Student Withdrawal Financial Aid Policy

Title IV Refund Policy

  • The Higher Education Amendments of 1998 mandates a refund policy which states that if a recipient of Title IV* aid withdraws during a period of enrollment, the institution must calculate the amount of the Title IV Aid the student did not earn. Unearned Title IV funds must be returned to the Title IV programs. Refunds of institutional, state, or outside sources of aid will be processed according to the refund schedule published in the College catalog using the official date of withdrawal.  Title IV aid is calculated in the order listed below.
  • The Financial Aid Office is required by federal statute to recalculate federal financial aid eligibility for students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60% of a payment period or term. The federal Title IV financial aid programs must be recalculated in these situations.
  • If a student leaves the institution prior to completing 60% of a payment period or term, the financial aid office recalculates eligibility for Title IV funds. Recalculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula:
    • Percentage of payment period or term completed = the number of days completed up to the withdrawal date divided by the total days in the payment period or term. (Any break of five days or more is not counted as part of the days in the term.) This percentage is also the percentage of earned aid.
    • Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula: Aid to be returned = (100% of the aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period or term.
  • If a student earned less aid than was disbursed, the institution would be required to return a portion of the funds and the student would be required to return a portion of the funds. Keep in mind that when Title IV funds are returned, the student borrower may owe a debit balance to the institution.
  • If a student earned more aid than was disbursed to him/her, the institution would owe the student a post-withdrawal disbursement which must be paid within 120 days of the student's withdrawal. The institution must return the amount of Title IV funds for which it is responsible no later than 30 days after the date of the determination of the date of the student’s withdrawal.
  • Refunds are allocated in the following order:
    • Federal Pell Grants
    • Federal Supplemental Opportunity Grants (SEOG)
    • Unsubsidized Federal Direct Stafford Loans
    • Subsidized Federal Direct Stafford Loans
    • Federal Perkins Loans
    • Federal Parent (PLUS) Loans
  • Students wishing to officially withdraw from the College must submit a written request to the Vice President for Student Affairs. The Intent to Withdraw form establishes the official withdrawal date to be used by both the Student Account and Financial Aid Offices for the calculation of unearned Title IV aid, retained charges, and distribution of refunded aid. If a student does not officially withdraw, the last documented date of academic activity will be used for the refund calculations. For details or examples, students should consult the Financial Aid Office.

 

* Federal Pell Grant, Federal SEOG, Federal Perkins Loan, Federal Direct Stafford Loan (subsidized and unsubsidized), Federal PLUS Loan.

Fifth Year Undergraduate Students

  • Academic Scholarships can only cover four years (eight semesters) of on-campus undergraduate study at West Virginia Wesleyan College.
  • In your ninth semester of undergraduate study, you must file the FAFSA to become eligible for financial aid and will be awarded a need-based package.


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Financial Aid Office
(304) 473-8080 [tel.]
(800) 343-2374 [toll free]
(304) 473-8824 [fax]
fin_plan@wvwc.edu

 



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