Financial Aid - Return of Title IV Funds

This policy applies to students who officially or unofficially withdraw from the College. Refunds are determined according to the following policy:

1. The term “Title IV Funds” refers to the federal financial aid programs authorized under the Higher Education Act of 1965 (as amended) and includes the following programs: subsidized FFELP loans, unsubsidized FFELP loans, FFELP PLUS loans, Federal Pell Grants, federal ACG Grants, and federal SEOG. The state fund that may be affected is the MTAP grant.
   
   
2. A student withdrawal date is:
   
   
   • The date the student began the institution’s withdrawal process or officially notified the institution of intent to withdraw, or
     
     
   • The midpoint of the period for a student who leaves without notifying the institution; or
     
     
   • The student’s last date of attendance at a documented academically related activity.
     
     
3. Return of fund calculations:
   
   
   • For the purpose of billing and calculating return of funds, the summer sessions are part of one summer term.
     
     
   • In accordance with federal regulations, when financial aid is involved, return of funds are allocated in the following order: unsubsidized FFELP loans, subsidized FFELP loans, FFELP Plus loans, federal Pell Grants, federal SEOG, other Title IV assistance.
     
     
   • Copies of this calculation can be requested from the Financial Aid Office.
     
     
4. Institutional and student responsibilities with regard to the return of the Title IV funds.
   
   MSU – Great Falls College of Technology’s responsibilities with regard to the return of Title IV funds include:
   
   
   • Providing each student with the information given in this policy;
   • Identifying students who are affected by this policy and completing the Return of Title IV calculation for those students within 45 days of the withdrawal date;
   • Returning any Title IV funds that are due to the Title IV programs.

   The student’s responsibility with regard to the return of the Title IV funds include:
   

• Repaying to the Title IV programs any funds that were disbursed directly to the student and which the student was determined to be ineligible for through the Return of Title IV funds calculation
  
  
Examples of this calculation can be obtained from the MSU – Great Falls College of Technology Financial Aid Office.