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Refund and Repayment

Return of Title IV Federal Financial Aid Funds

Renton Technical College’s Institutional Tuition Refund Policy operates independently from the Return of Federal Financial Aid Funds policy required for all financial aid recipients. The Institutional Tuition Refund Policy applies to the first 20 calendar days of the quarter. The Return to Title IV Funds policy applies to the completion of the period of enrollment.

The return of federal financial aid funds policy is applied to all financial aid recipients who completely withdraw from all their classes before completing 61% of the quarter.  Withdrawal on or after the following dates will not require a repayment:

Summer quarter, 2013 July 30, 2013
Fall quarter, 2013  November 5, 2013
Winter quarter, 2014 February 25, 2014
Spring quarter, 2014  May 23, 2014

According to federal regulations, when students withdraw from all their classes, officially or unofficially, the financial aid office is required to perform a calculation which determines the portion of Title IV aid (Pell, SEOG, PLUS and Stafford Loans) that each student earned.

If students receive other types of aid such as a Washington State Need Grant, the aid office also must determine if a repayment must be made to the state. The Washington State Need Grant program requires that a student complete at least 50% of the quarter in order to not owe a refund to the program.

Unearned Title IV Federal funds (grants and loans) must be returned to the appropriate federal program by the college and, in some cases, by the student as well. The percent of funds “earned” is based upon the number of days completed in the quarter divided by the number of days possible in the quarter. The percentage of Title IV funds “unearned” equals 100 percent minus the percent of the title IV aid earned. The student and the college may retain the earned portion of aid, but are required to return a portion of the unearned aid to the appropriate federal grant and/or loan. If a student completes more than 60% of the quarter, it is determined that all financial aid has been earned.

If a student shows eligibility for federal funds not yet disbursed, a post withdrawal disbursement of aid can be made even though the student has stopped attending.

Renton Technical College allocates unearned Title IV and state funds to the following financial aid programs, in the order shown:

                Unsubsidized Stafford Loan

                Subsidized Stafford Loan

                Federal PLUS Loan

                Federal Pell Grant

                Federal SEOG

 

The repayment calculations are performed either at the end of the quarter or throughout the quarter as we become aware of withdrawals. You will receive a letter from this office notifying you of this process and any repayment amounts and you may owe to the Department of Education, WA State or RTC.

 

 

 

 

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