If you withdraw, drop out, are dismissed or take a leave of absence from Community College of Philadelphia prior to completing 60 percent of a payment period or term, the Office of Financial Aid recalculates eligibility for Title IV 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 equals 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.
Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula: Aid to be returned equals (100 percent of the aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period or term.
If you earned less aid than was disbursed, the College would be required to return a portion of the funds, and you would be required to return a portion of the funds. Keep in mind that when Title IV funds are returned, you may owe the College.
If you earned more aid than was disbursed to you, the College would owe you a post-withdrawal disbursement, which must be paid within 120 days of your withdrawal.
Refunds are allocated in the following order:
- Unsubsidized Direct Loans
- Subsidized Direct Loans
- Direct PLUS Loans
- Federal Pell Grants for which a return of funds is required
- Federal Supplemental Opportunity Grants for which a return of funds is required
- Other assistance under this title for which a return of funds is required.