When a student withdraws from Bellin College prior to completing an enrollment period (semester, term) in which the student began attendance, the College must determine the amount, if applicable, of grants and loans the student earned as of the student’s withdrawal date. The amount of earned aid (and institutional charges) is based on the percentage of the enrollment term completed (completed calendar days of instruction divided by total calendar days of instruction in the term). Institutional charges will be adjusted based on this calculation for all students who fully withdraw. If the total amount of aid that the student earned is less than the amount of assistance that was disbursed to the student or parent, the difference must be returned to the aid programs from which they originated (in the order specified below). The student is not eligible to receive any additional disbursements of aid, if applicable, for that term of enrollment. The Director of Financial Aid uses the R2T4 calculator provided by the US Department of Education on the COD secure website to determine the official percentage of the period of enrollment completed/earned.
Bellin College will return unearned Title IV program funds as soon as possible but no later than 45 days of the College’s determining the student withdrew up to the amount of refunded tuition and fees charges for the term (institution’s portion). Returns of Pell and Direct Loans are recorded directly on the student’s record on the COD and, if necessary, processed through the G5. Aid returns in excess of the refunded tuition and fees charges become the responsibility of the student to return (student’s portion). Under federal regulations, any student who fails to return federal funds as required will remain ineligible for further federal financial aid until the total amount of funds has been returned or the student enters into an agreement with Bellin College or the U.S. Department of Education Secretary to repay the unearned aid.
Percentage of Earned Aid/Charges =
Number of calendar days completed in the term /
Total number of calendar days in the term
Sample:
36% =
45 days completed /
125 days in the term
In this example, the student withdrew 45 days into the term and therefore, earned 36% of Title IV aid received and incurred 36% of the institutional charges for that term. The institution will reduce the student’s charges by 64% and 64% of the federal aid disbursed to the student will be returned. If the amount of returned aid is in excess of the amount of reduced charges, the student is responsible to return/repay the difference.
Unearned aid will be returned to sources in the following order:
- Unsubsidized Federal Stafford Loan
- Subsidized Federal Stafford Loan
- Federal Perkins Loan
- Federal PLUS Loan
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grant (SEOG)
- Other federal grant or loan assistance
- WI Grant Programs
- Institutional programs (merit scholarships, donor scholarships, admissions scholarships)
- Other Aid (private scholarships and/or loans)
No return of financial aid funds is required from students who have completed at least 60% of the enrollment term as of the date of withdrawal as students who complete at least 60% of the term are considered to have earned 100% of the Title IV aid received for the enrollment term. There will be no reduction in institutional charges for students who complete at least 60% of the enrollment term.
The amount of federal grant funds to be returned by the student (student’s portion) must be returned within 45 days of the date the notification was sent to the student. The student’s portion of federal loan funds must be repaid by the student in accordance with the terms of the loan.