This requirement applies to students who receive federal student aid (includes Federal Pell Grant, Federal Supplemental Educational Opportunity Grant, Subsidized or Unsubsidized Federal Stafford Loans, Federal PLUS and Grad PLUS loans, but not Federal Work-Study) and completely terminate enrollment prior to completing 60% of the enrollment period.
The amount of Title IV aid an institution must refund to the federal aid programs is determined by the federal return to Title IV funds formula as specified in Section 484B of the Higher Education Act. Hendrix College utilizes software provided by the Department of Education to calculate the amount of aid that must be refunded which was initially utilized to pay institutional charges.
Hendrix students officially withdrawing or requesting a leave of absence at any time during the year must go through the proper process which begins with the Office of the Registrar. This process requires students to visit various campus offices and receive signatures confirming the student and the given office have discussed withdrawal details. The withdrawal date provided by the Registrar’s Office is utilized to document the last date of enrollment for an official withdrawal in the Return to Title IV calculation.
Students who are considering withdrawal may contact the Office of Financial Aid for guidance. All institutional and federal financial ramifications of withdrawal could be discussed at their request. If desired, appropriate calculations will be performed prior to the official withdrawal so that precise fiscal consequences are known.
A student who earns all failing grades based on non attendance may be considered an unofficial withdrawal for the purposes of Return to Title IV. The documented last date of educational activity will be utilized for the return of Title IV funds calculation in these instances if known. If a date cannot be determined, the mid point of the semester is utilized.
Hendrix College restores unearned aid used to pay institutional charges in the following order within 30 days of the withdrawal determination:
- Unsubsidized Federal Stafford Loan
- Subsidized Federal Stafford Loan
- Federal Perkins Loans
- Federal PLUS or Grad PLUS
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grant
- Other Title IV Programs
A repayment may also be required of the student when a “refund check” has been issued to a student from financial aid funds in excess of the amount utilized to pay institutional charges that the student fails to earn by maintaining enrollment. Hendrix College will also restore these funds to the appropriate source in the above order within 30 days of the withdrawal determination.
Students are billed for any unearned aid that was refunded to the federal aid program that caused institutional charges to be unpaid. Additionally, students will be billed for any monies the college returns on the student’s behalf that is owed to the federal aid programs as a repayment of funds disbursed directly to the student for non institutional charges. Copies of the return to Title IV calculation are provided to the student upon request.
If a student earns more aid than was disbursed, the student may be eligible to receive a post withdrawal disbursement. Students are notified by mail of their eligibility for such a disbursement. If the post withdrawal disbursement is loan funds the student must confirm in writing that the loan funds are still wanted. A post withdrawal of grant funds is automatically credited to the student’s account for outstanding charges. A student who does not have an outstanding balance, must confirm in writing their desire to receive grant funds.
If a student is entitled to an institutional refund of tuition and fees, those monies will first be applied to any outstanding balance to the college before being refunded to the student.
Copies of information from the Student Aid Handbook or other regulatory sources can also be made available at the request of the student.