Financial Aid Census Date and adding/Dropping Courses
Financial Aid Census is the point in time that the financial aid office evaluates students' official enrollment status for financial aid purposes. The Financial Aid Census date is the always the second (2nd) Friday of every quarter. A student's financial aid award is prepared based on anticipated full-time enrollment. If the student's actual attendance is less than full-time (e.g., half-time), the financial aid awards will be adjusted accordingly. Awards are adjusted each quarter, as required, based on the student's enrollment as of the "Census Date" for that quarter. Specifically, Pell grant payments will be based on the number of credit hours for which a student is enrolled as of the Census Date for that quarter.
Treatment of Title IV aid when a student withdraws
The law specifies how Hondros College of Nursing (HCN) must determine the amount of Title IV program assistance that you earn if you withdraw from school. The Title IV programs that are covered by this law are: Federal Pell Grants, Iraq and Afghanistan Service Grants, TEACH Grants, Direct Loans, Direct PLUS Loans, Federal Supplemental Educational Opportunity Grants (FSEOGs), and Federal Perkins Loans.
Though your aid is posted to your account at the start of each period, you earn the funds as you complete the period. If you withdraw during your payment period, the amount of Title IV program assistance that you have earned up to that point is determined by a specific formula. If you received (or HCN or parent received on your behalf ) less assistance than the amount that you earned, you may be able to receive those additional funds. If you received more assistance than you earned, the excess funds must be returned by HCN and/or you.
The withdrawal date is always the last day of attendance. The withdrawal date is also the date used for federal reporting and Return to Title IV. for official withdrawals and for unofficial withdrawals in which a student earns a passing grade in at least one course. For a student that fails to earn a passing grade in at least one course and is not documented to have completed the term, the withdrawal date is the midpoint of the term.
During an approved Leave of Absence, the student is not considered withdrawn and a federal financial aid Return of Funds Calculation is not required.
The amount of assistance that you have earned is determined on a pro rata basis. For example, if you completed 30% of your payment period, you earn 30% of the assistance you were originally scheduled to receive. Once you have completed more than 60% of the payment period or period of enrollment, you earn all the assistance that you were scheduled to receive for that period.
If you did not receive all of the funds that you earned, you may be due a post-withdrawal disbursement. If your post-withdrawal disbursement includes loan funds, HCN must get your permission before it can disburse them. You may choose to decline some or all of the loan funds so that you do not incur additional debt. HCN may automatically use all or a portion of your post-withdrawal disbursement of grant funds for tuition and/or fees. HCN needs your permission to use the post-withdrawal grant disbursement for all other school charges. If you do not give your permission, you will be offered the funds. However, it may be in your best interest to allow HCN to keep the funds to reduce your debt at HCN.
If you receive (or HCN or parent receives on your behalf ) excess Title IV program funds that must be returned, HCN must return a portion of the excess equal to the lesser of:
- Your institutional charges multiplied by the unearned percentage of your funds, or
- The entire amount of excess funds.
HCN must return this amount even if it didn’t keep this amount of your Title IV program funds. If HCN is not required to return all of the excess funds, you must return the remaining amount. Any loan funds that you must return, you (or your parent for a Direct PLUS Loan) repay in accordance with the terms of the promissory note. That is, you must make scheduled payments to the holder of the loan over a period of time.
Any amount of unearned grant funds that you must return is called an overpayment. The maximum amount of a grant overpayment that you must repay is half of the grant funds you received or were scheduled to receive. You do not have to repay a grant overpayment if the original amount of the overpayment is $50 or less. You must make arrangements with your school or the Department of Education to return the unearned grant funds.
Title IV funds are returned electronically and the order for the return of Title IV funds is as follows:
- Federal Direct Unsubsidized Loan
- Federal Direct Subsidized Loan
- Federal Direct PLUS Loan
- Federal Pell Grant
- Federal Supplemental Education Opportunity Grant (FSEOG)
- Other Title IV aid programs
Students will be notified of their eligibility for a post-withdrawal disbursement within 30 days of HCN’s determination that the student withdrew. The student will have 14 days to respond to the notification. A student that does not respond or responds after 14 days will be considered to have not accepted the post-withdrawal disbursement offer. As soon as possible, but no later than 45 days after the date HCN determined the student withdrew, all unearned Title IV funds will be returned.
The requirements for Title IV program funds when you withdraw are separate from the HCN institutional refund policy. Therefore, you may still owe funds to HCN to cover unpaid institutional charges. HCN may also charge you for any Title IV program funds that the school was required to return.
If you have questions about your Title IV program funds, you can call the Federal Student Aid Information Center at 1-800-4-FEDAID (1-800-433-3243). TTY users may call 1-800-730-8913. Information is also available at https://studentaid.gov/.
R2T4 example
If you receive federal financial aid you must "earn" the aid received by staying enrolled in school. The amount of federal financial aid assistance you earn is determined on a prorata basis. If you withdraw or stop attending classes during the enrollment period, you may be required to return some of the financial aid you were awarded. For example, if you complete 30 percent of the quarter, you earn 30 percent of the aid you originally were scheduled to receive. This means that 70 percent of your scheduled awards remain unearned and must be returned to the federal government.
The following formula is used to determine unearned aid that has to be returned:
Percent earned = number of calendar days completed up to the withdrawal date divided by total calendar days in the payment period
Percent unearned = 100 percent minus percent earned
The following example illustrates how the federal refund policy would affect a student who withdraws from classes at Hondros College of Nursing (HCN):
Student is attending Fall term which is 117 calendar days in length:
- Financial Aid: Pell Grant - $1,650
- Direct Subsidized Loan - $3,390
- Total Financial Aid Award - $5,040
- Tuition and Fees - $1,621
Financial Aid disbursed to student after Tuition and Fees are paid $3,419
Student withdraws on the 24th day of the quarter, which is the fourth week. Consult Catalog for HCN Institutional Refund Policy. Percent of federal financial aid earned:
- Completed Days: 24
- Total days: 117
- Percentage earned: 20.5%
Amount of federal financial aid earned:
- Percentage earned - 20.5%
- Aid awarded - $5,040
- Aid earned - $1,033.20
Amount of federal aid to be returned:
- Aid awarded: $5,040
- Aid earned: $1,033.20
- Unearned aid to be returned to the Department of Education by HCN - $4,006.80