Repayment of Title IV Funds
Students receiving federal financial aid who completely withdraw within the first 60 percent in a payment period are subject to the federal return provisions. The financial aid office will use a formula to determine the amount of federal financial aid funds a student has earned as of his/her last day of attendance. During the first 60% of the payment period, the student “earns” Title IV aid in proportion to the length of time he/she remains enrolled. The percentage of financial aid funds earned will equal the percentage of the calendar days completed in the payment period prior to the withdrawal date or the last day of attendance. After the student has completed 60 percent of the payment period, he/she has earned 100 percent of the financial aid funds disbursed.
Percentage Earned
The percentage of federal financial aid funds earned is equal to the percentage of the payment period completed as of the last day of attendance. Federal regulations require a formula be used based on number of calendar days in the payment period and the number of days attended by the student before withdrawal to determine how much financial aid was “earned” by the student.
Percentage Unearned
The total federal financial aid funds disbursed, minus the amount of federal financial aid funds earned determine the amount of federal financial aid loan and grant aid that is unearned and must be returned.
Funds Returned
The school and/or the student may be required to return a portion of the federal funds disbursed to the student. Florida State College at Jacksonville will return the amount of federal financial aid funds that the student does not earn. Funds will be returned to the federal financial aid programs in the following order:
- Unsubsidized Federal Direct Stafford Loans and Subsidized Federal Direct Stafford Loans
If funds remain after repaying loan amounts, those remaining funds must be returned in the following order:
- Federal Pell Grant
- Supplemental Educational Opportunity Grant (FSEOG)
The student must repay loan funds in accordance with the terms of the loan and any grant funds as an overpayment.
If disbursement has already been made to the student, it is the student’s responsibility to repay all funds due to Florida State College at Jacksonville and/or the Department of Education.
Withdrawal Date Policy
Official and unofficial withdrawal dates will be determined using the federal regulation definition for a withdrawal date. The official date will be determined by the earlier of one of the following:
- Date the student begins the withdrawal process;
- Date the student provides official notification of intent to withdraw;
- Students who fail to officially withdraw are assumed to have completed at least 50 percent of the payment period unless an earlier or later date is determined by the school based on federal definitions of academic activity.
Students who do not make satisfactory arrangements for payments in a timely manner will have their debts submitted to the U.S. Department of Education for collection. Failure to do so may result in a loss of eligibility for federal financial aid and/or a hold on future registration at Florida State College at Jacksonville until the debt is paid in full.
Information on the Return of Title IV Funds policy is available at each campus enrollment services/financial aid office.