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POLICIES, RULES & REGULATIONS

  Awarding of Federal (Title IV) Funds

  1. All Title IV funds are awarded based on the information received from the FAFSA.  You must complete the FAFSA to be eligible.  The FAFSA can be found at fafsa.gov
  2. The 2017-18 school year (July 1, 2017 – June 30, 2018) federal expiration date is June 30, 2018.
    The following dates must be met to be considered for financial aid for the 2017-2018 year. For example, students planning to start in the summer of 2017 would complete the 2017-18 FAFSA by 06/09/17.
Deadlines are 10 days before the beginning of the new class.
Session Session Period FAFSA Deadline
2017 Summer A 06/19/2017~07/22/2017 06/09/2017
2017 Summer B 07/24/2017~08/26/2017 07/14/2017
2017 Fall A 08/28/2017~09/30/2017 08/18/2017
2017 Fall B 10/02/2017~11/04/2017 09/22/2017
2017 Winter A 11/06/2017~12/09/2017 10/27/2017
2017 Winter B 12/11/2017~01/20/2018 12/01/2017
2018 Spring Ⅰ A 01/22/2018~02/24/2018 01/12/2018
2018 Spring Ⅰ B 02/26/2018~04/07/2018 02/16/2018
2018 SpringⅡ A 04/09/2018~05/12/2018 03/30/2018
2018 SpringⅡ B 05/14/2018~06/16/2018 05/04/2018

 

  1. Once the FAFSA is received and processed, the school will receive a copy of an Institutional Student Information Record (ISIR), which summarizes the information you provided on your FAFSA. Awards are made on a first-come, first-served basis.
  2. Based on a student’s enrollment, estimated Cost of Attendance (COA) will be assigned for packaging purposes.  The COA includes the following items:
  • Tuition and Fees
  • Books and Supplies
  • Personal expenses
  • Transportation cost
  • Room and Board
  1. The Estimated Family Contribution (EFC) is subtracted from the COA to determine each student’s demonstrated financial need.
    COA – EFC = NEED
    The sum of all need based awards will not exceed the need of the student.
    The sum of all awards (need and non-need) will not exceed the COA.
The packaging methodology for undergraduate students:
  1. PELL Grants will be automatically awarded based on the student’s EFC and the PELL tables published by the U.S. Education Department.
  2. Federal Supplemental Educational Opportunity Grant (FSEOG) eligibility is determined based on the following eligibility requirements. (Refer to the FSEOG Policy, 040-P01)
  • Must be a U.S. citizen or eligible non-citizen
  • Must file a Free Application for Federal Student Aid (FAFSA)
  • Must file until a school’s FAFSA deadline
  • Must be enrolled full-time or at least part-time in a certificate or associate degree program (exclude ESL program)
  • Must demonstrate the significant financial need with the lowest Expected Family Contributions (EFC)
  • Amounts of disbursements will be determined by each program’s tuition at the first of term disbursement date
  1. All institutionally awarded scholarships and merit-based grants are included.
  2. Eligibility for Subsidized and/or Unsubsidized Direct Loans will be calculated and added to the package.

