SCC has instituted a refund policy (Return of Title IV Funds) for all Title IV grant and loan recipients who withdraw from or fail all classes during an enrollment period for which they have been charged. This refund policy complies with current federal government regulations.
According to the policy, the amount of financial assistance money you have earned up to the point of withdrawal is determined by a pro-rated formula.
For example, if you attended classes for 30 percent of the enrollment period, you earned 30 percent of the assistance you were originally scheduled to receive. Once you have completed more than 60 percent of the enrollment period, you have earned all of your financial aid funds.
If you received excess money after tuition, fees and book charges are paid, SCC must return to the U.S. Department of Education a portion of the excess equal to the lesser of
If the college is not required to return the entire amount of excess funds, the student must return the remaining amount of the funds. Any loan funds that you must return must be repaid in accordance with the promissory note (the binding legal document that you signed when you received your loan). You must make scheduled payments to the holder of the loan over a period of time.
If you are responsible for returning grant funds, you do not have to return the full amount. The law provides that you are not required to return more than 50 percent of the grant assistance received in any one semester. You are required to make arrangements with the college or with the U.S. Department of Education to return any grant over-payments.
The last date of attendance submitted by faculty will be used to calculate aid earned for students who withdraw from all of their course work in a given semester.
The last date of attendance submitted by faculty will be used to calculate aid earned for students who fail all of their course work in a given semester.
Any funds a student is required to return will be deducted from the account they submitted when enrolling in the Nelnet Deferred Plan. Enrollment in this plan is required of financial assistance recipients prior to the payment due date. Enrollment in Nelnet will secure a student’s class schedule for a particular term.