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Financial Aid Processes

Return to Title IV (Federal) Aid Policy

Title IV funds are awarded to a student under the assumption that the student will attend for the entire period for which the assistance is awarded.  Students who receive federal funds as part of their aid package and who either officially or unofficially (receive all F’s) withdraw from all classes during a semester, may be required to return all or a portion of those funds.

The law specifies how the College must determine the amount of Title IV program assistance that you earn if you withdraw from school. The Title IV programs that are covered by this law, offered at Belmont College are: Federal Pell Grants, Iraq and Afghanistan Service Grants, Direct Loans, Direct PLUS Loans, and Federal Supplemental Educational Opportunity Grants (FSEOGs).

 

Though your aid is posted to your account at the start of the term, you earn funds as you complete the semester. If you withdraw during the semester (see withdraw definitions below), the amount of Title IV program assistance that you earned up to that point is determined by a specific formula. If you received less assistance than the amount that you earned, you may be eligible to receive those additional funds. If you received more assistance than you earned, the excess funds must be returned by the school and/or you.

 

The amount of assistance 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 assistance you were originally scheduled to receive. Once you have completed more than 60% of the semester, you earn all the assistance that you were scheduled to receive for the semester.  If you receive excess Title IV program funds that must be returned, the College will return a portion of the excess equal to the lesser of:

  1.  Your institutional charges multiplied by the unearned percentage of your funds, or
  2. The entire amount of excess funds.

The College must return this amount even if we didn’t keep this amount of your Title IV program funds. If the College is not required to return all of the excess funds, then you must return the remaining amount.

 

Any loan funds that you must return, you (or your parent for a Direct PLUS Loan) repay in accordance with the terms of the loan promissory note (MPN). That is, you make scheduled payments to the loan servicer over a period of time. For more information on student loan information, please click here: Student Loan Repayment.

 

Any amount of unearned grant funds that you must return is called an overpayment. The maximum amount of a grant overpayment that you must repay is half of the grant funds you received or were scheduled to receive. You do not have to repay a grant overpayment if the original amount of the overpayment is $50 or less. You must make arrangements with the school or the Department of Education to return the unearned grant funds.

 

The College must return Title IV funds to the federal aid programs from which you received aid during the payment period as applicable, in the following order, up to the net amount disbursed from each source:

 

  • Unsubsidized Direct Loans
  • Subsidized Direct Loans
  • Direct PLUS Loans
  • Federal Pell Grants for which a Return is required
  • Federal Supplemental Education Opportunity Grants (FSEOG)
  • Iraq and Afghanistan Service Grant

 

The requirements for the Title IV program funds when you withdraw are separate from any refund policy that we offer. Therefore, you may still owe funds to the school to cover unpaid institutional charges. Belmont will also charge you for any Title IV program funds that we were required to return. You can find our refund policy here – Business Office Refund Policy.  The Financial Aid Office will advise you by mail of the amount of Title IV aid adjusted.  If you owe a balance to the college, the Business Office will notify you of your balance due and repayment options.  Failure to satisfy the amount owed in a timely manner will result in a financial hold being placed on your Belmont records, and your obligation due turned over to the Ohio Attorney General’s Office.

 

Please realize that you are not eligible to receive any financial aid if you:

 

  • withdraw without record (see schedule per semester), or
  • have no record of class attendance or participation at all for a semester, or
  • are approved for a 100% reversal of your tuition and fee charges after the beginning of a semester.

 

In these instances, all grant, loan, and scholarship assistance that was credited to your Belmont account for the semester will be adjusted and returned to the U.S. Department of Education, and the resulting balance due Belmont College must be repaid.

 

 Post-Withdrawal Disbursements

If you do not receive all of the funds that you earned, you may be due a post-withdrawal disbursement. If your post-withdrawal disbursement includes loan funds, we must receive your permission before it can be disbursed. You may choose to decline some or all of the loan funds so that you don’t incur additional debt. We will automatically use all or a portion of your post-withdrawal disbursement of grant funds for tuition, fees, and books and supplies charges.

There are some Title IV funds that you were scheduled to receive that cannot be disbursed to you once you withdraw because of other eligibility requirements. For example, if you are a first-time, first year undergraduate student and you have not completed the first 30 days of your program before you withdraw, you will not receive any Direct Loan funds that you would have received had you remained enrolled past the 30th day.

Withdrawing or Ceasing to Attend Class

If you withdraw from school “officially” (drop your courses with your Academic Advisor) or “unofficially” (stop attending and do not successfully complete ANY course with an A, B, C, or D) before the term is completed, and you receive federal student aid, a Return of Funds Calculation (R2T4) is required to be performed. This calculation may result in a portion of aid being returned to the U.S. Department of Education. You may then owe a balance to the College. Any balance still outstanding 45 days or greater will be turned over to the Ohio Attorney General’s Office unless a payment plan has been established with Belmont’s Business Office.

 

Official Withdraws
To officially withdraw, you must contact your Academic Advisor.

 

Unofficial Withdraws
If you miss 3 or more consecutive class sessions in a row, the Financial Aid Office will contact you to determine your enrollment status. If you do not respond to the inquiry within a specified period of time as stated in your letter, you will be considered unofficially withdrawn and your Title IV aid recalculated.

 

Flex Classes 

Effective July 1, 2011, federal regulations governing the R2T4 federal aid policy have changed with regard to students who enrolled only in “flex” or “modular” classes (e.g. – classes meeting less than 16-weeks in length) during a semester. Based on these regulations, when a student is enrolled in flex classes, an R2T4 calculation must be performed whenever a student withdraws (officially or unofficially) from all classes which are meeting at that time, regardless of whether or not the student has already passed/completed a class in an earlier flex class within the semester or if they are enrolled in a class which has not yet begun within the semester. Such a calculation can only be avoided if the student enrolls in a class which has not yet begun with the semester and the student provides written notification to the Office of Student Financial Aid of their intention to remain enrolled in that class and to attend that class.

 

Example 1:
During the Fall semester, a student is enrolled in one first 8-week class and one second 8-week class, but is not enrolled in any other class. If the student drops the first 8-week class during the third week of the semester, a R2T4 calculation must be performed within 30 days, even though the student is enrolled in a second 8-week class beginning the ninth week of the award period. This calculation can only be avoided if the student provides written notification to the Office of Student Financial Aid of their intention to remain enrolled in the second 8-week class and to attend that class.

 

Example 2:
During the semester, a student is enrolled in one first-8week class and one second 8-week class, but is not enrolled in any other class. If the student passes/completes the first 8-week class and earns a passing grade and then the student drops the second 8-week class after it’s scheduled start date (at the beginning of the ninth week), a R2T4 calculation must be performed within 30 days, even though the student passed/completed the first 8-week class.

 

Contact US 

If you have questions about your Title IV program funds, you can call the Federal Student Aid Information Center at 1-800-4-FEDAID (1-800-433-3243). TTY users may call 1-800-730-8913. Information is also available on Student Aid on the Web at www.studentaid.ed.gov.

 

Belmont College:

 

Financial Aid Office
740.695.8510
FinancialAid@BelmontCollege.edu

 

Business Office
740.695.8507

 

Academic Advisors
740.695.9500 Ext 1032