  Financial Aid Rights & Responsibilities

  1. Academic school sessions at the Columbia College are designated in the following manner: 2017 Spring I A&B, 2017 Spring II A&B, 2017 Summer A&B, 2017 Fall A&B, and 2017 Winter A&B.
  2. Financial aid is based on your demonstrated financial need as calculated from the information on your FAFSA and from our estimate of your costs. Your award is based on your enrollment as part-time or full-time of each payment period (25 weeks).
  3. Once school begins each payment period, your grants and scholarships will be transferred directly to your student account.
  4. Your Pell and FSEOG are estimated pending federal funding confirmation, and/or verification of your reported financial information, which would circulate your Expected Family contributions (EFC)
  5. Loan funds are applied only after you sign any required promissory note(s) and complete the required Entrance Counseling.
  6. First-time borrowers of Federal Direct Student Loans can complete an MPN and Entrance Counseling is required of all first-time borrowers at www.studentloans.gov. Before your loan eligibility can be confirmed at Columbia College. The loan counseling will help you understand the obligation you agree to meet as a condition for receiving a federal student loan.
  7. Student and parent borrowers of Title IV, HEA loans should be aware that the Columbia College is required to report information through the National Student Loan Data System (NSLDS) and that information is accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.
  8. Loan eligible students, who wish to purchase their books and supplies with their credit balance, have the right to request to pay the application fee, textbook and supply fee by the loan. This must be done by the end of the first week of classes in the payment period and before a refund is processed.
  9. Any funds received from any other sources must be reported to Financial Aid Department. If an adjustment must be made to the aid offered, it will normally be a reduction of a loan.
  10. Exit Counseling is required at www.studentloans.gov. Before you graduate, leave school or drop below half-time attendance (even if you plan to transfer to another school). The exit counseling will help you understand your rights and responsibilities as a student loan borrower. It provides useful tips and information to help you prepare to repay your federal student loan as well.
  11. Students must maintain Satisfactory Academic Progress as defined by the Columbia College to receive financial aid.
  12. All aid offered is subject to verification of information provided on the application for aid. Your parents and/or you may be required to complete the IRS Data Retrieval process or submit copies of your federal income tax return transcripts
  13. A billing statement will be mailed before each session; payment is due by the beginning new session.
  14. Award offers are for one academic year. You must file a new FAFSA each year. The Columbia College of your aid may vary from year to year depending on your need.

  Financial Aid Professional Judgment

Introduction & Purpose

Section 479A of the Higher Education Act of 1965, as amended, authorizes the Director/Head Financial Aid Administrator to make professional judgment, on a case-by-case basis for students with “special circumstances” that affect a family’s ability to pay for a college education that is not reflected in the information provided on the Free Application for Federal Student Aid (FAFSA).The FAFSA is designed to determine a family’s ability to pay for higher education by calculating the Expected Family Contribution (EFC) amount. It is based on information provided on the FAFSA and the professional judgment is used to take into consideration factors which have not been reflected on the FAFSA. The professional judgment may either increase or decrease data elements used to calculate a student’s EFC.

Items that can be considered

Special circumstances are anything that differentiates the family’s finances from those of other families. Below are examples that can be considered for judgment.

  • Decrease in student/spouse income
  • Decrease in parent(s) income
  • Major medical expenses not covered by insurance, already paid out-of-pocket
  • Business or Farm Debt
  • Educational Loan Repayment
  • Child support or Social Security benefits that have decreased or ended
  • Parent in college at least half-time in a degree-seeking program
  • Lump sum distribution/non-recurring income inflates Adjusted Gross Income
  • Tuition payments made for elementary/secondary school costs for younger siblings
  • Bankruptcy (except Chapter 7 and 11)

Items that can’t be considered

Following items can’t be exercised during the Professional Judgment.

  • to waive general student eligibility requirements
  • to change a student’s status from independent to dependent
  • to adjust the EFC directly

The Head Financial Aid Administrator is expected and required to make reasonable decisions that support the intent of the provision. The school is held accountable for all professional judgment decisions made and for fully documenting each decision. All decisions are final and there is no appeal process.

 

  Dependency Status and Overrides

Students are considered dependent or independent based on information provided on the FAFSA. Most undergraduate students are considered dependent. All graduate students are considered independent. Dependent students must report parental income information on the FAFSA. Dependency is not a status of choice. Dependency status for financial aid is not based on whether or not a student lives with a parent; it is not based on whether or not a student is financially self-supportive; it is not based on whether or not parents claim a student as a dependent on their taxes.

Dependency Status

Dependent students must report their parents’ income and assets on the FAFSA as well as their own. Parents of dependent students are expected to contribute toward the cost of their college education. Federal student aid programs are based on the concept that a dependent student’s parents have the primary responsibility for paying for their child’s education.

Dependency Override

In rare circumstances, a student who does not meet the FAFSA requirements for independent status can be considered independent provided they submit a letter explaining their situation along with any appropriate supporting documentation to the Financial Aid Office.  This is done only in extreme circumstances and must be thoroughly documented. The Columbia College may authorize a Dependency Override by asking the unusual circumstance that justify the dependency override and requesting tax return and requesting the document proved.

