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DEC determines the earned and unearned portions of Title IV aid as of the last date of attendance based on the amount of time the student was scheduled to be in attendance.
• For all credit hour programs, the percentage of the payment period completed is determined by dividing the number of calendar days the student was scheduled to complete in the payment period (semester), as of the last date of attendance, by the total number of calendar days in the payment period or program
Up through the 60% point in each payment period, a pro rata schedule is used to determine the amount of Title IV funds the student has earned at the time of withdrawal. After the 60% point in the payment period or period of enrollment, a student has earned 100% of the Title IV funds he or she was scheduled to receive during the period. The amount of Title IV aid earned by the student is determined by multiplying the percentage of Title IV aid earned by the total of Title IV aid disbursed plus the Title IV aid that could have been disbursed to the student or on the student’s behalf.
If the student received more Title IV aid than the amount earned, the school, the student, or both must return the unearned funds. The amount of federal student aid to be returned is determined by subtracting the amount of earned Title IV aid from the amount of Title IV aid that was actually disbursed to the student. DEC will return unearned aid no later than 45 days after the date the school becomes aware the student is no longer enrolled. DEC will notify the student if he/she is required to return grant funds. A student who fails to return grant aid as instructed is considered to be in overpayment, and becomes ineligible for any additional Title IV aid at any school until that amount is repaid or satisfactory repayment arrangements are made. Loan funds are returned by the student according to normal loan repayment terms.
Unearned Title IV aid must be returned in the following order: 1) Unsubsidized Direct Loans 2) Subsidized Direct Loans 3) Direct PLUS Loans 4) Federal Pell Grants and 5) FSEOG.
If the student received less Title IV aid than the amount earned, DEC will offer a disbursement of the earned aid that was not received if the student is eligible. This is called a post withdrawal disbursement. If the post withdrawal disbursement includes loan funds, the school must get borrower permission before it can be disbursed. The borrower may choose to decline some or all of the loan funds to avoid incurring additional debt. DEC will automatically use all or a portion of a student’s post withdrawal disbursement of grant funds for tuition and fees. DEC needs the student’s permission to use the post withdrawal grant disbursement for all other school charges. If the student does not give permission, he/she will be offered the funds. However, it may be in the student’s best interest to allow the school to keep the funds to reduce any debt owed the school.
Student and parent loan borrowers will be notified if DEC returns funds to the lender. Student borrowers are required to complete exit loan counseling concerning repayment options, debt management strategies, avoiding default, etc.
The Return to Title IV (R2T4) aid calculation is performed to determine the amount of federal student aid that must be returned to the U.S. Department of Education. It is not used to calculate the amount of tuition and other charges a student owes the school upon withdrawal. Separate TUITION REFUND POLICY and other charges refund policies are provided to assist students in determining the amount of tuition and other charges owed DEC. DEC will also charge the student for any Title IV program funds that the school is required to return if those funds are needed to pay charges. DEC will provide written notification to withdrawn students if a balance is owed the school.
Additional information on the Return to Title IV (R2T4) calculation procedures and requirements, including examples, may be obtained by contacting the Financial Aid Office.
Non--Title IV funds received will be returned to other financial aid programs in accordance with the funding source’s refund policies.
FINANCIAL AID INFORMATION
A student has primary responsibility for paying for his/her education, but may receive financial aid from one or more programs, if eligible. Contact the Financial Aid Office for information and assistance in applying for financial aid.
DEC students receive financial assistance from federal, state, institutional and agency funding sources, if eligible. The following is a list of financial resources available to DEC students that qualify; for more detail read the descriptions that follow or contact the Financial Aid Office. This list is not all inclusive.
FEDERAL STUDENT AID PROGRAMS
Federal Pell Grant
FSEOG (Federal Supplemental Educational Opportunity Grant)
IASG (Iraq and Afghanistan Service Grant)
Direct Subsidized Loan
Direct Unsubsidized Loan
Direct PLUS (Parent Loan for Undergraduate Students) Loan FWS (Federal Work Study)
Page 32 of 88 Catalog Volume 62 -Version 3 Effective June 5, 2020