83-500 BOT 12-21-02 and 2-26-03, 07-10-11, 09-30-15 RETURN OF TITLE IV FUNDS (POLICY) Return of Title IV Funds occurs when a student withdraws from all classes without completing 60% of the semester. If Oglala Lakota College finds that the studentís living expenses incurred up to the time of withdrawal exceed the amount of funds disbursed, the student does not owe a repayment. However, if the disbursement was greater than the studentís living expenses up to the withdrawal date, the student must repay the excess amount to Oglala Lakota College. It is the policy of Oglala Lakota College to reimburse the Federal Student Aid Program and collect repayment from the student. Thus, the student will be in repayment situation with OLC rather than the Department of Education. OLC will attempt to collect the funds from students. In the event that we are unable to collect the funds, OLC will then report an overpayment to the Department of Education or through submission to the National Student Loan Data System (NDSLS). The student will be ineligible for further SFA funds until the overpayment is resolved. The percentage used in calculating a repayment will be the date the student has totally withdrawn from classes. The date of withdrawal is determined by the student attendance records. The date of schoolís determination that the student withdrew is determined by the Registrar and the drop cards. When a student withdraws unofficially, the studentís last day of attendance is used to calculate the amount of the financial aid to return. It is Oglala Lakota Collegeís policy for our faculty to take attendance. Post Withdrawal Disbursements If the student received less federal aid than they earned, a post-withdrawal disbursement will be made to the studentís account for direct costs. If further post-withdrawal disbursement is due, notification will be sent to the student if any grant amount amounts will be directly disbursed. The post withdrawal disbursement of Pell Grant funds must be completed within 45 days of the date the school determined the student withdrew. Refund Distribution --Prescribed by Law and Regulations: 1. PELL Grant 2. FSEOG 3. Other Title IV Programs 4. Other Federal, Private, or Institutional Aid 5. The Student. FWS wages are excluded because they have been earned. Oglala Lakota College is responsible for notifying the student of the amount owed, for billing the student, and for collecting the repayment. The Director of Financial Aid will use the R2T4 PowerFAIDs Software for determining both the studentís and institutionís refunds.
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