Return of Title IV Funds
Withdrawal of classes before 60% of class is completed
Any student on financial aid who officially or unofficially withdraws from classes before 60% of the semester is completed will have a Return of Title IV Funds completed within 30 days of their withdrawal. The first step is to determine the date that the student began the withdrawal process. TCR will use the earliest date determined for the withdrawal, either the date the student began the official withdrawal or the last date the student was in attendance as determined by the school from its attendance records for an unofficial withdrawal. To withdraw from a class or program the student must go to the Student Services Office to have an official withdrawal form completed. Until the official withdrawal form is completed the enrollment remains active with absences and grades recorded. TCR Programs are term based programs; the return period is based upon the first day of the term through the end of the semester. (Please note that programs sometimes have different term dates, please refer to the school calendar you received when you registered). The calculation of Return of Title IV will be completed within 45 days that the school determined that the student has completed an official withdrawal or if a student is Administratively withdrawn due to lack of attendance
Return of Title IV Calculation
A Return of Title IV calculates the percentage of federal aid earned by the student. After the calculation, the Financial Aid Office will notify the student in writing of the percentage of aid earned, the amount of Title IV funds returned by the College on the student’s behalf, and the amount, if any, owed by the student to the U.S. Department of Education or the school. Students who owe a repayment are encouraged to pay the amount in full at the business office. The Business Office then credits the funds to the appropriate account. However if the student is unable to pay the full balance, they may sign a repayment contract which will allow the student to repay in monthly installments. (Note: If the amount owed by the student exceeds $50 and the student does not repay, he/she becomes ineligible for additional Title IV funds at any educational institution.)
Order of Return of Title IV funds
TCR will return Title IV funds in the following order, if applicable: 1) unsubsidized student loans, 2) subsidized student loans, 3) PLUS loan, 4) Pell Grants, 5) Federal Supplemental Educational grants.
Withdrawal of classes after 60% of class is completed
Any student who drops after 60% of the semester is considered to have earned his/her Title IV funds.
Withdrawn students may be eligible for a Post-Withdrawal Disbursement. The Financial Aid Office will notify the student in writing if they are eligible for a Post- Withdrawal Disbursement for grants and/or Direct Student Loans. The Student has 30 days to accept or reject this disbursement. TCR will credit a student’s account for grants funds they are eligible for. TCR will disburse grant funds that are not credited to the student account as soon as possible but no later than 45 days after the date that the school determined that the student had withdrawn. As for Direct Student loans the notice will include the type of loan and the amount they are eligible for and if the school wishes to credit the students account or if it is to be disbursed directly to the student. The school also with in the notice include that the student is obligated to repay the student loans disbursed based upon the Post-Withdrawal Disbursement.