For students who receive federal financial aid and who withdraw (including transfers and leaves of absence) from ALL classes on or before 60% of the term has elapsed, FCSL will calculate, according to federal regulations, any amounts disbursed that must be returned to the Title IV programs.
Step 1: Determine the percentage of the enrollment period the student attended before withdrawing (days attended divided by total days in the period).
Step 2: Determine the amount of Title IV aid earned by multiplying the total Title IV aid for which the student was awarded by the percentage of time enrolled.
Step 3: Compare the amount earned to the amount disbursed. If more aid was disbursed than earned, determine the amount of Title IV aid that must be returned by subtracting the earned amount from the disbursed amount.
Step 4: Allocate the responsibility for returning unearned aid between the school and the student according to the portion of disbursed aid that could have been used to cover institutional charges and the portion that could have been disbursed directly to the student once the institutional charges were covered.
Step 5: Distribute the unearned funds back to the appropriate Title IV program.
You will be billed for any amount due to FCSL as a result of Title IV funds that were returned that would have been used to cover FCSL charges.