2010 CCBC College Catalog
Return of Title IV Funds Policy
The Financial Aid office is required by federal statute to recalculate federal financial aid eligibility for a student who withdraws, drops out, is dismissed, or takes a leave of absence prior to completing 60% of a payment period or term. The federal Title IV financial aid program is recalculated in these situations.
If a student leaves the institution prior to completing 60% of a payment period or term, the financial aid office recalculates eligibility for Title IV funds. Recalculation is based on the percentage of earned aid using the following Federal Return of Title IV Funds formula:
The percentage of payment period or term completed equals the number of days completed up to the withdrawal date divided by the total days in the payment period or term. (Any break of five days or more is not counted as part of the days in the term.) This percentage is also the percentage of earned aid.
Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula:
Aid to be returned equals (100% of the aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period or term.
If a student earned less aid than the disbursed amount, the institution is required to return a portion of the funds and the student is required to return a portion of the funds. When Title IV funds are returned, the student borrower may owe a debit balance to the institution.
If a student earned more aid than was disbursed to him/her, the institution owes the student a post-withdrawal disbursement which must be paid within 120 days of the student’s withdrawal.
Refunds are allocated in the following order:
Unsubsidized Federal Stafford Loans
Subsidized Federal Stafford Loans
Federal Parent (PLUS) Loans
Federal Pell Grants for which a return of funds is required
Federal Supplemental Opportunity Grants for which a return of funds is required
Other assistance under the Title for which a return of funds is required (e.g., LEAP)
For more information, please contact the Financial Aid office:
CCBC Catonsville, 443-840-4170
CCBC Dundalk, 443-840-3160
CCBC Essex, 443-840-2170
Federal Work Study and Institutional Aid are awarded to students for employment in a variety of jobs/areas throughout the college and the surrounding community. Jobs are generally limited to a maximum of 20 hours a week while classes are in session. Individual hours available for employment are restricted to the amount of the award for each student. Enrollment in at least six credits and satisfactory progress are necessary to maintain eligibility for these programs.