Tidewater Community College’s Financial Aid Office is required by federal statute to recalculate federal financial aid eligibility for students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60% of a payment period or term. The federal Title IV financial aid programs must be recalculated in these situations.
If a student leaves the college prior to completing 60% of a payment period or term, the Financial Aid Office recalculates eligibility for Title IV funds. Recalculation is based on the percentage of earned aid using the following federal Return of Title IV Funds formula:
Percentage of payment period or term completed = the number of days completed up to the withdrawal date divided by the total days in the payment period or term. (Any break of 5 days or more is not counted as part of the days in the term.) This percentage is also the percentage of earned aid.
Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula:
Aid to be returned = (100% of the aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period or term.
If a student earned less aid than was disbursed, the college would be required to return a portion of the funds and the student would be required to return a portion of the funds. Keep in mind that when Title IV funds are returned, the student borrower may owe a debit balance to the college.
If a student earned more aid than was disbursed to him/her, the college would owe the student a post-withdrawal disbursement which must be paid within 180 days of the date the school determined that the student withdrew.
The college must return the amount of Title IV funds for which it is responsible no later than 45 days after the school determined that the student withdrew.
Refunds are allocated in the following order:
- Unsubsidized Direct Stafford Loans (other than PLUS loans)
- Subsidized Direct Stafford Loans
- Federal Perkins Loans
- Direct PLUS Loans
- Federal Pell Grants (for which a return of funds is required)
- Federal Supplemental Opportunity Grants (for which a return of funds is required)
- Teach Grants
- Iraq & Afghanistan Service Grants (for which a return of funds is required)
Return of State Funds
The college is required to recalculate eligibility for students receiving funds from the Virginia Guaranteed Assistance Program (VGAP), Commonwealth Grant (COMA), GEAR UP, and the Virginia Foster Care Tuition Grant if they withdraw from or leave the institution prior to completing 60% of the semester. This non-completion includes grades of W, F, or U, in all courses. The calculation of eligibility will follow the same procedure as described in the Return of Title IV (Federal) Funds Calculation.
Financial aid help is available 24/7/365 by phone and online
Regular office hours are:
Monday and Tuesday: 8:30 a.m. - 6:30 p.m.
Wednesday to Friday: 8:30 a.m. - 5:00 p.m.