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FINANCIAL AID
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Birmingham-Southern College Catalog 2015-2016
to determine the portion of aid earned by the student up until the date of
withdrawal and (b) to refund or repay the amount of unearned aid.
Withdrawal Date
For the purposes of Title IV refund policy, the withdrawal date of an official
withdrawal is the date the student initiated the withdrawal process or
notified any administrative office of his or her intention to withdraw. In
the event of an unofficial withdrawal, the College determines the last date
of academic activity that can be documented in the College’s records and
uses that date as the withdrawal date. Where no official date is determined,
students will receive no more than 50 percent of eligible funds.
Earned Title IV Aid
The U.S. Federal Government determines the amount of Title IV funds a
student has earned as of the withdrawal date. The amount of the Title IV
program assistance earned is based on the amount of time the student
spent in academic attendance. Earned financial aid is therefore determined
by counting the number of days the student attended during a specific
period of enrollment and then dividing this number by the total number of
days in the term.
Unearned Title IV Aid
Unearned Title IV aid is the total of Title IV funds credited to the student
account to cover the period of semester after the withdrawal date. The
College is required to calculate and return all unearned Title IV aid. For
example, a student receives $1,000 in Pell Grant funds. The student attends
30 days of the semester, which has 80 days of instruction. The student
earned 38 percent (30/80) of the Title IV aid or $380. In the above
example, 62 percent (100 – 38) of the Title IV aid credited to the student
account is considered unearned. Therefore, $620 must be returned to the
Pell Grant program.
Notice
If a student withdraws and is subject to the Return of Title IV Funds
policy, the College completes the calculation in a timely manner, awards
are adjusted, aid is refunded and/or repaid, and the student is notified in
writing.
Refund Distribution Order
If a refund of Title IV funds is required, funds are returned in the following
order:
Federal Unsubsidized Direct Loan Program
Federal Subsidized Direct Loan Program
Federal Perkins Loan Program