The amount of a repayment of tuition, fees, and books for students who withdraw, stop attending, or do not successfully complete all their financial aid eligible courses will be calculated as follows:
All students receiving Title IV (federal) and/or state financial aid may be required to repay all or part of any aid received to the appropriate federal and/or state program(s) if they withdraw, stop attending, or do not successfully complete all classes.
The amount that the student may be required to return to the federal and/or state program(s) will be determined by the amount disbursed, the amount which could have been disbursed, and the percentage of the enrollment period the student has completed.
If a student withdraws, stops attending, or does not successfully complete all their classes on or before the 60 percent point time of the period(s) of enrollment, calculated using calendar days, a portion of the total of federal and/or state funds awarded a student (excluding federal work-study) must be returned according to the provisions of the Higher Education Amendments of 1998 and the State Council of Higher Education for Virginia. The calculation of the return of these funds may result in the student owing a balance to the college and/or the federal or state government.
The amount of aid that a student must repay is determined via the Federal Formula for Return of Title IV funds as specified in Section 484B of the Higher Education Act. This law also specifies the order of return of the Title IV funds to the programs from which they were awarded.
A repayment may be required when a refund has been disbursed to a student from financial aid funds in excess of the amount of aid the student earned during the term. The amount of aid earned is determined by multiplying the total aid, other than Federal Work Study, for which the student qualified by the percentage of time during the term that the student was enrolled.
If a student leaves the institution prior to completing 60 percent of a payment period(s) or term, the Financial Aid Office recalculates eligibility for Title IV and/or state funds. Recalculation 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 days completed up to the withdrawal date divided by the total days in the payment period or term. (Any break of five days or more is not counted as part of the days in the term.) This percentage is also the percentage of earned aid.
