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Refund and Repayment
Return of Title IV Federal Financial
Aid Funds
Renton Technical College’s
Institutional Tuition Refund Policy operates independently from the
Return of Federal Financial Aid Funds policy required for all
financial aid recipients. The Institutional Tuition Refund Policy
applies to the first 20 calendar days of the quarter. The Return to
Title IV Funds policy applies to the completion of the period of
enrollment.
The return of federal financial aid
funds policy is applied to all financial aid recipients who
completely withdraw from all their classes before completing 61% of
the quarter. Withdrawal on or
after the following dates will not require a repayment:
| Summer quarter, 2009
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July
28, 2009 |
| Fall quarter, 2009
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November 9, 2009 |
| Winter quarter, 2010
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February 23, 2010 |
| Spring quarter, 2010
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May
26, 2010 |
According to federal regulations,
when students withdraw from all their classes, officially or
unofficially, the financial aid office is required to perform a
calculation which determines the portion of Title IV aid (Pell,
SEOG, ACG, PLUS and Stafford Loans) that each student earned.
If students receive other types of
aid such as a Washington State Need Grant, the aid office also must
determine if a repayment must be made to the state. The Washington
State Need Grant program requires that a student complete at least
50% of the quarter in order to not owe a refund to the program.
Unearned Title IV Federal funds
(grants and loans) must be returned to the appropriate federal
program by the college and, in some cases, by the student as well.
The percent of funds “earned” is based upon the number of days
completed in the quarter divided by the number of days possible in
the quarter. The percentage of Title IV funds “unearned” equals 100
percent minus the percent of the title IV aid earned. The student
and the college may retain the earned portion of aid, but are
required to return a portion of the unearned aid to the appropriate
federal grant and/or loan. If a student completes more than 60% of
the quarter, it is determined that all financial aid has been
earned.
If a student shows eligibility for
federal funds not yet disbursed, a post withdrawal disbursement of
aid can be made even though the student has stopped attending.
Renton Technical College allocates
unearned Title IV and state funds to the following financial aid
programs, in the order shown:
Unsubsidized Stafford Loan
Subsidized Stafford Loan
Federal PLUS Loan
Federal Pell Grant
Academic Competitiveness Grant
Federal SEOG
Washington State Need Grant
The repayment calculations are
performed either at the end of the quarter or throughout the quarter
as we become aware of withdrawals. You will receive a letter from
this office notifying you of this process and any repayment amounts
and you may owe to the Department of Education, WA State or RTC.
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