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 to Title IV Funds policy is applied to all financial aid recipients who completely withdraw from all their classes before completing more than 60% of the quarter. What does the law really mean? It means that the federal government expects that a student must “earn” the aid that they receive. Once you receive federal aid such as Pell Grant, SEOG or Direct Loans, you are expected to “earn” those funds by attending school, and completing the credits required for your enrollment level each quarter.
Withdrawal on or after the following dates will not require a repayment: Your aid will be considered 100% earned.
PLEASE NOTE – REGISTRATION DEADLINES ARE DIFFERENT FROM THESE DEADLINES.
|Summer quarter, 2015 – July 28, 2015|
Fall quarter, 2015 – November 6, 2015
|Winter quarter, 2016 – February 23, 2016|
Spring quarter, 2016 – May 23, 2016
What happens if I withdraw before the dates above?
If you withdraw from all classes before the dates above, you will be required to pay back a portion of the aid that you received. You may be required to pay the school for a part of your tuition as well as paying the Department of Education for some of the funds that you received.
According to federal regulations, when students withdraw from all of 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, Direct Loans and PLUS) that each student has earned.
Unearned Title IV 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 aid “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 program.
If students receive other types of aid such as the Washington State need Grant, the financial aid office must also determine if a repayment must be made to the state. The Washington State Need Grant program requires that a student complete more than 50% of the quarter in order to not owe a refund to the program. If you do not complete more than 50%, you may owe a repayment.
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 federal aid to the following financial aid programs, in the order shown:
Federal Direct Unsubsidized Loan
Federal Direct Subsidized Loan
Federal Plus Loan
Federal Pell Grant
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 due. You may owe the Department of Education, the state, and/or the college.
Phone: (425) 235-5841
FAX: (425) 235-2434
Monday-Thursday, 9:00AM to 4:30PM
Friday, 9:00AM to 1:00PM
Summer Hours (during summer quarter and break)
Robert C. Roberts Campus Center, Building I
Financial Aid Office
Renton Technical College
3000 NE 4th Street
Renton, WA. 98056
E-mail to firstname.lastname@example.org