Return to Title IV Funds 

Return of Funds Policy for Students who Receive Federal Financial Aid

Applicability

This Return of Funds policy applies to all full-time and part-time students enrolled in regularly scheduled classes at Worcester State College who are receiving Federal Title IV financial aid.

This policy is mandated by federal regulation.

Withdrawal Requirements

All matriculated students, undergraduate and graduate, who wish to withdraw from the College must do so in writing to the Registrar’s Office on the prescribed form. The official date of withdrawal for this policy is the date that the student begins the official withdrawal process or the date that the student officially notifies the College of his or her intent to withdraw.

Refund Policy

Return of Federal Title IV Financial Aid will be based on the date a student completely withdraws from the College as described above. During the first 60% of the semester or summer term a student earns Title IV funds in direct proportion to the number of days he or she remained enrolled. A student who remains enrolled beyond the 60% point earns all financial aid for the semester or summer term.

The percentage of the semester or summer term that a student remains enrolled is derived by dividing the number of days a student remains in attendance by the number of days in a semester. Calendar days are used but breaks of at least five days are excluded from both the numerator and the denominator.

Unearned Federal Title IV aid, other than Federal Work-Study, must be repaid in the following order:

Federal Unsubsidized Stafford Loan

Federal Subsidized Stafford Loan

Federal Perkins Loan

Federal Parent Loan

Federal Pell Grant

Federal Supplemental Educational Opportunity Grant

Federal LEAP funds

Students must repay 100% of unearned loans according to the terms of their Promissory Note. Fifty percent of unearned grants must be repaid within 30 days of withdrawal from the College.

And example of this return of Title IV Funds Policy is available at the Financial Aid Office.

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| Financial Aid Office | 508.929.8056 |