USA STUDENT LOAN INFORMATION
TITLE IV REFUND POLICY
If a student withdraws or is expelled during the semester (payment period), US law specifies that Bethany Bible College must recalculate their Title IV (Stafford Loan) funding to determine what amount they have “earned”.
Calculation of Title IV Funding Earned
To earn 100% of Title IV funding a student must complete 60% or more of the semester. If a student has not completed 60% of the semester, the amount earned will be determined by the number of calendar days completed divided by the number of days in the semester. Therefore, a student who has completed 25 days of the 103 day semester, will be eligible for 24.27% (25 divided by 103 equals 24.27%) of their previous Title IV eligibility.
If the student received (or the College received on the student’s behalf) less assistance than the amount that was earned, the student may be eligible to receive those additional funds. If the student received more assistance than was earned, the excess funds must be returned by the College and/or the student.
Returning Excess Title IV Funding
Bethany Bible College is required to return a portion of the excess funds equal to the lesser of:
- The College’s charges multiplied by the unearned percentage of the funds, or
- The entire amount of excess funds.
If the College is not required to return all of the excess funds, the student must return the remaining amount.
Title IV funds will be returned to the lender in the following order:
- Unsubsidized Federal Stafford Loans
- Subsidized Federal Stafford Loans
Bethany Bible College will return all excess funds to the lender within 30 days of the last date of attendance.
Withdrawal Date
When a student withdraws during a semester, the withdrawal date for Title IV refund purposes will be established as the earlier of the following dates:
- The date the student notifies the Registrar of their intent to withdraw.
- The date the student submits a withdrawal form.
If a student does not submit a withdrawal form or notify the Registrar of their intent to withdraw, their withdrawal date will be established as the last date of their class attendance.
If a student receives all failing grades for a semester and it is determined that this is a result of lack of class attendance, their last date of attendance will be established and used to calculate the amount of Title IV funding earned for the semester.
Bethany Bible College Contact Information
Ruth Muscroft – Director of Financial Aid
Phone: 506.432.4423 or 888.432.4444
muscroftr@bbc.ca
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