2009-2010 Catalog 2009-2010 Catalog - WyoTech Tour

FEDERAL RETURN OF TITLE IV FUNDS POLICYThe Financial Aid Office is required by federal statute to determine how much financial aid was earned by students whowithdraw, drop out, or take a leave of absence prior to completing 60% of a payment period or term.For a student who withdraws after the 60% point in time, there are no unearned funds. However, a school must stillcomplete a return calculation in order to determine whether the student is eligible for a post-withdrawal disbursement.The calculation is based on the percentage of earned aid using the following Federal Return of Title IV Funds formula:Percentage of payment period or term completed = the number of calendar days completed up to the withdrawal datedivided by the total calendar days in the payment period or term. (Any break of five days or more is not counted as part of thedays in the term.) This percentage is also the percentage of earned aid.Funds are returned to the appropriate federal program based on the percentage of unearned aid using the followingformula:Aid to be returned = (100% of the aid that could be disbursed minus the percentage of earned aid) multiplied by the totalamount of aid that could have been disbursed during the payment period or term.If a student earned less aid than was disbursed, the institution would be required to return a portion of the funds and thestudent would be required to return a portion of the funds. Keep in mind that when Title IV Funds are returned, the studentborrower may owe a debit balance to the institution.If a student earned more aid than was disbursed to him/her, the institution would owe the student a post-withdrawaldisbursement which must be paid within 180 days of the student’s withdrawal.The institution must return the amount of Title IV Funds for which it is responsible no later than 30 days after the date ofdetermination of the student’s withdrawal.Refunds are allocated in the following order:1. Unsubsidized Federal Stafford Loans2. Subsidized Federal Stafford Loans3. Unsubsidized Direct Stafford Loans (other than PLUS loans)4. Subsidized Direct Stafford Loans5. Federal Perkins Loans6. Federal Parent (PLUS) Loans7. Direct PLUS Loans8. Federal Pell Grants for which a Return of Funds is required9. Academic Competitiveness Grants for which a Return of Funds is required10. National Smart Grants for which a Return of Funds is required11. Federal Supplemental Educational Opportunity Grants (FSEOG) for which a Return of Funds is requiredReturn of Unearned SFA Program FundsThe institution must return the lesser of the amount of:• The amount of SFA program funds that the student did not earn, or• The amount of institutional costs that the student incurred for the payment period or period of enrollment multipliedby the percentage of funds that were not earned.The student (or parent, if a Federal PLUS loan) must return or repay, as appropriate:• Any SFA loan funds in accordance with the terms of the loan; and• The remaining unearned SFA program grant (not to exceed 50% of a grant) as an overpayment of the grant.Note: The student (parent) must make satisfactory arrangements with the U.S. Department of Education and/or theinstitution to repay any outstanding balances owed by the student. However, there are a number of repayment plans that areavailable to assist the student in meeting repayment obligations. The Financial Aid Office will advise the student in the eventthat a student repayment obligation exists. The individual might be ineligible to receive additional student financial assistancein the future if the financial obligation(s) are not satisfied.BOOKS AND TOOLSBooks and a set of tools are provided (loaned) to students at no additional charge after payment of the refundable deposit.A refundable book and tool deposit must be paid at or before the date of registration and the balance maintainedthroughout enrollment. This deposit will be returned within 30 days of student separation from the school, provided allbooks/manuals and tools are returned in the same condition as received, less normal wear.FeesStudents participating in a diploma program will be charged a $750.00 Materials Fee. A refund of the Materials Fee will becalculated in accordance with federal and state refund policies upon the student’s early departure from class with any unearnedportion returned.Students participating in a degree program will be charged a $1,500.00 Technology Fee. A refund for the Technology Feeswill be calculated in accordance with federal and state refund policies upon the student’s early departure from class with anyunearned portion returned.24