that take precedence over college refund policies.
Title IV financial aid funds are awarded under the assumption that a student will attend school for the entire period in which the assistance was awarded. When a student withdraws from all courses for any reason, including medical withdrawals, s/he may no longer be eligible for the full amount of Title IV funds that s/he was originally scheduled to receive.
The return of funds is based upon the premise that students earn their financial aid in proportion to the amount of time in which they are enrolled. A pro-rated schedule is used to determine the amount of federal student aid funds s/he will have earned at the time of the withdrawal. Thus, a student who withdraws in the second week of classes has earned less of his/her financial aid than a student who withdraws in the seventh week. Once more than 60% of the semester is completed, a student is considered to have earned all of his/her financial aid and will not be required to return any funds.
If a student’s enrollment status changes for an entire term, (i.e. official, unofficial, and administrative withdrawals) the school must recalculate the student’s awards to determine the amount of aid s/he will have earned based on the date of withdrawal.
If a student does not begin attendance in all of his/her classes, the school must recalculate the student’s awards based on the lower enrollment status. For instance, a student registers for a full-time course load (15 credits) but only begins attendance in three classes (9 credits); in this case the student’s awards must be recalculated based on the lower enrollment status (9 credits).
The Office of Financial Aid Services must determine the amount of aid that was earned and how much was unearned; the unearned aid is returned to the U.S. Department of Education by NVCC on your behalf. NVCC is required to recalculate Title IV Funds within 30 days from the date of withdrawal. In the event that funds need to be returned, NVCC is required to return funds within 45 days from the date of withdrawal.
The amount of unearned aid will be returned to the U.S. Department of Education. Due to the fact that the institutional refund policy is different than the Financial Aid Return of Title IV Funds policy, any return of funds may result in a balance due to NVCC. This is posted as a charge to your NVCC student account and must be repaid immediately.
The Office of Financial Aid Services must first determine the number of calendar days in the semester, as well as the number of calendar days a student attended class. The percentage of earned Title IV Aid is calculated based upon the number of days a student attended class, compared to the number of calendar days in the semester.
Institutional charges are calculated, and the amount that must be returned to each Title IV Program is determined. Funds are then returned to the programs according to regulatory requirements. Financial aid awards are adjusted as needed, which may result in charges due to NVCC.
If you did not receive all of the funds that you earned prior to your date of withdrawal, you may be due a Post-withdrawal disbursement. If your Post-withdrawal disbursement includes loan funds, NVCC must get permission before it can disburse them by collecting a Post-withdrawal Disbursement Permission form. You may choose to decline some or all of the loan funds so that you do not incur any additional debt. NVCC may automatically use all or a portion of your Post-withdrawal disbursement grant funds for tuition, fees, and bookstore charges (as contracted with the school). NVCC needs your permission to use the Post-withdrawal grant disbursement for all other school charges. If you do not give permission you will be offered the funds. However, it may be in your best interest to allow NVCC to keep the funds to reduce your debt at the school.
If you withdraw from one or more courses during a semester but remain enrolled in classes, a Return of Title IV Funds is not required. Withdrawing from one or more courses can however affect your Satisfactory Academic Progress and in turn your financial aid eligibility for future semesters.
OFFICIAL AND UNOFFICIAL WITHDRAWALS
- Official withdrawal is the date the student officially notified the school that s/he would withdraw through written signature or online withdrawal.
- Unofficial withdrawal (non-attendance taking institutions) is the date the school became aware the student ceased attendance.
WITHDRAWAL FROM COURSES
Before two-thirds of the semester, a student who withdraws from any course(s) must obtain a withdrawal form from the Registrar’s office, and return the completed form to the Registrar’s office. Students can also withdraw on-line prior to two-thirds of the semester through their myCommNet account. Grades for courses from which a student withdraws during the first two-thirds of the semester will be recorded as “W” at the end of the semester.
After two-thirds of the semester, a student who wishes to withdraw from a course(s) must obtain an Instructor Approval Course Withdrawal Form from the Registrar’s office. This form must be approved and signed by the instructor and returned to the Registrar’s office for processing by the last day of final exams. If the withdrawal is approved, a “W” will be recorded on the student’s transcript. If a student stops attending and fails to withdraw officially from a course, a grade of “F,” “N,” or “UF” may be recorded on the student’s transcript. In all cases of withdrawal, a “W” does not affect the student’s grade-point average.
WITHDRAWAL FROM THE COLLEGE
A student who withdraws from the college must complete a withdrawal form at the Registrar’s office. Failure to officially withdraw in writing from the college may result in failing grades for uncompleted courses and might result in probation or suspension status.
The “UF” is an administrative transcript notation or grade used by the faculty for students considered to have no basis for a grade due to non-attendance.
Students who are registered for courses and are not attending are ineligible to receive financial aid funds. NVCC works closely with the Academic Affairs and Continuing Education divisions, who collect information directly from instructors of students who are in non-attendance status for their classes to ensure no aid is disbursed. The Financial Aid office understands the federal requirement to identify students who fail to attend classes. Faculty receives a written request to collect and report information of students who do not attend their classes.
The Financial Aid office staff cancels the aid for the students included on these lists. If there is a change in the attendance and the student continues to attend class, the student is asked to bring proof of attendance for all classes registered. A deadline is given to the student to submit proof of attendance.
Acceptable proof of attendance includes a notification from the professor that the student is attending, a recently graded paper/assignment from student’s class, or our in-office Verification of Attendance form completed with the professor’s signature. Proof of attendance is required from all professors in each class the student is registered. If proof of attendance is submitted, then the student’s financial aid is reinstated. If there is no contact from the student, the student is charged for the class they failed to attend and is not granted financial aid for that class.
After the semester grades are posted, the Financial Aid office will review and take into account any passing grades the student may have earned and reinstate the disbursable aid.