2017-2019 College Catalog-complete1 - page 23

23
Enrollment Status
Full time
12 or more credits
Three-quarter time
9 to 11 credits
Half-time
6 to 8 credits
Less than half-time
5 or fewer credits
Return of Title IV Funds
Federal regulations require all institutions to
establish policy that determines the amount
of Title IV Financial Aid a student is eligible
to receive if he/she withdraws from school.
The Federal Student Aid (FSA) programs
covered by these regulations include:
Federal Pell Grants, Stafford Loans, Plus
Loans, Federal Supplemental Educational
Opportunity Grants (FSEOG), Federal Perkins
Loan and ACG Grant.
When a student withdraws before the end
of a payment period (semester), the amount
of assistance the student has “earned” (can
receive) is determined by the Financial Aid
Office. If it is determined that the student
is eligible to receive additional funds, those
funds will be disbursed. If it is determined
that the student has received more funds
than he/she is eligible to receive, the funds
must be returned. Consistent with federal
law, unearned funds must be returned to the
student aid programs in the following order:
Direct Unsubsidized Stafford Loan
Direct Subsidized Stafford Loan
Federal Perkins Loan
Direct Plus Loans
Federal Pell Grant
Federal SEOG Grant
TEACH Grant
Iraq and Afghanistan Service Grant
In addition, LRSC returns funds to programs
other than Title IV Funds. The amounts
will be prorated to the original sources in
proportion to the initial awards.
Official Withdrawal -
A student who
stops attending classes must formally
withdraw from school to avoid failing grades.
Procedures and forms for formal withdrawal
does not enter into arrangements with any
lender beyond the cooperation necessary
to provide student loans and service to our
students.
Financial Aid Disbursement -
Financial
aid is disbursed during tuition and fee
payment that usually occurs during teh third
week of class. Check the event calendar for
specific dates. Financial aid disbursement
is based on the student’s enrollment
status as of the 10th calendar day of each
semester. Students must be registered in
all classes, in all sessions and terms for
the semester before that date so financial
aid eligibility can be accurately calculated.
Students who register for classes after
their financial aid has been disbursed are
responsible for paying the tuition for that
class. Credits dropped after financial aid has
been disbursed but before the class begins
will result in a recalculation in financial aid.
The student may owe money back to the
financial aid programs.
Most financial aid (grants, loans,
scholarships, ect.) directly credits against
the amount the student owes for direct
costs such as tuition, fees, on-campus room
and board, books, etc. Financial aid that
exceeds the balance is “excess aid” and is
disbursed to the student at the Business
Office after direct costs are paid. Direct
Loan funds recieved from the Department
of Education or funds recieved from an
alternative loan, via Electronic Funds
Transfer, are credited directly to your college
account. If after Title IV aid is disbursed
there is a credit balance on the student’s
account, a refund will be made within 14 of
that credit balance. Students may pick up
excess aid in the Business Office. Students
may direct deposit their excess financial
aid directly into their bank account by
completing the Direct Deposit Authorization
Form.
Student Information
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