Federal regulations require each college to have a written policy for the refund
and repayment of federal aid received by students who withdraw during a term for which payment has been received. These policies are effective only if the
student completely terminates enrollment (i.e., cancels his/her registration, withdraws, or is dismissed) or stops attending classes before completing more
than 60 percent of the enrollment period.
REFUND POLICY
The amount of a refund of applicable fees for students who withdraw will be calculated as outlined in the class schedule.
REPAYMENT POLICY
The amount of Title IV aid that a student must repay is determined via the Federal Formula for Return of Title IV funds as specified in Section 484B of the
Higher Education Act. This law also specifies the order of return of the Title IV
funds to the programs from which they were awarded.
A repayment may be required when cash has been disbursed to a student from financial aid funds in excess of the amount of aid the student earned during the
term. The amount of Title IV aid earned is determined by multiplying the total Title IV aid (other than FWS) for which the student qualified by the percentage of
time during the term that the student was enrolled.
If less aid was disbursed than was earned, the student may receive a late disbursement for the difference. If more aid was disbursed than was earned, the
amount of Title IV aid that must be returned (i.e., that was unearned) is determined by subtracting the earned amount from the amount
actually disbursed.
The responsibility of returning unearned aid is allocated between the college and
the student according to the portion of disbursed aid that could have been used to cover college charges and the portion that could have been disbursed directly
to the student once college charges are covered. TC will distribute the unearned
aid back to the Title IV programs as specified by law. The student will be billed for
the amount the student owes the Title IV programs and any amount due to the college resulting from the return of Title IV funds used to cover college charges.
The college reserves the right to utilize an outside collection agency for those
students who fail to meet the terms of repayment as well as reporting the matter
to the Department of Education.
All Financial Aid recipients must notify the Financial Aid Office prior to complete
termination of enrollment or stops attending classes before completing more than
60% of the enrollment period.