The Withdrawal, Refund, Return of Title IV funds process at Bennett College for Women consists of the following policy as outlined below:
The United States Department of Education mandates all schools that administer Title IV funds to adhere to the various rules & regulations concerning the Return of Title IV Funds (R2T4). The student must meet the eligibility requirements in order to be determined a Title IV recipient. After determination has been made that the student is actually a Title IV recipient, or has met the conditions for a late disbursement, and funds have in fact disbursed, then the institution, Bennett College for Women proceeds to enforce the following policy:
If a recipient of Title IV aid withdraws during a payment period (or a period of enrollment), the college calculates the amount of Title IV aid the student did and did not earn. Unearned Title IV funds are returned to the Title IV programs as soon as possible, but no later than 45 days after the date of determination of withdrawal. Students who are subject to verification are required to complete the verification process prior to the disbursement of funds. The Process: When a student withdraws, the student is sent to the Office of Financial Aid with a withdrawal form issued by the Registrar to obtain a signature and complete a loan exit counseling session (if the student has loans). A copy of the form is maintained in the financial aid file of the student.
The official withdrawal date is then completed by other stations on campus and returned for confirmation to the Registrar, a calculation is completed based on the official withdrawal date and the unearned funds are then returned to Title IV programs. The student accounts office calculates how much the student earned in Title IV aid, completes the calculation for the amounts that were disbursed, communicates to the financial aid office, then the financial aid office returns the funds to Title IV programs and proceeds then with the removal of the funds from the students account. The Office of Financial Aid will then send written notification to the student reflecting the amount of aid that has been returned and a print out of the calculation is kept within the financial aid file of the student. In the event an unofficial withdrawal occurs, the Office of Financial Aid receives a monthly listing of withdrawals from the Office of the Registrar.
According to federal regulations, the Return of Title IV Funds (Return) regulations do not dictate an institutional refund policy. Instead, a statutory schedule is used to determine the amount of Title IV funds a student has earned as of the date he or she ceases attendance. The amount of Title IV program assistance earned is based on the amount of time the student spent in academic attendance; it has no relationship to the student’s incurred institutional charges.
Refunds for official withdrawal from Bennett College are prorated based upon the percentage of weeks enrolled. Up through the 60% point in each payment period or period of enrollment, a pro rata schedule is used to determine the amount of Title IV funds the student has earned at the time of withdrawal. After the 60% point in the payment period or period of enrollment, a student has earned 100% of the Title IV funds. The Office of Business & Finance (student accounts) uses the Department of Education’s software to calculate refund amounts when students withdraw from the college. This software has automated the Return calculation process. No refunds are made for official withdrawals after (60) percent of the enrollment period has passed.
The Department of Education has developed worksheets and software to assist colleges in implementing the Return regulations. The student is responsible for all unearned Title IV program assistance that the school is not required to return. However, the student does not have to repay a grant overpayment of $50 or less for grant overpayments resulting from the student’s withdrawal. The student loans that remain outstanding consist of the loans disbursed to the student minus any loans the school repaid. Outstanding loans are repaid according to the terms and conditions recorded on the students promissory notes. If at any time a student who previously negotiated a repayment arrangement fails to comply with the terms of his or her agreement to repay, that student immediately becomes ineligible for additional Title IV funds.
Bennett College returns Title IV funds to the Programs which the student received aid during the payment period or period of enrollment as applicable in the following order, up to the net amount disbursed from each source:
Unsubsidized Federal FFELP/Direct Stafford Loans
Subsidized Federal FFELP/Direct Stafford Loans
Federal Perkins Loans
Federal FFELP/Direct PLUS Loans
Federal Pell Grants
Federal ACG Grants
Federal SMART Grants
Federal TEACH Grants
Federal SEOG Grant
Any other assistance for which a return is required
The prorated withdrawal schedule for each semester is publicized through the college media after it is established. Copies of withdrawal refund calculations are completed by the Office of Business and Finance using the Title IV Refund software and are forwarded to the Office of Financial Aid. The Office of Financial Aid will key adjustments (if any) and forward revised award letters to the student. All necessary adjustments are made in the financial aid award screen (Power Faids) and in the student's file. The student's account is then updated. A copy of the refund calculation sheet is placed in the student's file. The college is required to return unearned Title IV funds within 45 days from the date the student withdrew from the college.