Method and Frequency of Title IV Disbursements, Loan Terms, and Loan Information

All federal student aid will be disbursed to the student’s account 30 calendar days after the first day of classes. The financial aid office will disburse the student’s aid via the Common Origination and Disbursement System (COD) and will be reflected on the student’s account.

Federal Direct Loans can be subsidized, unsubsidized or the optional Parent PLUS for parents of dependent students. All Federal Direct Loans charge an origination fee. View more information on fees and interest rates.

Although you may be assigned a repayment plan when you first begin repaying your student loan, you can change your repayment plans at any time- for free. View more information on repayment plans.

Disbursement of Title IV Funds

All federal student aid will be disbursed to the student’s account 30 calendar days after the first day of classes. The financial aid office will disburse the student’s aid via the Common Origination and Disbursement and will be reflected on the student’s account.

Return to Title IV (R2T4) Policy

In addition to the financial impact on institutional cost and charges related to withdrawal from all classes in an enrollment period, student recipients of Federal Title IV aid (Federal Pell Grants, Federal Direct Loans, and Federal Supplemental Opportunity Grants) are subject to additional rules and regulations which may result in cancellation or reduction of Federal Title IV aid upon withdrawal from classes in an enrollment period.

Although Federal Aid is normally disbursed at the beginning of an enrollment period, this aid is “earned” as the students attend classes throughout the period. The difference in awarded and “earned” aid at the point of withdrawal may result in the need to return “unearned” aid.

During the first 60% of the enrollment period, a student earns funds in direct proportion to the length of time he or she remains enrolled. A student who remains enrolled beyond the 60% point earns all aid for the term.

The percentage of the enrollment period that the student remained enrolled is determined by dividing the number of days the student attended by the number of days in the enrollment period. Academic Calendar days are used in the determination of percentages. Academic Calendar Breaks in enrollment of 5 days or longer are excluded from the calculation. If the amount of the Title IV funds disbursed is greater than the amount of Title IV funds earned by the student, a return of Title IV funds may be necessary.

Reductions in aid associated with the institutional cost portion (tuition, residential hall single room requests, college/course fees, and meal plans) resulting from withdrawal from all classes for the enrollment period will be returned to each source of aid/scholarship received by the student, up to the total amount received from each source in the following order:

1. Federal Direct Loan(s), Unsubsidized
2. Federal Direct Loan (s), Subsidized
3. Federal Direct Loan(s), PLUS
4. Federal Pell Grant
5. Federal SEOG Grant
6. Other aid or scholarships

Any remaining credit, after these cancellations have occurred, will be refunded to the student (net of any charges remaining on the student account).

In some circumstances, withdrawal may result in the student assuming the liability for the payment of any remaining institutional charges for the enrollment period in addition to any miscellaneous charges outstanding on the student account.

Additionally, students who drop classes and/or withdraw from a term could adversely affect their eligibility to receive Federal Financial Aid in the future. For questions regarding Satisfactory Academic Progress Standards please contact the Office of Student Financial Aid at (919) 497-3228.