Insufficient justification for a Dependency Override

None of the following circumstances are sufficient justification, either alone or in combination, for a college financial aid administrator to perform a dependency override: A student cannot qualify as an independent student because

  • The parents choose to not claim the student as a dependent on their federal income tax return, not even if the student demonstrates total financial self-sufficiency.
  • The parents refuse to contribute to the student’s education.
  • The parents refuse to provide information on the FAFSA.
  • The parents refuse to participate in verification.
  • The student’s parents live in another country.
  • Student demonstrates total self-sufficiency

Requesting a Dependency Override

To request a dependency override, ask to the college’s financial aid administrator for a dependency override.

  • Summarize the circumstances that justify the dependency override.
  • Provide copies of independent third-party documentation of the special circumstances, such as letters from social workers, clergy, teachers, guidance counselors, doctors or others who are familiar with the student’s situation.
  • Copies of the student’s federal income tax return transcripts for the current and preceding year.

The letter of explanation requesting a Dependency Override along with all required documentation should be sent to the Office of Student Financial Assistance. The Office of Student Financial Assistance will respond in writing within 10 business days of receiving all documentation. Dependency overrides are for one year at a time. Financial aid administrators must verify that the unusual circumstances that justified the dependency override in a previous year continue to apply.

  Estimated Cost of Attendance

Estimate Full-Time Cost of Attendance (2017-2018 Award Year)

  • Review the standard estimates we use in calculating financial aid eligibility. They can be customized for variances in differences in tuition rates.

Certificate Programs

  Budget Item English as Secondary Language Certified Massage Therapy Dental Lab Technology Cosmetology Culinary Arts
50 Weeks 30 Weeks 50 Weeks 50 Weeks 50 Weeks
1 Tuition $7,800 $8,010 $12,750 $10,800 $9,250
2 Housing and Meals $16,150 $9,690 $16,150 $16,150 $16,150
3 Personal Expenses $4,200 $2,520 $4,200 $4,200 $4,200
4 Transportation $2,100 $1,260 $2,100 $2,100 $2,100
5 Book & Supplies $600 $300 $1,400 $1,400 $400
6 Fees $100 $100 $100 $100 $100
  Total COA $30,950 $21,880 $36,700 $34,750 $32,200

 

Associate Programs

  Budget Item Dental Laboratory Technology Cosmetology Culinary Arts Business Administration Computer Science Technical & Business Teaching English for Early Childhood
50 Weeks 50 Weeks 50 Weeks 50 Weeks 50 Weeks 50 Weeks 50 Weeks
1 Tuition $16,550 $14,400 $12,507 $12,485 $12,485 $12,485 $12,485
2 Housing and Meals $16,150 $16,150 $16,150 $16,150 $16,150 $16,150 $16,150
3 Personal Expenses $4,200 $4,200 $4,200 $4,200 $4,200 $4,200 $4,200
4 Transportation $2,100 $2,100 $2,100 $2,100 $2,100 $2,100 $2,100
5 Book & Supplies $1,400 $1,400 $400 $1,600 $1,600 $1,600 $1,600
6 Fees $100 $100 $100 $100 $100 $100 $100
  Total COA $40,500 $38,350 $35,457 $36,635 $36,635 $36,3635 $36,635

 

  Federal Supplemental Educational Opportunity Grant (FSEOG)

The FSEOG provides need-based grants to assist low-income students in covering the costs of post-secondary education.

Eligibility Requirements
  • Must be a U.S. citizen or eligible non-citizen
  • Must file a Free Application for Federal Student Aid (FAFSA)
  • Must file prior to the school’s FAFSA deadline
  • Must be enrolled full-time or at least part-time in a certificate or associate degree program (excluding the ESL program)
  • Must demonstrate a significant financial need with the lowest Expected Family Contributions (EFC)
  • Amounts of disbursements will be determined by each program’s tuition at the first of term disbursement date
Award Amount

The annual maximum amount of FSEOG is $4,000 and the minimum is $100 for the first academic year, depending on students’ financial need, when s/he applies, and the availability of funds and policies of the financial aid office at Columbia College. The FSEOG does not need to be repaid.

