Return of Title IV Funds
The law (34 CFR 668.22) specifies how Beloit College must determine the amount of Title IV aid that you earn if you withdraw from school. The Title IV programs that are covered by this law are Federal Pell Grants, Iraq and Afghanistan Service Grants, TEACH Grants, Direct Loans, Direct PLUS Loans, Federal Supplemental Educational Opportunity Grants (FSEOGs), and Federal Perkins Loans.
Though your aid is posted to your account at the start of each semester, you earn the funds as you complete the semester. If you withdraw during the semester, the amount of Title IV aid that you have earned up to that point is determined by a specific formula. If you received (or Beloit College or your parent received on your behalf) received more aid than you earned, the excess funds must be returned to the U.S. Department of Education by Beloit College and/or you. If you received less aid than the amount that you earned, you may be able to receive those additional funds in a post-withdrawal disbursement.
The amount of aid that you have earned is determined on a pro rata basis. For example, if you completed 30% of the semester, you earn 30% of the aid you were originally scheduled to receive. Once you have completed more than 60% of the semester, you earn all the aid that you were scheduled to receive during that semester.
In order to determine how much Title IV aid you have earned, the Financial Aid Office must calculate the percentage of the semester you attended. This percentage is based on your last date of attendance (LDA). Your LDA is based on whether you officially withdraw or unofficially withdraw.
The requirements for Title IV program funds when you withdraw are separate from Beloit College's refund schedule for tuition, room, board and fees. Therefore, you may still owe funds to Beloit College to cover unpaid institutional charges. Beloit College may also charge you for any Title IV program funds that the school was required to return. If you aren't familiar with Beloit's tuition, fees, room and board refund schedule, please review Beloit College's refund schedule policy on the Accounting Office's website.
We encourage you to review our entire Return of Title IV policy in full or to review the links below: