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If Federal Pell Grant, Federal SEOG, TSAA, and scholarship awards exceed the amount owed for registration fees, students will receive a residual check approximately four weeks into the semester. Residual checks are mailed to the student’s local address, unless the student has signed up for direct deposit with the Bursar’s Office. Enrollment status at the point payment is authorized by the Financial Aid Office will determine the amount of the award. Example: If a student is enrolled in 12 credit hours on the first day of class but subsequently drops to nine credit hours prior to authorization for payment, the Financial Aid Office will authorize payment based on nine credit hours. If a student totally withdraws from classes prior to picking up the residual check, it will be canceled and refunded back to the appropriate Title IV account(s). A revised residual check will be issued to the student if appropriate.
Student loans will be disbursed on or after the fourteenth day of classes each semester. Residual checks are available approximately four weeks into the semester. As an exception, federal law specifies that freshmen, first-time borrowers cannot receive their first disbursement until after 30 days into the payment period. All loan proceeds are disbursed in at least two payments. Students must be attending at least six credit hours at the time they receive their student loan proceeds. Student loan checks are mailed to the student unless they have signed up for direct deposit. Students who are employed in the Federal Work-Study Program are paid every two weeks. It should be noted that if a student unofficially withdraws from class (quits attending) and it is later discovered that Title IV funds were paid to the student for credit hours the student was not attending at the point Title IV funds were authorized to the student’s account, an overpayment may exist. In such cases, the student will be billed for the overpayment.
Overpayments occur for several reasons. In some cases, students receive financial aid assistance in an amount that exceeds their “need” for financial aid. In other cases, students are inadvertently overpaid Federal Pell Grant funds. No matter what the reason, overpayments must be resolved. In some cases, the college is able to resolve overpayments by reducing awards for subsequent semesters during the same award year. The Financial Aid Office will notify the student of an amount that must be repaid to a specific program. If the overpayment cannot be resolved by reducing subsequent awards during the same award year, students will be required to make immediate repayment. If the overpayment is due to student error, and if the student fails to repay the overpayment, the student will be ineligible for future financial aid assistance at all post-secondary schools. If the error is a result of fraud, it will be reported to the Office of the Inspector General.
If the overpayment is a result of institutional error and if the student fails to make repayment by a specified date, the college will be responsible for making the repayment. In such cases, the college will then bill the student and will place a “hold” on future registration. It should be noted that if a student unofficially withdraws from class (quits attending) and it is later discovered that Title IV funds were paid to the student for credit hours the student was not attending at the point Title IV funds were authorized to the student’s account, an overpayment may exist. In such cases, the student will be billed for the overpayment.
Title IV aid is any aid that was awarded to you as a result of your completion of the Free Application for Federal Student Aid (FAFSA).
Title IV recipients who partially withdraw from classes through the official withdrawal process on or after the first day of class may be eligible for a maintenance fee/tuition refund based on NSCC’s refund policy. Title IV recipients are allowed to receive such refunds except in cases when they totally withdraw (officially or unofficially) from classes.
If you have been awarded Title IV aid and subsequently withdraw completely on or before the 60% completion date for the semester, NSCC will be required to return a portion of your financial aid. This means that you will be required to return a portion of your financial aid.
Once you have withdrawn NSCC will calculate the amount of financial aid that you earned based on the percentage of the semester that you actually completed. For official withdrawals, NSCC will use the date you began the withdrawal process for your last registered class to calculate this percentage. For unofficial withdrawals, we will use your latest last date of attendance as reported by your instructor. All aid awarded above this “earned” amount will be returned on your behalf. This will likely cause you to owe a balance to NSCC. You will be billed for this balance by the Bursar’s Office. Owing a balance may prevent you from registering for upcoming semesters.
The following example is reflective of a student who totally withdrew at the 40% point of the semester:
|Title IV aid for the Period:||$3,000|
|*Amount of Title IV applied to account:||$700|
|Amount of Title IV refunded to student:||$2,300|
|* It is assumed that Title IV assistance paid the student’s account even when institutional charges were paid by cash or another non-Title IV source of assistance.|
Using this scenario, the college would be required to refund $420 (60% of $700) back to Title IV programs, first to loans and then to grants (as applicable). The student would be required to repay $1,380 (60% of $2,300) back to Title IV programs. The following qualifiers to the amount the student must repay should be noted. If the amount owed by the student could be applied to the remainder owed to loans disbursed during the period, the student would not be required to make immediate repayment but would follow the normal repayment process related to the loans. If the amount owed by the student is greater than the remainder owed to loans disbursed during the period, the student would be required to make repayment to federal grant programs. However, as related to federal grants, the student is only required to make payment of 50% owed to the federal grant programs. If, in this example, the entire $3,000 of Title IV aid for the Period was through the Federal Pell Grant, the student would only be required to repay 50% of $1,380 ($690) to the Federal Pell Grant. Within 45 days of notice, the student must make full payment of the amount owed to federal grants. Otherwise, the college will report the overpayment to the Department of Education (ED) and the student will be required to make payment arrangements with ED before being eligible to receive future Title IV assistance at any school.
If it is determined that a student is eligible for Federal Title IV financial aid funds that have not been disbursed, grant funds that the student is eligible for will be disbursed first. Federal grant aid that the student is eligible for will be credited to the student's account for outstanding charges or refunded to the student as applicable. If it is determined that the student is eligible for a post-withdrawal disbursement of loans, NSCC will notify the student of his/her eligibility for the loans. The student must respond within 14 days of the date of the letter as to whether they want all, part, or none of the loan(s). If the student fails to respond within 14 days, no loan disbursement will be made.
Before calculating the amount of financial aid that must be cancelled, the following is taken into consideration:
Federal Title IV financial aid is returned in the order mandated by the U.S. Department of Education. No program can receive a refund if the student did not receive aid from that program. Return calculations will be performed within 30 days from the date the Financial Aid Office became aware a student totally withdrew from classes. Grant funds must be returned within 45 days after the date of withdrawal determination. Return of loans is returned (repaid) in accordance to the terms of the loan on the promissory note. The order aid is return is as follows:
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