Title IV & Refund Policy
This policy applies only to students who withdraw or are expelled.
Refunds for these students are determined according to the following policy:
- The term Title IV Funds refers to the federal financial aid programs authorized under the Higher Education Act of 1965 (as amended) and includes the following programs: Unsubsidized Federal Stafford Loan, Subsidized Federal Stafford Loan, Federal Parent Loan (PLUS), Federal Pell Grant, Federal TEACH Grant, Federal Supplemental Educational Opportunity Grant.
- A student’s official withdrawal date is:
- the date the student began the institution’s official withdrawal process by officially notifying the institution of intent to withdraw; or
- the date certified as a student’s last date of capable attendance on a physician’s signed certification in the event of a medical withdrawal; or
- in the event a student does not officially withdraw, the student must be withdrawn as of the student’s last date of attendance at a documented academically related activity (e.g., class attendance, turning in an assignment, taking an exam).
- Students who are granted a leave of absence are treated in the same manner as students who withdraw from the College.
- Refund Policy:
- Title IV, state and institutional aid is earned in a prorated manner on a per-day basis up to the 60% point in the term. Title IV, state, and institutional aid is viewed as being 100% earned after the 60% point in time.
- A refund (if there is one) and an adjusted bill will be sent to the student’s home address following withdrawal.
- There are no refunds for courses for which a grade of I (incomplete) or N (in progress) is received.
In accordance with federal regulations, when financial aid is involved, refunds are allocated in the following order:
- Unsubsidized Federal Stafford Loan;
- Subsidized Federal Stafford Loan;
- Federal Perkins Loan;
- Federal Parent (PLUS) Loan;
- Federal Pell Grant;
- Federal Academic Competitiveness Grant;
- National Smart Grant;
- Federal Supplemental Opportunity Grant;
- other Title IV assistance;
- other federal sources of aid;
- other state, private and institutional aid; and finally,
- the student.
GBSC’s responsibilities in regard to the return of Title IV funds include: providing each student with the information given in this policy; identifying students who are affected by this policy and completing the Return of Title IV funds; calculations for those students; returning any Title IV funds that are due the Title IV programs.
The student’s responsibilities in regard to the return of Title IV funds include returning to the Title IV programs any funds that were disbursed directly to the student and which the student was determined to be ineligible for via the Return of Title IV Funds calculation.
Our Title lV annual disclosure report is also available.