Repayment of Title IV Federal Funds
What are Title IV Federal Funds???
At Lake-Sumter State College, Federal Title IV funds consist of the Federal Pell grant (PELL), Federal Supplemental Opportunity Grant (SEOG), Federal Direct Subsidized Loan (DLSUB), Federal Direct Unsubsidized Loan (DLUNSU) and Federal Direct Parent Loan for Undergraduate Student (DLPLUS).
Federal regulations require repayment of a portion of funds received by students, unless certain conditions are met. A student who withdraws from or stops attending all courses prior to completion of at least 60% of an enrollment period (i.e., a semester/term) WILL BE REQUIRED TO REPAY the unearned portion of the funds received.
This rule applies to all federal grant and loan funds received as a disbursement by a student. For example, a student receiving a Pell grant disbursement check in the amount of $800 could be required to repay the federal financial aid programs as much as $400, unless the student attends school for more than 60% of the enrollment period. In addition, a portion of the award that could have been used to pay for tuition, fees, books and/or supplies may also be required as repayment to the school! The latter requirement is because schools will also be required to refund the federal financial aid programs the unearned portion of the tuition, fees, and so on.
The rule applies only to those students who withdraw from ALL CLASSES. The rule does not apply to students who successfully complete AT LEAST ONE COURSE in an enrollment period. If students find that they are unable to complete all courses, every effort should be made to successfully complete at least one course. In so doing, the students will preserve the funds they have received. Students should work closely with their academic advisors to work out course loads that they can successfully complete each term.
It is strongly recommended that students, who receive funds from the federal financial aid programs, check with the Financial Aid Office prior to withdrawal to see if they would have a financial obligation.
Initial Attendance Verification
In order to receive federal financial aid, students MUST attend classes for which they are registered at least once during the first two weeks of the semester. Students who do not do so will be administratively dropped from the courses they are not attending and financial aid awards will be reduced accordingly. Students who are administratively dropped due to non-attendance will not be permitted to re-enroll.
In addition to the above, students who receive an “IF”, “F”, “I”, or “U” grade where attendance cannot be documented, will be required to repay the excess federal financial assistance that they receive.
Dropping Classes after Financial Aid Has Paid
If you drop any courses after your financial aid has been paid, your financial aid will be reduced according. Students will be responsible for any financial aid owed to the college as a result of dropped courses.