Selection Procedures

Columbia College must ensure that FSEOG recipients are selected based on the following procedures.

  • First, FSEOG recipients are selected on the basis of the zero EFC.
  • Second, the remaining FSEOG funds will be distributed to the eligible FSEOG recipients at the next session.
  • If it is the last session of an award year, the remaining FSEOG funds will be distributed to the eligible FESOG recipients with the lowest EFC who are not even receiving Pell Grant at the last session of a year.
Application Process

Applicants should understand that the FSEOG application process is more competitive than the Federal Pell Gant and priority funding will always be awarded to those with the greatest financial need.

To receive an FSEOG award, student(s) must complete the Free Application for Federal Student Aid (FAFSA). Students who will receive Federal Pell Grant and have a demonstrated need will receive FSEOG (based upon availability of funding). The FAFSA can be completed on the Web at http://www.fafsa.ed.gov.  If the student is approved for the FSEOG award, the student(s) tuition account will be credited by the financial aid office

  Verification

 

The U.S. Department of Education mandates school use the verification process to confirm the accuracy and completeness of information provided on the FAFSA. The verification process is meant to ensure that Federal student financial aid is disbursed equitably and according to Federal law and program regulation.

The Federal Processor determines who is selected for verification. If selected by the Federal Processor, the student is notified on the Student Aid Report (SAR). The Financial Aid Department of Columbia College also has the authority to select files for verification if a conflict of information is determined.

 

Verification Process

  1. If a student’s application has been selected for verification, the student will be notified on the SAR.
  2. Typically, the students can expect to receive notification that they have been selected for verification within 3~4 business days after they apply for FAFSA.
  3. The Financial Aid Office receives the student’s FAFSA result from the federal processors & notifies by phone and/or e-mail & sends Verification Letter & Verification worksheet to those students who have been selected for verification.
  4. The Verification Letter will direct the student to submit several required documents with the verification worksheet together to the Financial Aid Office.
  5. Students must complete the required documents entirety, sign, and mail to the Financial Aid Office at least 30 days before starting of next payment period you register.

 

Elements to be verified               

The Financial Aid Office may be required to verify the following data elements on your FAFSA:

  • Adjusted Gross Income (parent & student, if the student is dependent)
  • Taxes Paid (parent & student, if the student is dependent)
  • Income Earned from Work (for non-tax filers)
  • Certain Untaxed Income Items (parent & student, if the student is dependent)
  • Household Size
  • Number in College (excluding parents for a dependent student)
  • Receipt of SNAP (food stamps) Benefit
  • Child Support Paid
  • High School Completion/Identity of Educational Purpose
  • Any other inconsistent or conflicting information

Documents Needed to Complete Verification

There are three verification groups for the 2017-2018 award year. To verify these elements, the Financial Aid Office may request you to provide the following documents based on your group selected.

  Groups Independent (or Dependent)
V1-Standard ·      The IRS Tax Return Transcript for 2015 for both student and spouse/parents

·      SNAP/food stamps benefits received in 2015 & 2016

·      Statement of child support paid in 2015

V4-Custom ·      SNAP/food stamps benefits received in 2015 & 2016

·      Statement of child support paid in 2015

·      High school completion status (in English)

·      Complete an Identify/Statement of Educational Purpose

V5-Aggregate ·      Provide all documents in V4-Custom and Tax Return Transcript

Note: If the student was not filed the 2015 Tax Return, s/he need to provide documentation from the IRS that indicates a 2015 IRS income tax return was not filed with the IRS

 

How to apply for Tax Return Transcript from the IRS

Tax filers can request a transcript, free of charge, of their 2015 Federal Income Tax Return Transcript from the IRS in one the following ways.

