Financial Aid Refund Policy
Title IV funds are awarded to a student under the assumption that the student will attend school for the entire period for which the assistance is awarded. When a student withdraws prior to completing 60% of the semester, the student may no longer be eligible for the full amount of Title IV funds that were originally awarded. Title IV assistance at Cottey includes Federal Pell Grants, Federal Supplemental Educational Opportunity Grants, Federal Direct Loans (Subsidized and Unsubsidized), and Federal Direct PLUS Loans.
The amount of Title IV aid earned by the student must be determined as of the date of withdrawal. If the amount disbursed to the student is greater than the amount earned, unearned funds must be returned to the funding agency. The percent earned equals the number of days completed up to the withdrawal date divided by the total days in the semester.
The school has 30 days from the date the institution determines that the student withdrew to return all unearned funds. The order of the return of Title IV funds by the school is as follows: Unsubsidized Direct Loan, Subsidized Direct Loan, Direct PLUS Loan, Federal Pell Grant, Federal Supplemental Educational Opportunity Grant. When aid is returned, the student may owe a balance to the College.
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