Financial Aid Refunds and Withdrawals
Institutional Policy:
Refunds are calculated based on the student’s withdrawal date. The responsibility for withdrawing from classes rests with the student.
- During the First Week of Class 100%
- During Second Week of Class 100%
- After Second Week of Class 0%
For courses not conducted following the regular calendar terms, the tuition refund shall be completed on the fractional part of the class time used before the classes are dropped. When 1/8 of the class time is used, no tuition will be refunded.
Kaskaskia Financial Aid Policy:
Refunds are credited back to the financial aid programs from which the funds were received.
The refund policy for financial aid recipients applies only to tuition, fees, and book charges. (Book charges are considered institutional charges.)
After the first two weeks of classes, there will be no refund of tuition and fees UNLESS a student is a Title IV financial aid recipient who withdraws completely from all his/her courses. Students who withdraw from all classes during the enrollment period may be eligible for a federal refund.
Federal Refund Policy:
Students who withdraw completely at any point during the semester could be required to repay financial aid funds that were paid as checks or charges to the bookstore.
REPAYMENTS
Students who have received Title IV funds for non-institutional expenses such as books, living expenses, and transportation and who completely withdraw from college may owe a repayment of a portion of these funds that have been disbursed. Repayment of financial aid funds owed by the student will not be used by the college to satisfy unpaid charges, but will instead be returned to the Department of Education. If the college cannot collect the repayment from the student, the student is reported to the NSLDS as being in overpayment status. Students owing a repayment are ineligible for any Title IV assistance at any school until the repayment is made and will be referred to the Department for collection.
Repayments will be made in the following order:
- Federal Pell Grant
- Federal Supplemental Educational Grant
- Other federal, state, or institutional sources of aid
- Student
Federal Refunds of Funds Policy
Students who receive Federal Title IV Funds (Pell Grant, FSEOG Grant, and/or funds from other Title IV aid programs) and stop attending classes, withdraw from all classes, receive all failing grades, or receive a combination of withdrawals and failing grades are subject to a Return of Title IV Funds if the student's last date of attendance and/or withdrawal date is on or before the 60% point in time of the enrollment period. The Financial Aid Office uses faculty-reported last dates of attendance or the date a student officially withdraws from the course(s) to determine the withdrawal date. This is evaluated during all semesters; Fall, Spring, and Summer. This may result in the student owing a refund to the college, the Federal Student Aid Program, or both, and the Financial Aid Office calculates the student's liability using the formula provided by the U.S. Department of Education.
The distribution of any return of funds is prescribed by law and regulation:
- Federal Pell Grant
- FSEOG
- Other Title IV aid programs
- Other Federal sources of aid
- Other state, private, or institutional aid
Federal programs that Kaskaskia College does not participate in are not included in the distribution. Kaskaskia College does not participate in the Federal Direct Loan program.
Within 30 days of being notified that a student stop attending or withdraws from all courses, Kaskaskia College will send the student a statement indicating any balance owed to the school and repay the school portion of the balance. This will also be billed to the student.
Within 45 days of the date the school determined the student withdrew, the student should repay the full liability of Pell to Kaskaskia College. If the student does not repay the liability within 45 days, Kaskaskia College will refer the student's liability to the U.S. Department of Education, and the student will lose federal Title IV aid eligibility.
Return of Title IV Funds Example: A student’s financial aid consists of a Pell Grant of $1,500, and the student’s tuition is $672. The student withdraws on the 26th day of a 118-day semester. The student is eligible for 22% of $1,500 or $330. The college would return $1,170 ($1,500 - $330) to the U.S. Department of Education, and the student would owe the college $342 ($672-$330).
If a student is owed grant funds after current charges on the account are paid, Kaskaskia College will issue the student a post-withdrawal disbursement. The disbursement will be made within 45 days of the school being notified of the student's withdrawal. Funds will be disbursed through whichever option the student selected through BankMobile. For more information about BankMobile, visit this link: http://bankmobiledisbursements.com/refundchoices/.
Students who withdraw completely at any point during the semester could be required to repay financial aid funds that were paid as checks or charges to the bookstore.