OPTION 1: Online Immediate Assess to Your Electronic Tax Transcript

  • Available on the IRS website at irs.gov
  • In the Tools section of the homepage click “Get Transcript of Your Tax Records
  • Click on “Get Transcript ONLINE” on the left & Create a Login by clicking “GET STARTED
  • Complete steps 1-6 to set up an account
  • Step 1: Apply for your temporary account confirmation code. Enter your name, email address and Click “Send email confirmation code.”
  • Step 2: Enter the temporary account confirmation code that was emailed to you
  • Step 3: Enter Personal Information
  • Step 4: Answer questions to verify your identity
  • Step 5&6: Create a security profile, user ID and password
    • Select “Higher Education/Student Aid” as your reason for requesting the Tax Return Transcript
    • Select the “2015 Return Transcript”
    • When the Tax Return Transcript displays, print a copy or to save the file.
    • If the transcript request was unsuccessful, 1print the IRS Web page with message.

OPTION 2: Online Request for Mailed Transcript

  • Available on the IRS Web site atirs.gov
  • In the Tools section of the homepage click “Get Transcript of Your Tax Records
  • Click on “Get Transcript by Mail
  • Enter the tax filer’s SSN, DOB, and Address. Use the address that was listed on the latest tax return filed.
  • Click “Continue
  • In the Type of Transcript field, select “Return Transcript” and in the Tax Year field, select “2015”.
  • If successfully validated, you can receive a paper IRS Tax Return Transcript within 5 to 10 days.\
  • If the transcript request was unsuccessful, 2 prints the IRS Web page with message.

OPTION 3: Telephone Request for Mailed Transcript

  • Available on the IRS by calling 1-800-908-9946

* If one of above three ways was unsuccessful, please do the following step.

OPTION 4: Paper Request for mailed Transcript–IRS Form 4506T-EZ or 4506-T

  • IRS Form 4506T-EZ should be used. (Download at http://www.irs.gov/pub/irs-pdf/f4506tez.pdf)
  • Complete line 1-4, following the instructions on page 2 of the form.
  • Line 3 should be the most current address as filed with the IRS. It is the address where the IRS Tax Return Transcript will be sent. If the address has recently changed, include the address listed on the latest tax return filed on Line 4.
  • The tax filers (or spouse if requesting information from a joint tax return) must sign and date the form and enter their telephone number. Only one signature is required to request a transcript for a joint return.
  • Mail or fax the completed IRS Form 4506T-EZ to the appropriate address (or FAX number) provided on page 2 of Form 4506T-EZ.
  • Tax filers can expect to receive their transcript within 5 to 10 days from the time the IRS receives and processes their signed request.
  • Processing form 4506T-EZ means verifying the information provided on the form. If any information does not match the IRS records, the IRS will notify the tax filer that it was not able to provide the transcript.
  • If the IRS cannot provide tax transcript, submit the following four documents by student.
  • Tax non-filers have to use IRS Form 4506-T (Download at https://www.irs.gov/pub/irs-pdf/f4506t.pdf ) with check #7 Verification of Non-filing.

Documents must be submitted to Columbia College

  1. A signed copy of tax return of prior year
  2. The printed IRS Web pages with message (1&2)
  3. The copy of the completed and signed Form 4506T-EZ
  4. The copy of the IRS response to Form 4506T-EZ with signature and date by student

 

How to submit corrections and updates

Corrections and updates can be submitted by the student on the SAR or the Web.

  • Using the Student Aid Report (SAR): students may make corrections or updates on it, then sign and return it to the FAFSA processor at the address given at the end of the SAR.
  • Using FAFSA on the Web: students may correct any of his own data by using FAFSA on the Web at fafsa.gov.
  • If dependent students need to change parental data, a parent must either sign electronically or print out and sign a signature page and then return it to the FAFSA processor.
  • Updated SAR are provided by the federal processor
  • If changes made to the FAFSA, the student is responsible for notifying the school of any changes made to an existing financial aid award package as a result of verification.

 

Last day to submit verification documents

New & Renewal students: Before starting of new session
Students falling deadline At least 30 days before starting of next payment period

 

Verification Deadline and Consequences of Failing Deadline

If selected, there are negative consequences resulting from failure to complete verification within specified deadlines. Federal verification regulations required the following:

  • Federal financial aid cannot be disbursed until verification is complete

 

Your role in the above case

  • You must deposit a check for the half session tuition and fees (5 weeks) immediately, which will be hold until your verification is completed.
  • To complete verification, you must submit the required documents at least 30 days before starting of next payment period.
  • If you complete verification within the time limit, the check will be returned.
  • If you couldn’t complete verification within the time limit, the check will be deposited for deferment of tuition and fees.

