TREATMENT OF TITLE IV AID WHEN A STUDENT WITHDRAWS
The law specifies how Marymount Manhattan College must determine the amount of Title IV program assistance that you earn if you withdraw from school. The Title IV programs that are covered by this law are: Federal Pell Grants, Academic Competitiveness Grants, National SMART grants, TEACH Grants, Stafford Loans, PLUS Loans, Federal Supplemental Educational Opportunity Grants (SEOG), and Federal Perkins Loans.
When you withdraw during your payment period or period of enrollment the amount of Title IV program assistance that you have earned up to that point is determined by a specific formula. If you , Marymount or your parent received on your behalf less assistance than the amount that you earned, you may be able to receive those additional funds. If you received more assistance than you earned, the excess funds must be returned by Marymount Manhattan College and/or you.
The amount of financial aid assistance that you have earned is determined on a prorata basis. For example, if you completed 30% of your payment period or period of enrollment, you earn 30% of the assistance you were originally scheduled to receive. Once you have completed more than 60% of the payment period or period of enrollment, you earn all the assistance that you were scheduled to receive for that period.
If you did not receive all of the funds that you earned, you may be due a Post-withdrawal disbursement. If your Post-withdrawal disbursement includes loan funds, Marymount must get your permission before it can disburse them. You may choose to decline some or all of the loan funds so that you don’t incur additional debt. Marymount Manhattan College may automatically use all or a portion of your Post-withdrawal disbursement of grant funds for tuition, fees, and room and board charges (as contracted with the school). The school needs your permission to use the Post-withdrawal grant disbursement for all other school charges. If you do not give your permission you will be offered the funds. However, it may be in your best interest to allow the Marymount to keep the funds to reduce your debt at the school.
There are some Title IV funds that you were scheduled to receive that cannot be disbursed to you once you withdraw because of other eligibility requirements. For example, if you are a first-time, first-year undergraduate student and you have not completed the first 30 days of your program before you withdraw, you will not receive any FFEL or Direct loan funds that you would have received had you remained enrolled past the 30th day.
If you receive (or MMC or parent receives on your behalf) excess Title IV program funds that must be returned, MMC must return a portion of the excess equal to the lesser of:
- Your institutional charges multiplied by the unearned percentage of your funds, or the entire amount of excess funds
- Marymount Manhattan College must return this amount even if it didn’t keep this amount of your Title IV program funds.
- If MMC is not required to return all of the excess funds, you must return the remaining amount. Any loan funds that you must return, you (or your parent for a PLUS Loan) repay in accordance with the terms of the promissory note. That is, you make scheduled payments to the holder of the loan over a period of time.
- Any amount of unearned grant funds that you must return is called an overpayment. The maximum amount of a grant overpayment that you must repay is half of the grant funds you received or were scheduled to receive. You must make arrangements with Marymount Manhattan College or the Department of Education to return the unearned grant funds.
- The requirements for Title IV program funds when you withdraw are separate from Marymount Manhattan College tuition refund policy. Therefore, you may still owe funds to Marymount Manhattan College to cover unpaid institutional charges. Marymount Manhattan College may also charge you for any Title IV program funds that the school was required to return.
- If you don’t already know what Marymount Manhattan College’s refund policy is, or for information on the requirements and procedures for officially withdrawing from school please select the Cancellation Policy tab on this page.
Information about the College’s refund and withdrawal policy can also be found in the MMC Catalogue.
If you have questions about your Title IV program funds, you can call the Federal Student Aid Information Center at 1-800-4-FEDAID (1-800-433-3243). TTY users may call 1-800-730-8913. Information is also available on Student Aid on the Web at www.studentaid.ed.gov
The U.S. Department of Education provided this summary of the requirements of 34 CFR 668.22 in the 2009-2010 Federal Student Aid Handbook Volume 5, Chapter 2, p121.
STUDENT REFUND POLICY
Students with credit balances resulting from excess financial aid funds, tuition cancellations, etc., will be mailed a refund check within 14 days from the date the actual credit appears on the student’s account. Refund checks are generally mailed to the permanent home address on file unless we receive different written instruction from the student. Students may request to apply their credit balance to future semester charges by completing the appropriate authorization form in the Center for Student Services.
When a student’s registration status changes and he/she is a recipient of financial aid funds, the student’s record must be reviewed by financial aid before a refund can be issued. Credit balances resulting from the disbursement of Parent (Plus) Loans will be refunded directly to the parent unless written instruction is submitted by the parent to the Center for Student Services authorizing the student to receive the funds.