2002-2004 Catalog - St. Charles Community College

St. Charles Community CollegeFINANCIAL ASSISTANCEREFUND POLICYSt. Charles Community College has instituted arefund policy for all Title IV grant and loanrecipients who withdraw from all classes during anenrollment period for which they have beencharged. This refund policy complies with currentfederal government regulations.A new law requires that, when you withdrawduring a period of enrollment, the amount of StudentFinancial Assistance money you have earnedup to that point is determined by a specific formula.If you received (or SCC received on yourbehalf) less assistance money than the amount thatyou earned, you will be eligible to receive thoseadditional funds. If you received more assistancethan you earned, the excess funds must bereturned.The amount of assistance you have earned isdetermined on a pro-rata basis. That is, if youattended classes for 30 percent of the enrollmentperiod, you earned 30 percent of the assistance youwere originally scheduled to receive. Once youhave completed more than 60 percent of theenrollment period, you have earned all of yourassistance funds.If you received excess money, SCC must returnto the U.S. Department of Education a portion ofthe excess equal to the lesser of• the college’s institutional charges multipliedby the unearned percentage of the funds, or,• the entire amount of the excess funds.If the college is not required to return theentire amount of excess funds, the student mustreturn the remaining amount of the funds. Any loanfunds that you must return must be repaid inaccordance with the terms of the promissory note(the binding legal document that you signed whenyou received the student loan). You must makescheduled payments to the holder of the loan overa period of time.If you are responsible for returning grantfunds, you do not have to return the full amount.The law provides that you are not required toreturn more than 50 percent of the grant assistance.You must make arrangements with the collegeor with the U.S. Department of Education toreturn any grant overpayments.28