Contact Information

Verification documentation may be submitted to the Financial Aid Office by mail, fax, or email. Verification documents and questions can be sent via email to financialaid@ccdc.edu. If you have questions regarding your verification, please contact Columbia College at (703)-206-0508 or financialaid@ccdc.edu.

  Federal Aid Refund

Withdrawal and Return of Title IV Funds (R2T4) Policy
Purpose

This policy establishes reasonable standards for returning federal funds for students who completely withdraw from the College. Students who withdraw from all courses and received Title IV Funds must have a Return of Title IV Funds (R2T4) calculation performed to determine the percentage of aid earned based on the amount of time the student was enrolled. This policy is subject to change in order to comply with administrative and regulatory requirements.

How a Withdrawal Affects Financial Aid

Title IV Federal financial aid funds are awarded under the assumption that a student will remain in classroom attendance for the entire period for which the funds were awarded.

When a student withdraws from all courses, regardless of the reason, s/he may no longer be eligible for the full amount of Title IV funds originally awarded.  The return of funds to the federal government is based on the premise that a student earns financial aid in proportion to the length of time during which s/he remains enrolled.  A pro-rated schedule determines the amount of federal student aid funds s/he will have earned at the time of full withdrawal. For example, a student who withdraws in the second week of the payment period has earned less of his/her financial aid than a student who withdraws in the fifth week. Once the 60% point in the payment period is reached, a student is considered to have earned all of the financial aid originally awarded and will not be required to return any funds.

An R2T4 calculation is not required in the following situations:

  • The student never actually began attendance for the payment period
  • The student continues to at least one course
Determination of Withdrawal Date

The withdrawal date used in the R2T4 calculation is the actual last date of attendance as provided by the Program counselor on the withdrawal form.

Withdrawing Prior to the 60% Point of a Payment Period

Unless and until a student completes 60% of the payment period in which financial aid was awarded, the student will be required to return all or part of the financial aid originally awarded for the payment period.

When a Student Fails to Begin Attendance

If financial aid is processed for a student who never begins attendance in any class for which s/he registered in a session, all aid will be canceled.

How Earned Financial Aid is calculated

Financial aid recipients “earn” the aid they originally received by remaining in classes.  The amount of federal assistance earned is based on a pro-rated system.   Students who withdraw or do not complete all classes in which they were enrolled may be required to return some of the aid originally awarded.

Columbia College is required to determine the percentage of TIV aid “earned” by the student and return the “unearned” portion to the appropriate federal aid programs.  Columbia College is required to perform this calculation within 30 days of the date the school determines that a student has completely withdrawn.  The school must return the funds within 45 days of the calculation.  The R2T4 calculation is completed by the Financial Aid Office.

The return of Title IV funds policy follows these steps:

Step 1: Student’s Title IV information

The Financial Aid Office will determine:

  • The total amount of Title IV aid disbursed (Not aid that could have been disbursed) for the payment period in which the student withdrew. A student’s Title IV aid is counted as aid disbursed in the calculation if it has been applied to the student’s account on or before the date the student withdrew.
  • The total amount of Title IV aid disbursed plus the Title IV aid that could have been disbursed for the payment period in which the student withdrew.

Step 2: Percentage of Title IV Aid Earned:

The Financial Aid Office will calculate the percentage of Title IV aid earned as follows:

  • The number of calendar days completed by the student divided by the total number of calendar days in the payment period in which the student withdrew. The total number of calendar day in a payment period shall exclude any scheduled breaks of more than five days.

Days Attended ÷ Days in Enrollment Period = Percentage Completed

If the calculated percentage exceeds 60%, then the student has “earned” all the Title IV aid for the enrollment period.

