Return of Title IV Funds
Students who receive federal financial aid and withdraw or stop attending all classes are subject to the Return of Title IV Funds calculation. Those students who have completely withdrawn prior to the 60% point in the semester and have received federal funds from loans, Pell grant or FSEOG are subject to a recalculation of their federal awards. QVCC will calculate the earned portion of such awards based upon the number of calendar days completed vs. the number of calendar days in the semester. Any unearned portion will be returned to the Department of Education.
In addition, the student must repay the difference, if any, between the amount of unearned assistance and the amount that the school must return. In most cases, when a student receives Title IV assistance greater than the amount of institutional charges, (s)he will most likely be subject to return some of those funds. However, students who must return grant funds are given an additional consideration: the student’s grant repayment is reduced by half.
Students are urged to work closely with an advisor in selecting courses and should consider the demands of work and family when deciding how many credits to take. Regular attendance is required of all financial aid recipients. Students who never attend their classes will not receive financial aid, even if their application is complete and eligibility was determined.