Step 3: Amount of Title IV Aid Earned by the Student

The Financial Aid Office will calculate the amount of Title IV Aid earned as follows:

  • The percentage of title IV aid earned (Step 2) multiplied by the total amount of Title IV aid disbursed or that could have been disbursed for the term in which the student withdrew (Step 1-B).

Total Aid Disbursed x Percentage Completed = Earned Aid

Step 4: Amount of Title IV Aid to be Disbursed or Returned:

  • If the aid already disbursed equals the earned aid, no further action is required.
  • If the aid already disbursed is greater than the earned aid, the difference must be returned to the appropriate Title IV aid program.

Total Disbursed Aid – Earned Aid = Unearned Aid to be Returned

Order of Funds to be Returned

In accordance with federal regulations, the calculated amount of the R2T4 Funds (unearned aid) will be allocated in the following order:

  • Unsubsidized Federal Stafford Loans
  • Subsidized Federal Stafford Loans
  • Federal Parent (PLUS) Loans
  • Federal Pell Grants for which a Return of funds is required
  • Federal Supplemental Opportunity Grants (FSEOG) for which a Return of funds is required

Loans must be repaid by the loan borrower (student/parent) as outlined in the terms of the borrower’s promissory note.

The student’s grace period for loan repayments for Federal Unsubsidized and Subsidized Stafford Loans will begin on the day of the withdrawal from the University. The student should contact the lender if he/she has question regarding their grace period or repayment status.

Institutional and student responsibility in regard to the Federal Return of Title IV Funds policy

The Financial Aid Office’s responsibilities in regard to the Return of Title IV funds policy include:

  1. Providing each student with the information given in this policy;
  2. Identifying students affected by this policy and completing the Return of Title IV Funds calculation;
  3. Informing the student of the result of the Return of title IV Funds calculation and any balance owed to the school as a result of a required return of funds;
  4. Returning any unearned Title IV aid that is due to the Title IV programs and, if applicable, notifying the borrower’s holder of federal loan funds of the student’s withdrawal date;
  5. Notifying student and /or Plus borrower of eligibility for a Post-Withdraw Disbursement, if applicable;

The student’s responsibilities in regard to the Return of Title IV Funds policy include:

  1. Becoming familiar with the Return of Title IV Funds policy and how withdrawing from all his courses effects eligibility for Title IV aid;
  2. Resolving any outstanding balance owed to Columbia College resulting from a required return of unearned Title IV aid.

Information Regarding Loan Repayment

The R2T4 calculation may result in the student’s and parent’s being responsible for directly returning additional loan amounts to the US Department of Education.

The loan grace period begins on the withdrawal date from the school, or when a student ceases to be enrolled on at least a half-time basis. If the student does not re-enroll as a half-time student within 6 months of withdrawal or less than half-time enrollment, the loans enter repayment. The student should contact the loan servicer or the US Department of Education to make repayment arrangements. The promissory note signed by the borrower outlines repayment obligations.  The student should contact the servicer or the US Department of Education with any questions.

Consequences of Non-Repayment

Students who owe the US Department of Education for an overpayment of TIV funds are not eligible for any additional federal financial aid until the overpayment is paid in full or payment arrangements are made with the US Department of Education.

Students who owe Columbia College because of an R2T4 calculation will be placed on a financial hold.  They will not be allowed to register for subsequent session or receive academic transcripts until the balance is paid.

How a Withdrawal Affects Future Financial Aid Eligibility

Refer to the Financial Aid Office Satisfactory Academic Progress (SAP) Policy to determine how a withdrawal impacts aid eligibility.

NOTE:  This policy is subject to revision without notice based on changes to federal laws and regulations or Columbia College policies.  If changes are made, the student is held to the most current policy. This statement is intended to provide an overview of policies and procedures related to a complicated and very encompassing regulation.

  HEOA Consumer Information

In accordance with the 2008 Higher Education Opportunity Act (HEOA), you can find complete consumer information on our website at financialaid.ccdc.edu.  For more information on HEOA, visit http://www2.ed.gov/policy/highered/leg/hea08/index.html.

 

Questions about Verification Forms?

Read more about FAFSA Verification Process on our Verification Page.

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Eligibility Infographic